The construction of the Metro railway in Bangalore has already sent positive signals to the real estate industry with the prices going high already near the areas with the emergence of a micro-market in places with good connectivity and other advantageous factors. Although the full implication of it is yet to be reaped in the years to come when the full stretch connecting the two corridors will be operational. This includes the Baiyapanahalli to M. G. Road route and Malleshwaram to Yeshwanthapur route which is already showing signs of interesting developments. The experts note that real estate growth in these areas is witnessing mixed land use and also township development as well. Let’s examine the development in the city of Bangalore due to construction of Metro railway, in parts.
The Phase I of Metro Railway Construction
The 18.10 km stretch from Baiyappanahalli to Mysore Road is the East – West corridor comprising of 16 stations. The North-South corridor comprising of 24 stations is from Hessaraghata Cross to Puttenahalli Cross. The construction of this phase has already started having its impact in the realty sector. The experts feel that the completion of this phase will boost the development of the micro-market in the areas where Phase II development will start.
According to a report published by a reputed International real estate research firm many established locations of Central Bangalore remained a preferred location among end-users and has witnessed a healthy rise of prices in both high-end and mid segment. According to the report the capital values of places located at high end places of Bangalore has risen by 37 percent. The established suburban areas of the north-west noted the maximum appreciation of capital value of 95 percent which is noted to be the highest among the top seven cities due to the launch of infrastructure developments resulting in a healthy demand of real estate property.
The report says that among the 10 micro-markets across India, six middle segment micro-markets are in Bangalore which has witnessed the most of capital value appreciation in the last there years. This has probably happened due to the fact that the IT-ITeS professionals drive the demand for High end housing. According to the realty report published by another research firm the revival of the manufacturing sector, higher growth in salaries of IT and ITeS sector with the general election results and the various grants offered in the Union Budget seems to have triggered positive change in the buyer’s sentiments.
The Development of Phase II:
The second phase of Metro railway project will be of a total length of 72.10 km. In the North it will be an extension from Bangalore International Exhibition Centre to Nagasandra which will be a 3.8 km stretch with three stations. Extensions from Anjanapura to Puttenahalli will run for 6.3 km with five stations in between. Extension from Baiyappanahalli to Whitefield with 14 stations over a length of 15.5 km is planned for the East. On the west, Mysore Road junction of the Outer Ring Road to Kangeri is fully elevated with five stations over a length of 6.5 km.
With all these development in the next few years, the real estate sector has already started showing signs of price sensitivity with the development of new micro markets around few of the regions.
No comments:
Post a Comment