Namma Metro as a portent of realty boom in Bangalore

Bangalore : As the metro spreads out, there is a high catchment of residential Housing projects in Bangalore. There is no doubt; the metro blazes trail has created a positive impact on realty boom. By the time of Namma metro phase I, the property dealers anticipated a growth of 20 percent. The places in proximity like Byappanahalli, Indira Nagar, CV Raman Nagar, MG Road and many others had fully exploited for realty boost. As the real estate development was being pretend in other Phase I corridors like Malleshwaram, Peenya, Mysore Road, Vijay Nagar, Banashankari and Jaynagar, came the news that Phase II was on the line. After a long time, the full impact of metro can be seen. In fact, the metro is giving an extra push to two corridors such as M G Road to Byappanahalli and Malleshwaram to Yeshwantapur for real estate development.

The real estate expansion in these regions is witnessing more vertical development, mixed land usage and integrated township developments. The metro rail being implemented by the BMRCL (Bangalore Metro Rail Corporation Limited) covers 42.30 kms and expected to be completed by the first quarter of 2016.  Further, this is being developed as the East-West corridor covering about 18.10 km and North-South corridor covering about 24.20 km.

The East-West corridor has 16 stations and starts from Byappanahalli in the east and extends up to Outer Ring Road Nayadanahalli intersection on Mysore Road in the west and North-South corridor has 24 stations and starts from Hesarghatta Cross on Tumkur Road in the north and extends up to Puttenahalli cross (Kanakapura Road) in the south. The full impact will be felt once the phase is completed where the prospects will be the highest realty development for emerging micro markets.

Here is a look at how the Namma metro push the real estate development:

According to Cushman and Wakefield report, the visible impact of the Namma metro can be seen in central Bangalore locations as these areas continued to be witnessed vigorous appreciation from end-users from both the middle and high end segments.

The capital values of the high-end localities of Bangalore are recorded noteworthy appreciation of 37 percent during the last three years due to the inauguration of new projects. The established part precisely; North-West suburbs witnessed maximum appreciation of 95 percent, the highest among the top seven cities. These localities acquired the utmost appreciation as these suburbs provided the required connectivity due to its proximity to Bangalore International Airport. It is clearly visible that the High end housing demand from IT professionals are the major growth driver for Bangalore property market. Markedly, during the past years, six mid segment micro markets of Bangalore city recorded significant capital value appreciation and featured among the top 10 micro markets across India.

According to Knight Frank Realty Report Salary growth, election results, recovery of the manufacturing sector and other announces seem to generate a positive change  in the home buyer sentiment.

Micro-markets served:

East zone: Whitefield, Marathalli, K R Puram, Old Madras Road.

West zone: Yeshwantapur, Tumkur Road, Malleshwaram, Vijaynagar, Rajajinagar

North zone: Hebbal, Hennur, Bellary Road, Thanisandra, Yelahanka, Jakkur, Banaswadi

South zone: Koramangala, Bannerghatta Road, Sarjapur Road, Jayanagar, Electronic city, J P nagar, Kanakapura Road

Proposed Phase II of Namma Metro will extend up to 72.10 km which will significantly improve connectivity; it includes extension of all four reaches of Phase I and construction of two new lines. This is expected to be completed by 2019.