Realty Growth Linked To Metro Development

Dec. 17, 2012 - PRLog -- The ambitious Metro project is pushing realty development along its corridor. After Reach I became operational and the property prices in its vicinity started appreciating, growth on the other corridors has taken off too. This can be seen in the Yeshwanthpur segment especially, where property development has taken place in the residential, commercial and retail segments.
"As cities expand, they are faced with multiple issues. None is as critical as that of suitable physical infrastructure. Bangalore is no different. The city's traffic woes have been well documented and the infrastructure issue in the city is serious with farreaching ramifications. The Metro offers a solution to many of these issues. As we see it today, the Metro will extend and connect almost the entire city - connecting the central, peripheral and suburban districts. As commute times reduce, it will most certainly have a positive impact on both residential and commercial capital values," says Imtiaz, CEO of Network Homes.

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The impact of Metro can be seen in the way new launches are taking place - a host of new residential projects have been launched on the Kanakapura Road with capital values ranging between Rs 3,000-4,500 per sqft. This is an increase of approximately 25-45 percent in the last three years.
Similarly, Tumkur Road, which till recently was ignored, has started witnessing heightened activity with residential capital values touching Rs 4,000 per sqft. The situation is no different on Old Madras Road and north Bangalore where capital values are seeing an upward movement.
Commercial development
The Metro corridor will be critical to office goers who can use the mass transit for faster commute. "Commercial development is driven by multiple macroeconomic factors and the Metro does offer a window of opportunity. Hence, the global economic environment, government and trade policies, as well as infrastructure, all put together will play an important part in how commercial development takes shape in the city," explains Imtiaz.
The Metro has multiple benefits as it offers last mile connectivity and has the potential to transform the city's landscape.

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"The Metro development will make it possible for a person to commute from one part of the city to another in just about half an hour and this will lead to fresh demand for residential and commercial properties in the localities that fall in the Metro route. Mumbai and Delhi have seen an increase in commercial projects along the Metro route and this trend will continue in Bangalore as well," says Imtiaz, CEO, Network Homes. "Progress in terms of property development usually occurs closer to an infrastructure project. With the Metro being the most ambitious project so far, the city's growth prospects will take place close to this developing route. Once the Metro is completed, Yeshwanthpur can boast of an inter-modal transit centre, facilitating easy switch over between the various modes of transport. Restaurants, shopping complexes, departmental stores will also find potential in the Metro rail corridors owing to better connectivity and increasing number of people shifting here".