BANGALORE: The new Metro line will undoubtedly facilitate faster connectivity and easy accessibility to peripheral locations. Completion of the 2.50 km stretch from Peenya Industry to Nagasandra on Reach 3B by August will further extend connectivity to far-flung areas in the west, opening them up for development.
Satish B N, Executive Director – South, Knight Frank India, states, “While Nelamangala towards the west is already well-connected through the elevated expressway, other north-western areas such as Hessaraghatta Road, Jalahalli West, Singapura, Nagasandra, HMT Layout and Bagalkunte will be immensely benefitted by this new line. It has been estimated that as against the minimum 45 minutes taken to reach Sampige Road by road from Peenya Industry, one would be able to complete the journey in only 20 minutes by Metro.”
Real estate activity
With the initiation of the Metro work construction, the region has already witnessed significant real estate activity with projects of major developers coming up in the region.
According to research of Vestian Global Workplace Services, this region currently supports a capital value for Grade A apartments in the range of Rs 2,800-5,000 per sqft. “Real estate activity is likely to be accentuated with more developments likely to come up as well as existing projects likely to witness a sharp rise in their prices”, says Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Services.
Reduction in travel time
The Green Line consists of 24 stations from Hesaraghatta Cross to Puttenahalli Terminal. Although, currently 10 stations are operational on this line, it cuts through the heart of the city connecting the peripheral suburbs of the northern extreme to the southern limits of the city. The biggest advantage with the Metro network becoming operational is reduction in the travel time as well as cost of commuting.
Peripheral locations beyond Peenya, which till date relied only on road transport to commute to the Central Business District (CBD), will now have another convenient, cost-effective, time-saving option. As a result, this corridor is expected to witness enhanced real estate activity.
Shrinivas Rao explains, “Since the Bangalore-Mumbai Industrial Corridor also extends from this region of India’s IT capital, more mid-segment and budget housing projects are sure to flourish in this micro-market. Moreover, with the development of physical and social infrastructure, the region is projected to develop rapidly in the medium to long terms.”