Devanahalli Transforms: How Foxconn’s Arrival Sparked a Real Estate Revolution

Once a quiet farming town known for pomelos, blue grapes, and silk, Devanahalli, on the outskirts of Bengaluru, is now the epicenter of India’s newest real estate explosion.

The catalyst? A $2.5 billion mega-project by Foxconn, dubbed Project Elephant — a 13-million-square-foot iPhone manufacturing facility that’s changing everything.

In 2023, the government approved the ambitious development, which will be Foxconn’s second-largest plant outside China, projected to create 40,000 jobs. This single move turned Devanahalli into an investment magnet overnight.

Date	Price (INR)
2021-01	4,900
2021-06	4,920
2021-12	4,950
2022-06	5,250
2022-12	5,500
2023-03	5,900
2023-06	6,700
2023-09	6,900
2023-12	7,200
2024-03	7,400
2024-06	7,700
2024-12	8,000
2025-03	8,500

From narrow roads that delivery services once ignored to state-of-the-art infrastructure, the landscape of Devanahalli has transformed. Amazon is relocating its Bengaluru office here by 2026. Zomato and Swiggy riders are now common sights.

But it’s not just tech giants moving in — it’s thousands of workers. Foxconn has partnered with developers like BCD Group to accommodate up to 8,000 female workers, signing over 900 residential leases in neighboring Hoskote.

The Real Estate Boom

In 2019, real estate in Devanahalli was modest, with under-construction properties selling for around ₹3,500 per sq. ft. Fast forward to today, and that figure has soared to ₹9,500 — a whopping 171% surge.

According to PropPulse.ai, listings in the area have doubled. Over 60 residential projects — including luxury villas, apartments, and plotted developments — are underway within a 20-kilometer radius of Project Elephant.

Local IT professional Neethu Ramagiri was one of many who bought into the dream. In December 2023, a billboard lured her to a new apartment project in the area. Despite its remote location and lack of metro access, developers sold her the future — anchored around Foxconn.

Today, she earns ₹36,000 per month by renting her unit to senior Foxconn employees from the Philippines, Taiwan, and China. The kitchen remains nearly untouched, thanks to Foxconn’s catered meals — a pleasant bonus. Ramagiri estimates her home’s value has grown by 70% since purchase.

The Shadow of Development: Farmer Protests and Concerns

Not everyone is celebrating. The industrial wave has met resistance from local farmers, many of whom claim unfair compensation during land acquisition.

As many as 1,300 families across 13 villages are affected. In 2023, tensions peaked when fences were erected for Foxconn’s land without what some villagers allege was proper payment or communication.

“Every time, they sell us a fairy tale,” said Ramesh Cheemachanahalli, a local farmer leader. “But there’s no groundwork for the promised jobs. The villagers aren’t equipped with the education or skills needed.”

Despite initiatives like low-cost wastewater recycling and fecal sludge treatment (sponsored by the Gates Foundation), the region’s transition from agrarian to industrial remains complex and, at times, contentious.

From Farmland to Future City

The Foxconn project may be the inflection point, but Devanahalli’s transformation began in 2008 with the opening of the Kempegowda International Airport. It paved the way for science parks, aerospace hubs, and IT corridors. Foxconn, SAP, and Tata-backed Wistron are now defining the region’s future.

As Project Elephant nears completion and Project Cheetah — an electric vehicle component factory — rises nearby, Devanahalli stands at a dramatic crossroads.

From unpaved roads to digital delivery, and from farms to factories, Devanahalli’s story is one of radical reimagination.