The proposed Mumbai-Bangalore Industrial Corridor is likely to leverage the residential, commercial and industrial infrastructure along with the existing, ongoing and proposed infrastructure initiatives in terms of transforming this micro-market along Tumkur Road into a major growth node for the city.
"We see the emergence of an important economic hub catering to the city in general and the micro-market in particular. The area within a 4-5 km radius along both sides of Tumkur Road is likely to develop into an influence zone for the proposed Mumbai-Bangalore Industrial Corridor in terms of residential belts like the Magadi Road, Hesaraghatta, Jalahalli, and other areas up to Yeshwanthpur," said Girish K S, Local Director - Strategic Consulting, Jones Lang LaSalle India.
The proposed Mumbai-Bangalore Industrial Corridor is expected to connect Bangalore City in the north-western side of the city along Tumkur Road. From the last 7-8 years (since 2005/2006), Tumkur Road and its surrounding areas have been witnessing significant augmentation and improvement in terms of infrastructure in general and connectivity in particular. Some of the key infrastructure projects rendered operational in the area in the recent past include the Elevated Expressway, Bangalore-Mysore Infrastructure Corridor (BMIC) and Bangalore International Exhibition Center (BIEC).
Other on-going and proposed infrastructure initiatives are the Metro Rail Phase 1 and Phase 2 and Peripheral Ring Road. These infrastructure projects, along with the proposed Mumbai-Bangalore Industrial Corridor, are expected to significantly improve the physical characteristics of the area. The result will be the development of large integrated projects as there are large industrial land parcels waiting to be unlocked for quality real estate development with the growth of economic drivers in the area.
Until the recent past, the population of this micro-market had a low socio-economic profile - it was dominated by blue-collar workers as the area was a hub for small scale industries manufacturing ancillary parts for PSUs, automobile industries, garment industries, etc. Over a period of time, the area saw the arrival of large Indian and global corporations industrial entities such as Kennametal, Widia, ITC, Volvo, BOC, Reliance Packing Industries, etc.,
Since last 4-5 years, the area is being viewed as one of the fast developing micro-markets in the city, as is evidenced by the launch of some large real estate projects complemented by key infrastructure initiatives. This has vastly improved the characteristics of the area, which now has good availability of large land parcels due to the unlocking by sick industrial units at competitive prices, and a visibly changing socio-economic profile of the resident population.
Till date, about 17 residential apartment projects launched and an there is expected to supply about 5,099 units in the micro-market on a cumulative basis.
With the proposed Mumbai-Bangalore Industrial Corridor, this micro-market is expected to benefit from an increase in much-needed economic driver, which will significantly increase demand for all core real estate asset classes like residential, commercial / office, retail, hotel, industrial infrastructure, etc.
Some of the commercial / office and retail developments envisioned during 2005/2006 within this micro-market and its surroundings are operational now.