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Realty soars on the wings of Hosur Airport

The announcement of the proposed Hosur Airport has set the real estate development in south and south east Bengaluru on an upward trend

The citizens of Bengaluru might soon heave a sigh of relief with the government of Tamil Nadu coming up with a plan to build a domestic airport in the border town of Hosur, Krishnagiri district, which is only less than 40 km from the city of Bengaluru.

TIME SAVED:

The proposed airport at Hosur promises to be a solution to the airport-travel woes of south and southeast Bengalureans, especially the IT employees who frequently fly for work within the domestic circuit.

“Once commercial airlines mount operations from this airfield under the centre’s UDAN scheme, people living in south-east Bengaluru especially Electronics City and surrounding areas, will be able to benefit immensely,“ says Ravi Vadhavkar, director valuation & advisory at Colliers International India.“Considering that more than 50 per cent of these professionals are intercity population living in the Electronics CityWhitefield residential catchments, they frequently use the air transport facility to travel to their respective home towns,“ agrees Shantanu Mazumder, senior branch director, Bangalore Knight Frank India Pvt. Ltd.

REALTY BOOST:

If the Hosur airport is functional, it will provide vital air connectivity to the catchment areas of HSR Layout, BTM Layout and Koramangala too besides those in the direct radius of the airport. Anuj Puri, chairman Anarock Property Consultants, says, “Electronics City is one of the most sought-after micro-markets located in the southern quadrant of the city and is also India’s largest electronics technology park.“ According to him, the micro-market in and around the upcoming airport has a large land parcel available, which is quite suitable for large-scale residential developments. “Considering the current land prices in Hosur and its surrounding areas, it is a very feasible location for affordable-to-mid segment housing projects. The micromarket in and around Hosur has also seen a healthy supply of villa and plotted development projects,“ Puri adds.

PROS AND CONS:

The mood among Bengalureans is rather upbeat with the announcement of the Hosur airport, but realty analysts weigh the pros and cons. “This is, however, contingent upon the level of connectivity that is actually offered from Hosur airport. If the destinations and number of flights are limited, this move stands to have a very limited impact on south Bengaluru’s real estate,“ Vadhavkar points out.

IN CONCLUSION:

The Hosur Airport once it becomes operational can have an impact not only on the Bengaluru realty market, but also on the way people commute. Especially, south Bengaluru will get a massive advantage. But against this backdrop, the need of the hour is to not have a myopic view but take into account all the limitations so that there is a successful take off.

Source : The Times of Group (Bangalore)

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Santosh Kenchaamba

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