Hebbal - One Of Bangalore's Scenic And Well-Connected Suburb

Hebbal was once known for its pristine lake and scenic beauty situated away from Bangalore’s city limits. But now, this suburb has transformed into a residential and commercial hub in the northern quadrant of this thriving city. Hebbal has a vibrant real estate market that is supported by a network of flyovers that enable access to Outer Ring Road and NH-7.

Hebbal has witnessed massive growth and development particularly in the last 15 years because of IT hubs like Kirloskar Business Park and Embassy Manyata Business Park, which are located nearby. This suburb is also only 10.3 km away from central Bangalore (Majestic). If you are looking for a home in a suburb where there is a balance between nature and the city, Hebbal is just the place for you.

Connectivity

When we search for our dream house, we always look at suburbs which have good connectivity to reduce the time spent on the road. The Hebbal flyover is the heart of this locality, with an expansive length of 5.2 km which connects it to two main arterial roads - Outer Ring Road (ORR) and Bellary Road (NH7). The MG Road is also connected to ORR, making Koramangala only 12 km away from Hebbal. This suburb is also just 20 km away from the Kempegowda International Airport, which makes national and international travels easier.

There are many BMTC buses which run to and from Hebbal, and connect it with the rest of the city. These buses are very frequent and reliable and you can find one which goes to almost any locality you want to go. The Hebbal railway station improves the connectivity of this place even further. The proposed Namma Metro Station nearby would give Hebbal’s residents access to places like Banashankari, K.R. Market, M.G. Road, Indiranagar, and many more.

Employment Hub

The boom of IT companies in this locality has put Hebbal on a fast route for development. Hebbal is home to many giants such as Philips Software, Integra Micro Software Services, Electronics Limited, IBM and AstraZeneca. There are prominent employment hubs like Kirloskar Business Park and Embassy Manyata Business Park. This attracts IT professionals from all over the country. Yeshwantpur which is a business hub is only 10 km away from Hebbal. Other important companies located in Hebbal are Shell, BEML, Tyco, Wipro Fixtures, and National Seeds Corporation.

Well-Developed Social Infrastructure

Hebbal has easy access to many prominent schools, colleges, hospitals, shopping centers and several other amenities in close vicinity. Reputed schools in Hebbal include the VidyaNiketan School, Jain Heritage School, VidyaShilp Academy, and MallyaAditi International School. Famous engineering colleges like REVA University, Altria Institute of Technology and NITTE Meenakshi College are also located here. Presidency College, National School for Journalism and Karnataka College are other important colleges situated in this vicinity.

The famous Columbia Asia hospital, Aster CMI Hospital, Bangalore Baptist Hospital, and M.S. Ramaiah Hospital are located in Hebbal. There are numerous shopping centers located in Hebbal such as Elements Mall, Esteem Mall, Orion East Mall and Mantri Square Mall. These shopping malls along with cinemas, restaurants and branded stores cater to more than just daily essentials.

Gateway to Adventure

Hebbal Lake is one of the most desired rejuvenating spots of this suburb. This lake is well known for its park, boating facility and for the bird watching; numerous bird lovers can be seen here regularly watching out for their favourite bird species. Hebbal is close to Jakkur Aerodrome which offers adventurous folks the thrilling experience of parasailing. Soaring through the limitless horizon like a bird provides an unbelievable adrenaline rush. The Jakkurlake is also a popular destination which is located near Hebbal.

At House of Hiranandani we believe in the balance that nature provides. We are developing luxurious residences close to nature in Hebbal. Hiranandani Glen Classic is a 10 acre development which offers homebuyers urban-centric amenities balanced with the grandeur of space and comfort of privacy. Finely crafted 1, 2 and 3 BHK apartments are available which offer unmatched lakeviews. Come, experience a unique home created by House of Hiranandani in a picturesque, emerging suburb of Bangalore.

Cities of Focus: Bengaluru

An interesting fact about Bengaluru: It is currently ranked among the 25 most high-tech cities in the entire world.

There are many other such records which the city boasts, credited to its unique approach towards development. It’s interesting to note how the city once specializing in the production of silk & cotton, machine tools and telephone accessories has now transformed into a booming IT hub. The glorious history of the city coupled with its futuristic approach has been the key drivers for us to undertake real estate developments here. The best reason for us to establish our developments in the city was its glorious past and its futuristic approach.

Let’s see why this city is our top pick for real estate developments:

●        Hub for IT companies –

Bengaluru is dubbed as the ‘Silicon Valley of India.’ The city has a GDP of $110 billion and contributes to more than 35% of India’s IT exports. Big multi-national corporations have their headquarters situated in Bengaluru. All these factors have transformed Bengaluru into a hub for IT companies across the world. This growth in the IT sector has given rise to a strong demand in the real estate.

