The Outer Ring Road in Bangalore was built by the Bangalore Development Authority with a view to reduce the severe traffic congestion within the city. The Outer Ring Road (ORR) has considerably eased the traffic within the city. The Outer Ring Road has easy access to all the major IT/ITes companies situated near the Ring Road. Therefore, real estate in the areas near the ORR are developing at a good pace and there are many flats and buildings cropping up near this road. There is aggressive real estate activity taking place in this area. The most potential residential micro markets are outer ring road, Sarjapur Road, Whitefield and North Bangalore. The areas covered by ORR are Marathahalli, Banaswadi, Hebbal, Krishnarajapuram, Madiwala, BTM Layout, Banashankari, Gokula, JP Nagar, Kengeri, Nagarbhavi, Bangalore University, and Nandini Layout. People travelling towards these areas usually take the ORR route and then take deviations to the places they would like to visit.
There are major up-coming projects of some builders on ORR (North Bangalore); Sobha Developers, Greens Projects, VKC Developers, to name a few. High-end residential homes are in great demand along the ORR, especially in the North Bangalore region. This area is gaining a lot of importance after the emergence of the New Bangalore Airport in Devanahalli, elevated expressway, High speed rail link, . The projects taken up near Hebbal, Bellary Road, etc., belong to luxury segments. This area is also touted to become the next economic centre of Bangalore.
The closeness to the airport and other facilities has helped in the development of these adjoining areas. Equinox, Embassy Lake terraces, RMZ Latitude, etc., are some of the projects coming up in North Bangalore.
Bangalore is considered the third largest center for high net worth individuals. Outer Ring Road, Sarjapur, Whitefield and North Bangalore are also gaining importance in the Villa and row house developments. There is also a steady demand from the middle income groups because of their proximity to IT/ITes companies.
The acquisition of land by Karnataka Industrial Areas Development Board and developing it into industrial centers has influenced the tremendous development of the Outer Ring Road in the last few years. This area has become a habitat for some major IT giants with around 25% of the IT companies making this area as their operational center. With so much happening in this area, it is quite natural for the real estate sector to target this area.
This area has become a favorite to people because of its proximity to the airport, IT offices, shopping malls, hospitals, temples, restaurants, schools, colleges and residential properties available in different prices. This has become a much-liked area for real estate investment. It also provides good connectivity to all the highways and the upcoming projects of the government guarantees to make this complete stretch a signal-free corridor.
The ORR was constructed with a view to enclose the city, but today we are seeing a huge outcropping of buildings beyond it. Hence, it is sensible to invest in properties in this area and benefit largely.