Bengaluru’s North-West Corridor set for 10 pc annual land value surge Study

Bengaluru, Mar 28 (PTI) A recent study states that land value in Bengaluru’s North-West Corridor—specifically along Tumkur Road—is expected to appreciate at an average rate of 10 per cent per annum.
    The study also projects a commercial stock of 16 to 19 million square feet by 2030, with an incremental demand of 5 to 8 million square feet.
    Additionally, the study suggests that by 2030, North-West Bengaluru will require an additional 10,000 residential units, reflecting a substantial increase in demand driven by real estate activities undertaken by prominent Grade A developers over the past five years.
    Conducted by Brigade Group and Meraqi Advisory, the study was released on Friday.
    According to the findings, the region is rapidly gaining recognition as one of Bengaluru’s fastest-growing Secondary Business Districts (SBD), with significant real estate activities and infrastructural developments underway.
    "The micro-market is undergoing a transformation, with several industrial lands unlocking their real estate potential, fueled by the operational success of the Namma Metro. The area has seen increased demand for residential properties, and large-scale commercial office developments are currently underway, positioning North-West Bengaluru as an emerging location for office spaces," said Geetha Ezhilarasi, Head of Advisory & Valuation Services at Meraqi Advisors.
    The study also highlighted that one of the key factors driving growth in the region is its cost-effective alternative to Hebbal and City Centre locations, leading to high demand for Grade A office spaces.
    "North-West Bengaluru is poised for growth with well-established infrastructure, particularly in public transportation and metro connectivity. This micro-market is developing into an ecosystem conducive to attracting a strong talent pool, supported by the influx of hotels, retail, and F&B spaces," said Nirupa Shankar, Joint Managing Director of Brigade Group.
    With a population of 11.6 lakh, the region's socio-economic profile is evolving, according to a press note issued by Brigade Group.
    The appeal of the northwest corridor, particularly the Yeshwanthpur micro-market, is further strengthened by its proximity to the Peenya, Nelamangala, and Dabaspet industrial areas, the release stated.
    In 2024, flex space absorption in Bengaluru's Grade A offices reached 12.5 million sq ft, marking a 45 per cent increase from the previous year. This demand has also extended to this micro-market, leading to a significant rise in demand for managed offices, Nirupa added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)