●        World's Most Dynamic City –

Bengaluru has emerged as the most dynamic city in JLL’s fourth annual City Momentum Index (CMI) of cities around the world. The groundbreaking achievement was determined based on the city’s economy and commercial real estate market. The abilities to embrace technological change, absorb rapid population growth and strengthen global connectivity lays down the foundation of this dynamic city.

●        Bengaluru Metro –

Bengaluru is a densely populated city. The newly launched Phase-1 of Namma has given an indication of what to anticipate from the metro network. With Phase - 2 in construction, a total length of 72 kilometers will be added to the current metro lines. It will create a more interconnected mode of transport to reach every corner of the city making commuting within the city a completely hassle free experience.

●        Features of a Smart City –

The Smart Cities Mission by the government of India is an initiative aimed towards urban development. According to the plan, Rs. 1,700 crores will be spent to improve infrastructure in the city. The establishment of Bengaluru as a smart city will create a modern commercial network.

These are some of the reasons as to why Bengaluru is one of the best cities in India. We at House of Hiranandani are developing three projects in Bengaluru.

Budget 2017: A Push for Reform

As business leaders, the annual budget is always an occasion we await with a mix of optimism and trepidation. This year’s budget, presented by Finance Minister Mr. Arun Jaitley was a welcome push for stability and calculated, measured growth.

A positive outlook overall

I would call this year’s budget a ‘reform oriented budget’ where the expenditure is focused on economic growth and development, especially in the rural areas. It also reflects the government’s intention to improve the investment climate with a view to stimulate growth. The massive push for improvement in infrastructure -  including record capital expenditure for roads and railways  - will indirectly benefit the real estate sector in the long run.

A step In the right direction

Another positive initiative is the move to grant infrastructure status to affordable housing as it will act as a catalyst to the government's vision of Housing for All by 2022. This will lead to higher participation by private players in this segment as they can have access to institutional funding and other government subsidies. Along with tax rebates for the salaried class which will lead to higher disposable income and interest subventions, this can be a potential winner in the long run.

A suggestion: the government should redefine affordable housing clearly, keeping in view the different geographies in India.

Similarly, the decision to increase the qualifying unit area for affordable housing from built up area to carpet area will lead to an increase of around 20% per unit for the end user. Also, increasing the time frame for completion to 5 years indicates that the government acknowledges the practical and operational difficulties faced by developers in this category.

Sound Policy

The decision to tax capital gains on Joint Development Agreement upon completion of the project is a significant move. However, more clarity is required to avoid litigation which is bound to happen given the current ambiguity. The tax break of 1 year post receipt of the completion certificate, for the unsold stock, and reduction of long term capital gains to two years will provide respite to investors and developers alike.

Looking To The Future

While these initiatives are noteworthy we need to remember that Deregulation will be the key to the success of various government initiatives. A major impediment to real estate development in India remains the approval process. While the government has done a lot to ease the functioning of the real estate sector and protect the consumers, it must get the statutory authorities responsible for clearing the projects within the purview of law.

The other major concern remains that corporate taxes and dividend distribution tax remains the highest in the world. We hope this is addressed in the future to attract more investments in the corporate sector.

Here’s looking forward to a prosperous and stable 2017 for India and our industry.

The City We Deserve

It is estimated that over 50% of the world’s population now lives in urban areas and that this will rise to 70% by 2050. Cities are without a doubt, the future of mankind. As someone who has been a curator of fine living and views architecture through a magnifying glass - the most important question I ask myself is "what goes into making an ideal city"?

Strong infrastructure and innovative design, i.e sustainable architecture, is imperative to the creation of an ideal city. However, the liveability aspects of the city, i.e, those facets that result in an ideal community, are just as important to create the city that we deserve.

Today, the most important concept of a good liveable city is its high streets. How successful a high street is in a city will indicate how healthy a city is, how lively a city is. The city sidewalks, the city footpaths, the city pedestrian walkways provide the soul and life to a city, not enclosed areas where pedestrians hang out.

Cities are here to grow. Designing public spaces benchmarked to the best cities in the world is the need of the hour. Central Barcelona has a higher density of population than Mumbai. It also has less green spaces than any Indian city. It has the same rainfall pattern as India wherein there is a lot of rain for a few days and is water stressed the rest of the year. It however creates superb hardscape public spaces with few trees interspersed in the city. The word green spaces need to change to public spaces.

