Sobha Ltd, one of India’s largest real estate developers, said it will build a ‘Manhattan-like’ mini city at Yadavanahalli, which lies between Electronics City and Hosur towards the south east of Bangalore.
Despite its somewhat removed location, the project is targeted at the well-to-do, with the three-bedroom flats costing upwards of Rs 90 lakh.
Chairman Ravi Menon said Townpark “reimagines the architectural brilliance of New York through iconic residential towers, a glitzy shopping mall and top-of-the-line amenities.”
Meant for the well-travelled with a penchant for the finer things in life, SOBHA Townpark lets the connoisseur live the New York life, right here in Bengaluru, the company added.
Sobha said the project will try to appeal to those who do not want to stay too far from the city, but also want a quiet and relatively unpolluted location.
Yadavanahalli is practically outside the main Bangalore city as of now, though it is only minutes away from the Electronics City suburb of Bangalore thanks to the highway.
“The location of SOBHA Townpark stands testimony to SOBHA’s commitment to ensure that no aspect of a home – including its location – is overlooked,” the company said.
“Carefully chosen to provide the best of both worlds to people who prefer quietude, but never want to be away from the hustle and bustle of city life, Yadavanahalli comes as the perfect choice. It offers immense connectivity and has just about everything individuals and families need to live in a buzzing yet tranquil locale with 70% wide open spaces.”
Many industry observers believe that the ongoing COVID-19 pandemic has changed the residential real estate market for good, particularly those targeting IT workers, such as the ones in Bangalore and Pune.
Post pandemic, most IT and outsourcing workers work from their homes to reduce chances of viral transmission via centralized air conditioning systems fitted in their offices.
Moreover, given the nature of their job, IT and outsourcing professionals are able to deliver almost full productivity without stepping into their offices by leveraging advanced conferencing and collaboration solutions.
This has led to a surge in demand for self-contained and well-rounded projects with proper infrastructure, such as gardens and playgrounds.
Besides, the COVID-19 pandemic has already led to depopulation of the inner areas of cities like Bangalore and Pune, with many flats that were traditionally given on rent now remaining vacant after the last tenant moved out to escape the virus and beat the crowds.
Meanwhile, many real estate players are also relooking at their plans to build new office buildings, given that the virus seems to be here to stay and the pandemic is unlikely to be over after 2 or 3 waves.
It is believed that if the virus demonstrates its staying power over the coming 18 months or so, it could lead to a radical change in the real estate sector as developers focus more and more on creating isolated communities through large, self-contained mini cities. Such mini cities are likely to come with their own malls, educational institutions, offices, servant quarters and hospitals, reducing the chances of viral transmission from the outside world.