Bengaluru, renowned as India’s Silicon Valley, has become a global hub of opportunities due to its flourishing economy, diverse culture, and ample growth prospects. According to Knight Frank’s Asia-Pacific Outlook 2023 report, Bengaluru ranks as the second-best real estate market to watch in the APAC cities in 2023. Among Bengaluru’s thriving micro-markets, Binnypet stands out as a key investment destination for real estate, according to experts.

Located in the heart of Central Bengaluru and surrounded by residential and commercial hubs, Binnypet offers a captivating blend of tradition and modernity. This thriving locality harmoniously integrates the past with the present, providing a haven for homebuyers in Bengaluru’s competitive real estate market.

Binnypet’s Rich Historical Legacy:

In its prime, Binnypet flourished as a land of endless opportunities. The renowned ‘Bangalore Steam Woolen Mills,’ commonly known as Binny Mills, played a pivotal role in Karnataka’s garment industry, offering numerous job opportunities and employing over 7200 individuals at its peak. Binnypet was also famous for the picturesque ‘Binnyston Garden,’ a tranquil retreat with majestic trees and serene lakes, providing solace for the region’s workers. Undoubtedly, the area played a crucial role in Bengaluru’s economic sustenance as an urban metropolis.

However, with modern economic reforms and increased demands in the public sector, this part of the city faced uncertainty. The closure of Binny Mills in 2005 had a significant impact on Western Bengaluru, affecting the area’s prominence and aspirational value, particularly as a residential destination. Despite these challenges, the locality has again risen to its glory, with ongoing developments and construction projects uplifting its aesthetics and restoring it to its former grandeur.

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A Thriving Resurgence:

Binnypet’s revival began as Bengaluru emerged as a prominent IT hub, attracting people across the country and the world. This influx of residents led to increased infrastructural development, prompting a gradual rejuvenation of Central Bengaluru, particularly Binnypet. Real estate developers recognised the untapped potential of this area and initiated projects to restore its old-school charm and popularity. The once congested and low-rise buildings became a blank canvas, ready to be adorned with the colours of a modern lifestyle.

The launch of large-scale luxury residential projects here marked a turning point in its transformation. These developments aimed to redefine lifestyle, convenience, leisure, conversations, and communities. Opulent living spaces and lush landscaped surroundings became the defining features of these projects, captivating homebuyers and investors alike.

Prime Investment Potential:

Location has always been a crucial factor in real estate evaluation, and Binnypet excels in this aspect. With its overall development, civic amenities, connectivity, infrastructural development, and transportation facilities, Binnypet emerges as one of the top choices. The key factor contributing to its popularity is its central location. Commercial areas like Chickpet, Chamrapet, Okalipuram and premium neighbourhoods like Rajajinagar, Malleshwaram, and Jayanagar surround the locality. Metro Station, Majestic Bus Stand, City Railway Station, renowned educational institutions, healthcare facilities, recreational avenues, and entertainment centers are in close proximity, making it an ideal choice for families and young professionals alike. Additionally, easy access to Mysore Road, Magadi main road, and KSR railway station, along with the intersection of two metro lines at Binnypet – Mysuru Road to Kengeri and Byapanahalli to Whitefield, ensure excellent connectivity. Arterial roads like NICE Road, Outer Ring Road, along with the eight-lane signal-free corridor in Okalipuram, will further enhance accessibility.

As per Knight Frank’s report, Bengaluru is one of India’s most expensive real estate markets and has seen a surge of 7 per cent in housing prices in the first quarter of 2023. Notably, areas like Binnypet are witnessing an even more pronounced spike in demand compared to other micro-markets within the city. Binnypet’s strategic location has fueled a remarkable upswing in demand for residential units, resulting in an impressive appreciation of property rates by approximately 33 percent over the past three years. This substantial growth potential also extends to the rental sector, with rental rates surging by around 55 percent. As Binnypet becomes increasingly alluring to those seeking rental income, its remarkable growth is a testament to the area’s appeal, fostering positive sentiment and attracting keen interest from the investor community.

As Binnypet continues to shine in Bengaluru’s real estate market, it presents a compelling investment opportunity for domestic and international investors seeking secure and lucrative prospects. With its prime location, historical significance, and rapid development, Binnypet has emerged as the premium choice in Bengaluru’s real estate landscape, offering diverse investment avenues to suit various objectives and preferences.

(By P. Rajendran, Chief Sales and Marketing Officer, Shapoorji Pallonji Real Estate. Views are personal)