Originally envisaged as a satellite town of Bangalore city, Yelahanka is one of the most sought after destinations in North Bangalore for real estate investors today. The suburb has gained phenomenal momentum after The Bangalore International Airport (BIAL) in Devanahalli came into existence.
A part of the Bruhat Bangalore Mahanagara Palika (BBMP), Yelahanka is just 19 kilometers from the BIAL and 14 kilometers from downtown Bangalore. The area has seen significant development in infrastructure in the past five years.
Yelahanka has been in the radar of home buyers since some time now. The area’s proximity to a number of technology parks, housing some of the biggest MNCs that operate from the city, is a major reason for professionals choosing this locality to buy their homes. Yelahanka is very near to Hebbal, which has some good educational institutions, as well as hospitals and malls. However, real estate in Hebbal is way too expensive for mid-level buyers. Hence Yelahanka is a better choice for them. The area is also very well connected to the greater city via road and rail. The planned peripheral ring road (PRR) is expected to work in favour of the residential areas in Yelahanka too.
To tap the prospect of this region, a number of real estate developers are offering residential apartments in Yelahanka, Bangalore. The average prices of flats for sale in Yelahanka ranges anywhere in between Rs. 3000 and Rs. 4500 per sq ft now. A buyer can get a residential property with all basic amenities at a very competitive rate ranging from Rs 50 – 90 lakhs. However, property prices in this area have seen a consistent appreciation of 8-10% in last two years. Hence, people are buying property in the Yelahanka-Devanahalli stretch for long-term investment purpose too, as prices are expected to appreciate even more soon.
On analyzing the current prevalent market rates to the property rates consumers are ready to pay; micro markets of Electronic City and Yelahanka are closest to buyer’s pricing expectations.
After evaluating the potential of the locality, the Karnataka government has formed a body to promote development in North Bangalore to transform it into a business hub. With multiple projects and proposals like Aerotropolis, Devanahalli Business Park and Global Finance District, 40 lakh jobs can be generated in the region over the next two decades, say experts. As per analysts, the proposed 10,000-acre Information Technology Investment Region (ITIR) north of Devanahalli, will help real estate in Yelahanka to rain returns in a few years.