Bengaluru (Karnataka) [India], March 5 (ANI/Mediawire): A bustling neighbourhood. A thriving manufacturing hub offering livelihood to hundreds. An embodiment of Karnataka's dominance in the garment industry. Binnypet has become a symbol of all this and more.
Binnypet, although located in the heart of Bengaluru, has been nestled away from the limelight. Surrounded by commercial areas like Chickpet, Chamrajpet and Okalipuram, the locality is just a stone's throw away from elite and premium residential neighborhoods like Rajajinagar, Malleshwaram, Seshadripuram, Basavanagudi and Jayanagar among others.
Binnypet is tucked away amidst the historical and ecological heart of Bengaluru. While Tipu Sultan's Palace and Bangalore Fort add historical charm to the region, Lalbagh, Cubbon Park, Freedom Park, Race Course, MN Krishna Rao Park and a host of other parks and gardens retain the old charm of Binnypet.
A number of renowned educational and medical institutions are also located in the vicinity of Binnypet.
Location is considered a golden standard for real estate valuation, and in these terms Binnypet scores quite high for its overall civic amenities, connectivity and abundance of transport options.
Turning back the pages of time and tracing the growth of Bangalore over the last century, the significance of Binnypet is indeed indisputable. Identified as a service driven area with the establishment of the British Cantonment in 1809, manufacturing in the city was largely pushed to the backburner. Although a textile unit was set up in 1877, with machinery imported from the UK, the mills suffered logistical issues relating to manpower.
When the Mysore royal family regained power after the 1881 Rendition Act, industry was once again prioritised and 'Bangalore Woollen, Cotton and Silk Mills' went public in 1884. Later in the same decade, the looms were taken over by the Madras-based Buckingham and Carnatic Mills (Binny Mills), operating on an expansive property extending across over 16 acres off Magadi Road.
The success of Binny Mills grew manifold, peaking in the 1880s and early 1890s, when it employed over 7200 workers. The superior quality fabric manufactured at the facility was in high demand across the country, supplying sweaters, pullovers and blankets to even the army.
The well-established presence of Binny Mills led to the emergence of Binnypet. Binnypet became a hot residential hub for those employed in the mills and the neighbourhood and came to be synonymous with the success of the mills.
Further, a huge migration surge into West Bangalore resulted in the birth of several neighbourhoods like Okalipuram, Rajajinagar and Vijaynagar. Back in its heyday, the Binny Mills area extended from the TCN Royan Circle to Tank Bund Road. Binnyston Garden located within the premises of the mill was the jewel in the crown with lush verdant greens, towering trees and a pristine lake.
With the introduction of the New Economic Policy and aggressive growth of public sector units a few decades ago, Binny Mills went into decline. However, as is the trend world over in prominent metropolitan cities, mills are considered prime areas for real estate development owing to the magnitude of land area.
In India, cities like Mumbai which are faced with intense land scarcity, mills have been a boon for progress and growth. The integrated townships built by renowned developers on erstwhile mill premises, have effectively redefined the city's skyline and created a new benchmark for Indian real estate. These luxurious projects have led to price appreciation in these neighbourhoods and redefined residential development.
Over the last two decades, Bengaluru has rightly been dubbed as the 'Silicon Valley of India'. The city, in its new avatar, began expanding outwards from the centre to accommodate the rapid growth, and new commercial establishments, residencies and suburbs emerged rapidly. Despite the growth of the city in ever-widening circles, the centre of the city remained highly attractive due to the abundance of natural greenery, history and culture, as well as the buzzing night and social life.
However, Central Bengaluru is constrained by the lack of land parcels. Any available land was quickly snapped up by ambitious developers looking to meet the high demand for upscale residential options in central Bengaluru. As a result, the stocks of Binnypet's humble mill fields and land also grew.
Location is an important element in real estate and Binnypet benefits favourably thanks to its location, connectivity, abundance of transport options and overall civic amenities.
Situated in close proximity to a Metro Station, Majestic Bus Stand and City Railway Station, Binnypet enjoys easy access to the Central Business District, shopping malls, schools, hospitals, commercial complexes, restaurants, entertainment options and other lifestyle amenities.
Additionally, Binnypet is also located in close proximity to Mysore Road, and thus enjoys easy access to Magadi Main Road, and KSR Railway Terminus which is a few minutes away. Connectivity is assured with the intersection of two metro lines at Binnypet - Mysuru Road to Kengeri and Byapanahalli to Whitefield. The key arteries of Bengaluru - NICE Road and Outer Ring Road (ORR) - are 24 km (45 mins) from Binnypet. The upcoming eight lane signal free corridor in Okalipuram, which aims to provide seamless connectivity from the city centre to the western part of Bengaluru, is also expected to be completed soon.
Over the last three years the stock of available land in a 5 km radius around Binnypet has been steadily declining.
The current prices of real estate in the Binnypet region are the most reasonable whereas the scope for returns is enormous, even going by the most conservative estimates. The fact that the area has witnessed a price growth of 14.8 per cent ~15 per cent in the last three years, highlights the scope of growth in the years to come.
This is the golden period for investors and homeowners to invest in the region. The future of Binnypet is a rising real estate story; investing here could turn fortunes in your favour.
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