The Nandi Infrastructure Corridor Enterprises Road or commonly known as NICE Ring Road is a 4 to 6 lane private tolled expressway that connects two important cities of Karnataka i.e. Bengaluru and Mysuru. Officially known as Bengaluru–Mysuru Infrastructure Corridor (BMIC), the ring road is a combination of Peripheral road (41 km), Expressway (12 km) and Link Road (9.1 km).
Over the last few years, many infrastructural along with real estate developments have boosted the commercial realty market of this region with many MNCs and IT/ITes companies shifting their base here.
Take a look at major facts that are making NICE Ring Road the new commercial hub of Bangalore:
NICE Ring Road project was initially designed to help daily commuters travel swiftly through the suburbs of the Bangalore Metropolitan Area, especially those whose offices are situated near the seven nodes on the NICE Road. These seven nodes near the peripheral ring road includes: near PES Institute of Technology on Hosur Road, near Gottigere Lake on Bannerghatta Road, near VISL Layout on Kanakapura Road, near Banashankari 6th Stage on Bangalore Mysore Express-way (Link Road), near Kengeri on Mysore Road, near Embassy Public School on Magadi Road and near Jindal Aluminium on Tumkur Road.
But in last few years, lots of socio-economic infrastructure development has taken place along these nodes which have pulled many big IT companies to set up their offices around these nodes.
Commercial real estate hub
In recent times, many initiatives by state Govt. have fueled up the commercial real estate market of NICE Ring Road. These initiatives include the availability of low-cost land parcels for commercial and industrial units, cheaper rentals as compared to other Bengaluru areas etc.
According to real estate expert, “Well-developed road connectivity offered by NICE Ring Road, allows daily commuters to bypass the entire city within 45 minutes, has caught the attention of IT companies and developers. Further, the planned metro line will also aid better connectivity.”
Several top MNC’s and IT companies such as Bosch, Hewlett Packard, Velankani Tech Park, HCL Limited, Toyota Kirloskar and Tata Advance Materials Limited have already set-up their offices here, while other IT companies with a workforce of around 1,000 employees are planning to set-up their offices in the region.
Future property trend
Currently, the commercial hubs in Bengaluru span from Electronic City in the South-East to Sarjapur Road, Whitefield, and Hebbal in the East. But, with the pace govt. is working towards the betterment of NICE Ring Road, it is expected that this emerging micro-market holds a lot in its bag.
Experts say that such commercial and industrial expansion is also boosting the residential real estate market of the region as many developers have already developed and others are planning to develop affordable housing projects here. The demand will further increase in the future as many working professionals are employed along the stretch and hence according to them investing here is more fruitful as compared to other areas.