Developers in Bangalore adopt ‘Work-Live-Play’ concept
Developers trying to revamp properties have adopted the work-live-play concept. In a chat with MyBangalore.com Sateesh TS, Managing Director of Hoysala Projects talks about this new phenomenon.
Live, Work, Play - Developers want people in Bangalore to do it all! This multi-use concept has become increasingly popular with developers and consumers. Bangalore, which has seen unprecedented growth in real estate in the last five years is now at the threshold of an infrastructure revolution promising seamless connectivity. And most of the Real Estate builders believe that the ‘work-live-play’ concept will be the way forward. So, we talk to Sateesh TS, Managing Director of Hoysala Projects, to know more about this new-found interest in the multi-use concept.
MyB: What do you feel about the present real estate scenario in Bangalore?
The economy may go through cycles of peaks and troughs, but demand for real estate, in particular housing will always be there in Bangalore and in India, till every single working professional dreams of owning a home. Recession notwithstanding, Bangalore has grown leaps and bounds in the last two to three years and has witnessed major infrastructural developments like the international airport, mushrooming of SEZs and tech parks, flyovers, magic boxes, large format retail malls which have transformed the very face of Bangalore, making it one of the fastest growing cities in the country.
Just five to seven years back, Bangalore city could be envisaged only in the radius of around 20 kms. Today, Bangalore has expanded to a radius of more than 40 kms. In the North, who could imagine that the once sleepy hamlet of Devanahalli would be bursting with real estate activity and every developer would be vying for land there! In the East, Whitefield which was once considered outskirts is now a residential hub. In the South, Attibele on the Hosur border now promises to be the haven for affordable housing. In the West, development has gone beyond the once ‘satellite town’ of Kengeri till Ramnagaram. All these have augured well for real estate demand in Bangalore across residential and commercial sectors.
What kind of real estate development do you think will work best for Bangalore in today’s scenario?
For a city that is bursting in its seams and going through major infrastructural development like the metro, PRRs and expressways, decongesting the city center is the need of the hour. That would mean real estate developers should consciously develop integrated projects which promote the ‘work-live-play’ concept. It is not practical today to expect someone who lives in Devanahalli to come to work in Whitefield and shop or catch a movie on Hosur Road.
Developers should look at developing self-sustained layouts/ townships which will mean mixed land use. If a project can house residential units, office spaces and retail hubs, all under one roof, even if it is away from the city center, it will definitely work.
A lot of developers came up with the ‘work-live-play’ concept earlier and did not meet with success. Why do you feel the concept will be successful now?
Earlier, when builders launched the ‘work-live-play’ concept few years back, Bangalore was still not ready for it. No body in Bangalore then wanted to live in Attibele or Devanahalli or even beyond Whitefield. Today, thanks to the fully developed ORR, the International Airport Road and the expressways, and also with the ubiquitous retail malls and convenience stores, people do not have to drive, for instance all the way to Commercial street anymore for their shopping requirements. Hence, today people in Bangalore are ready to move a little beyond the city. Also the city center has become very congested and expensive, so people are looking at more affordable real estate options.
What will be your focus as a builder? Do you have a work-live-play concept in any of your projects?
We have traditionally been strong in North Bangalore from 1998 onwards, before the idea of the international airport was even firmed up. Our focus will continue to be North Bangalore, also we have recently launched a project called Corpus in North Bangalore which promotes the ‘work-live-play’ concept. The project is located on NH 7 in Devanahalli by-pass road. This road itself will see a lot of development like the 5-star Fortune hotels, a 1000 acre IT Park, international schools and colleges, Metro stations, ISKON temple, J W Marriott Hotel and much more.