New Metro Line to Lift Property Prices
Mar 04, 2014
Source : The New Indian Express


BANGALORE: Real estate prices around the newly commissioned Metro line are expected to soar in the coming months if past trends are any indication.

Property prices have gone up the most in localities on either side of the MG Road-Baiyappanahalli Metro line, which was commissioned in October 2011.

According to local real estate consultants, prices rose by 60 to 100 per cent in Baiyappanahalli and its surrounding areas in the last two years. Muniswamy, a local real estate consultant, said, “Properties that were close to the main road were being sold for `4,000 per sq ft and today it costs around `8,000. In the interiors, property prices have escalated from around `2,000 per sq ft before the Metro was commissioned to `4,000 today.”

However, the rate of appreciation was less in the core areas of the city. V Ravi, an Ulsoor real estate agent, said prices have been appreciating by over 25 per cent every year ever since the Metro was commissioned, and a site that used to cost `4,000 per sq ft in Cox Town now costs around `7,500.

 In Jogupalya, the prices of commercial properties have escalated from `10,000 to `18,000 per sq ft. “Though some people are willing to pay the prevailing market prices, no one is willing to sell their properties,” he said.

Nagaraja Reddy, president of the Confederation of Real Estate Developers’ Associations of India (CREDAI), Karnataka, said that while property prices in developed areas of the city appreciated by around 15 per cent, in some areas of Bangalore East, the escalation was over 30 per cent a year after the MG Road-Baiyappanahalli stretch was commissioned. 

“Property prices in areas that are situated on either side of the recently commissioned Reach 3 and 3A in Bangalore West are likely to appreciate by around 30 per cent in the coming years,” he said.

Many builders have already started housing projects in these areas to maximise profits. Vikas Malpani, co-founder of Commonfloor, a real estate web portal, said as Namma Metro provides for hassle-free and speedy travel, commuters can easily reach the core areas of the city within minutes from peripheral areas like Peenya.

“Therefore, property prices towards Peenya and its adjoining areas are likely to appreciate at a faster pace,” he said.


Latest Realty News

Organised retail real estate supply grows
Mar 04, 2014
KARNATAKA: According to the findings of CBRE’s latest report, India Retail Market View H2 2013, the total mall supply stood at approximately 4.7 million sq ft in 2013. The demand from international and domestic brands as well as retailers, continued to strengthen throughout 2013, with the second half of the year witnessing an increase in demand for quality retail space, in Delhi-NCR, Pune and Chennai.
Premium homes in demand in Bangalore North
Mar 01, 2014
BANGALORE: Better connectivity to the city as well as to the airport, development plans such as the IT and aerospace parks by the government, signal-free roads, well-developed social infrastructure, availability of land, proximity to IT/ITeS parks, industrial belts etc are some reasons that are working in favour of Bangalore north.
Comptroller and Auditor General of India warps Bangalore Development Authority for generous spending...
Feb 27, 2014
BANGALORE: The generous donation by Bangalore Development Authority (BDA) has invited the wrath of Comptroller and Auditor General of India (CAG).
Realty Prices to Spike With Issue of 11B Khatas
Feb 24, 2014
BANGALORE: Property prices in urban and semi-urban areas across the state are set to spike with the government allowing registration of sites purchased in irregular layouts within gram panchayat limits.
Bangalore: Kaggadaspura property prices rise by 21%
Feb 24, 2014
BANGALORE: Kaggadaspura, located in CV Raman Nagar, near Old Madras Road, Bangalore has witnessed impressive growth in property prices in the Oct-Dec 2013 quarter. The prices of residential projects in this area range from around Rs 3000 to 6000 per sq ft, averaging around Rs 4000 per sq ft, registering an impressive 21 per cent increase in value since the Jan-Mar 2013 quarter.
Bangalore East: High demand for premium homes
Feb 23, 2014
BANGALORE: Bangalore east was known for its plush colonial-style bungalows in the established neighbourhoods of Fraser Town, Cox Town, Cooke Town and Indiranagar, all the way up to the sparsely-populated Whitefield. With the expansion of the city to include several new areas, the east belt has seen an uptake in luxury housing options, mainly owning to the spread of IT in the region. Proximity to workplaces, easy access and high disposable incomes has led to a rise in demand for villas, row house
Bangalore the most preferred place for buying house: ASSOCHAM survey
Feb 22, 2014
BANGALORE: The city is the most preferred for buying a house in 2014 thanks to connectivity, infrastructure and basic facilities, according to the findings of a survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Growth poles on the realty map
Feb 22, 2014
BANGALORE: The latest Residex, the residential property price index released by the National Housing Bank (NHB) shows that while home prices are in general witnessing an upward movement, the prices in several Tier-II and III cities during the October-December quarter have seen an increase of the same levels as metropolitan markets or even greater.
DKS Bought Allotted Land, Says Hiremath
Feb 22, 2014
BANGALORE: Declaring that he would meet the Governor soon to demand action against Energy Minister D K Shivakumar, social activist S R Hiremath on Friday accused the minister of buying 10 acres of land allotted for a layout in Kodigehalli.
Bangalore: The tall storey
Feb 20, 2014
BANGALORE: Bangalore is known for its bungalow culture. It’s not surprising then that the country’s IT capital doesn’t have a great skyline. That maybe about to change. In a daring move real estate developers are reaching for the stars in a bid to give Bangaloreans a skyline to shout about.

Latest Realty News Of State

Realty Talk's