Thursday, 7 September 2017

Peenya Becomes Major Affordable Housing Hub in Bangalore

There are some localities that make a history of their own and Peenya, situated near Bangalore is not only one of the oldest industrial areas in the country, but also in the entire South East Asia. As an industrial estate, it is home to industries of various sizes but the thrust is mainly on the manufacture of engineering and electrical units. It can be said that most of the parts of the electronic goods that we use are made here. The region came into being in the late 1970s and in 1979, it covered about 140 acres of land, a significant rise after an initial start of 125. Later, when the development of the second stage started, the region saw a rise of both commercial as well as residential units, in the manner of Chamundi Nagar.
Moreover, the connectivity factor in Peenya was also a major cause of its right as it was situated on the Bangalore- Mangalore Highway, or National Highway 48. Another National Highway, Number 4, or the Bangalore- Tumkur Highway also passes by it. Recently, it has attracted the attention of the investors because of some fast growing localities near Bangalore like Yeshwantpur, Jalahalli, Rajaji Nagar and Hebbal and because of the growth of real estate there, Peenya too has its fair share of real estate development. Naturally, when there are so many industries in the vicinity, it is only a given that those working here would also need suitable accommodation. The workers working here mostly work with CNC machine tools/ die casting dies and moulds, manufacturing transformers, motors and generators.
There are also textile industries here, predominantly silk, and Bangalore Silk is famous throughout the country. There are rubber- moulding industries, hydraulics industry and others with similar capacity. Certain extremely well known industries like Alfeni Metarc Ltd,3D Concept Tooling Pvt ltdMangalam CreationsWipro TechnologiesABB, have their factories and warehouse at Peenya. And though there have been government directives to shift the heavy industries farther from the city because of the pollution here, the region has already been formed and the residential houses would stay right where they are. What mainly started as a industrial town is a large residential city today and is slowly becoming a major draw for affordable housing segment to accommodate all the workers and employees working in these factories and warehouses here.
With the government’s thrust on affordable housing, Peenya has made it all the more to the top of the developer’s list for affordable housing because the region here is still demands apartments and flats for the lower income group. Moreover, with access to easy home loan facilities now, many can finally achieve their dream of having their own home. Most of the buyers here are first time buyers and the demand is more for small 2 BHK flats in Peenya, which can be had within a Rs 30 lakhs range, with the price per sq feet mostly ranging from Rs 2500 to Rs 5000, depending on the locality of the project. 

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