Workmen’s colony to emerging real estate hub

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LEADBangaloreJune 29;From a sleepy suburb that transformed into a workmen’s colony in the past, Yeshwantpur corridor is now emerging as a real estate hub, with swanky buildings appearing on the landscape.

Malls have replaced regular markets, apartments have come up on large open spaces and rental values have gone up in recent years, as the area has started vying for attention in the city’s real estate space.

For a quintessential Bangalorean, the Agricultural Produce Marketing Committee yard at Yeshwantpur was the last landmark in the direction not long ago, but this has been pushed further by the growing demand for space. In the last five years alone, areas around Yeshwantpur and Peenya have added a large number of apartment units as the demand for residential accommodation is growing rapidly.

The catchment for Yeshwantpur comes from the three industrial areas — Peenya, Nelamangala and Dobbspet — that employ several thousands of people, and nearly 1,000 warehouses of consumer products that employ a sizeable number of people. “Connectivity is a major factor that has helped in Yeshwantpur’s transformation . The signal-free corridor between Yeshwantpur and Nelamangala (National Highway 4) has eased commuting problems and the metro connectivity is expected to help further,” M. Ramesh, a real estate consultant, told The Hindu.

“Earlier, Peenya and Yeshwantpur had a large population of industrial workers employed in the Peenya Industrial Area as travelling from core areas of the city was a problem. But now top executives of industries in Peenya, Nelamangala and Dobbspet prefer accommodation around Yeshwantpur as commuting has become easier,” he added.

Other advantages are the proximity to railway station (Yeshwantpur) and easy access to the Bengaluru International Airport at Devanahalli. The growth of the area has also been marked by the launch of a star hotel in the area.

However, this growth has come with glaring instances of developers encroaching upon government land and ‘raja kaluves’ in the area where the demand for land has shot up, pushing up the prices.

With Namma Metro connectivity expected shortly, this one-time rural landscape is expected to witness further development.

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