Our ventures in South India are all about contributing to the creation of such a city. Whether you look at Devanahalli or OMR, we are always striving to create an engaging locale, an ideal community in which style meets substance because of a healthy high street culture and public spaces. Where the community brings to life an ideal metropolitan experience in harmony with nature that magnifies the way we live.

However, a beautiful house is of no value if it leaves a massive carbon footprint on the surrounding environment.  The ideal city demands a sustainable setup with a high street culture and innovative concepts like hardscaping. The end goal of an ideal city will always be its residents’ joy and happiness. The best way to attain this goal is to create a sustainable and liveable city.

The Real Estate Forecast for 2017

Deregulation will be the key to future success of the sector

The year 2016 brought in ground breaking changes and transformation in the real estate industry that had not been witnessed for the past two decades. The various policy initiatives taken by the government will boost transparency and credibility of the sector in the long run.

Deregulation will be the key to the success of various government initiatives such as Housing for All by 2022, AMRUT, Smart Cities. A major impediment to real estate development in India remains the approval process. While the government has done a lot to ease the functioning of the real estate sector and protect the consumers, it must get the statutory authorities responsible for clearing the projects within the purview of law. Administrative reforms should be made to facilitate quicker approval process which will help developers complete and handover projects on time. This will infuse confidence in home buyers and make it attractive to global institutional investors as well thereby providing a huge opportunity for the sector to grow and mature keeping customers as priority.

The Government has rightfully laid great emphasis on improving India's ranking in the World Bank global Ease of doing Business Index and continuously monitors the same looking at improvements in ranking as a success. The same World Bank released an Ease of obtaining Construction Permits Index. Here India ranks a shocking 183 out of 187 countries. We are in the same club as war torn countries where institutions have collapsed and literally offices which accord approval have been bombed to rubble. It would be welcome if the Government can look into this as well and take pride to improve our rank on this index also.

In terms of policy changes in 2016, Demonetization seems to have had the maximum impact on the economy. While it has led to short term disruption, a long term analysis indicates it will positively impact the economy. Minimizing cash transactions will bring down the unorganized players and formalize the banking system. Keeping a hawk-eyed watch on cash transactions, the Government is trying to get a grip over unfair trade practices, one step at a time. Demonetization along with deregulation will work in favor of the sector and produce the desired results.

What’s in store for the buyers in 2017

It will be an extremely favorable year for home buyers on back of strong reforms implemented in 2016. To begin with, borrowing rates are expected to taper off in 2017 given the huge influx of money in the banks post demonetization. This can set off a cycle, wherein lower rates of interest will direct borrowers to avail more loans at attractive interest rates. In future, owing to low returns it will not be feasible to park one's savings in bonds or fixed deposits, so consumers will prefer to buy property in the future. A simple back of the hand calculation shows that a 1% reduction in home loan rates will lead to almost 7.5% savings in EMI, thereby putting more money in the hands of the consumers. The official economy will see a positive growth in the following months, elevating the purchasing power of the consumer, encouraging the consumers to invest more.

Home buyers can get excellent deals in the market as the industry has just begun to adjust to the new rules. This holds true especially for the first quarter of the year as most developers will look to sell existing inventory, so consumers must make the most of this opportunity and purchase property at attractive prices. New launches will get impacted early on so the demand for available inventory and ready to move in homes will increase. The rise in demand will ensure that prices remain firm and start the ascent once again. So, it will only benefit those buyers who act swiftly and purchase the property in the interim period.

Developers stand to gain too

While the first three months may test the waters for the real estate sector, as the year progresses the tide will turn in favor of the developers as well. There will be a spurt in demand as buyers will return to the market owing to attractive rates and good deals. The coming year will also see the demand shift from secondary market to primary construction owing to erosion of cash-linked sales. This will lead to better inventory utilization and ensure launch of new projects in the second half of the year. We can also expect significant foreign investments in the sector and increased participation from financial institutions, owing to better transparency and credibility post the policy changes initiated last year.

Also, 2017 will see consolidation in the industry on the back of the changing economic scenario that is likely to weed out devious real estate developers. The focus will be on creating products for varied segments of buyers instead of only catering to the luxury market. Demonetization will not affect the established players as transactions take place only through the legal route. The commercial real estate sector will also not be hurt as they cater to office/industrial leasing where all transactions are done through banking channels.

The demographics of our country ensure that the real estate sector needs to grow to meet the demands of an ever growing economy. India is currently growing at 6% per annum, but could reach double digits by 2019 if deregulation is in place. The future of India and the future of real estate are intertwined with each other.