BANGALORE: For the residents in west and north Bangalore, March 1 was a special date. The 10-km Metro line comprising Reach III and IIIA networks, from Sampige Road up to Peenya, began operations. The ‘green line’ with 10 out of 24 stations in operation presently, will connect residential, commercial as well as industrial areas in the region and have a significant impact on real estate.
According to research by Knight Frank India, while the Sampige Road and Srirampura stations will service the residential and commercial localities around Malleswaram, Kuvempu Road, Rajajinagar, Mahalakshmi Layout and Sandal Soap Factory stations will benefit the commercial and residential belts of Yeshwanthpur, Rajajinagar, and the industrial area of Mahalakshmipuram. The Yeshwanthpur and Yeshwanthpur Industry stations will benefit the residential localities of Laggere and Yeshwanthpur as well as industrial areas around Yeshwanthpur. The Peenya station will service the residential areas of Nandhini Layout, HMT Layout and Jalahalli West while also benefitting the areas around Peenya Industrial Area.
Positive impact on realty
Elaborating on the positive impact of the line on development along the route, Satish B N, Executive Director – South, Knight Frank India, says, “The Sampige Road-Peenya line has had substantial impact on the real estate micro-markets in the vicinity. The announcement of the Metro line itself led to appreciation in residential property prices in Malleswaram and Rajajinagar. With the Metro being operational now, further development is envisaged. More new residential projects are expected to come up along the stretch at competitive prices. There is also scope for redevelopment of older properties, particularly in the industrial areas of Yeshwanthpur and Peenya. Moreover, with the floor area ratio (FAR) around Metro stations increased up to four from the previous 3.20, commercial development is expected to receive an impetus as well.”
Zahed Mahmood, Director, Silverline Realty, explains, “Residential population is high in the west and the Metro will be beneficial for them. Residential pockets such as HMT Layout will become easily accessible. With better and safe travel, it’ll be easy for children to go to school; parking issues will be solved as people would rather pay a minimal travel rate than Rs 100 for parking; and the impact on shopping will be better with easy mall hopping possible. With the additional FAR impact, many residential projects are coming up around the corridor.”
Connectivity and growth
Vestian Global Workplace Services’ research reveals residential areas such as Malleswaram, Rajajinagar, Yeshwanthpur, Peenya and adjoining locations will witness significant impetus. Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Services, points out, “This is the second major infrastructure development since the six-lane expressway to the international airport became operational last January and is sure to strengthen the real estate growth in the north-western quadrant of the city. The first station on this stretch, Sampige Road, is located opposite a popular retail destination in Malleswaram. Further, on this route is Yeshwantpur station that connects to a mixeduse development project that houses a commercial complex as well as a retail hotspot. Thus, commercial, retail and residential activity in this region will gain further traction.” Also, with localities in the outskirts such as the Peenya Industrial Area becoming more accessible, commercial activity in the region will benefit.