BANGALORE: Since work on the Metro line took off in the west, there has been a marked change in the landscape of the region. Integrated mixed-use developments, residential realty projects as well as commercial developments have sprung up along the corridor and in the areas around. This is mainly due to the seamless connectivity that will connect the old neighbourhood of Malleswaram with localities towards the peripheries.
Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Services, explains the numerous benefits of the Metro line in the west. “Unlike the M G Road-Byappanahalli stretch, the Green Line connects the mature residential areas of Malleswaram and Rajajinagar to the upcoming neighbourhoods such as Nandini Layout, Sanjay Gandhi Nagar and Kaveri Nagar in the north-western quadrant. Residents in these locations will benefit from ease of commuting at affordable prices and conveniently avoiding traffic congestion.”
At present, commercial real estate along the stretch is largely concentrated in Malleswaram, Rajajinagar and Yeshwanthpur. However, with the commissioning of the higher floor area ratio (FAR) along the Metro lines, developers will be encouraged to launch office projects on the Sampige Road-Peenya stretch in the near future.
Shrinivas Rao points out, “Increase in FAR along the Metro route, besides the corridor’s good connectivity and proximity to the Central Business District (CBD) locations, and airport, will accentuate both commercial and residential development in the location. Additionally, with significant land parcels available along the route for redevelopment, developments in the commercial segment are likely to get a boost.”
Zahed Mahmood, Director, Silverline Realty, adds, “Retail real estate will see a revival in Malleswaram which was deserted once work began. Options to shop as well as supermarkets and showrooms will see a boom around Malleswaram. It will also be convenient to stop at a station, pick what you want and head out. The traffic congestion will ease with people opting to use the Metro now.”
According to Zahed, the number of projects in the west will improve with connectivity making access easy to distant localities. “Since distances will be easy to cover once the entire line is complete, supply and variety of options will increase.”
Satish B N, Executive Director – South, Knight Frank India, says, “The residential micro-markets along the Sampige Road-Peenya stretch are projected to receive immense amount of interest from homebuyers in the forthcoming years. This can be attributed to faster connectivity to workplaces. Besides, decongestion of traffic bottlenecks towards the city centre is expected to take place, thereby reducing travel time by road as well. Moreover, there is good potential for price appreciation in the residential micromarkets along the Metro stretch that would attract investors from other regions.”
Vestian’s research reveals that major real estate players have forayed into this region. One such developer is expected to come up with an integrated 1.70 million sqft development in Yeshwantpur. Another well-known developer has proposed a luxury villa project near Nelamangala.
Shrinivas Rao elaborates, “Residential projects close to Metro stations will witness increase in price. There will be redevelopment of old buildings, and land parcels in the vicinity will host development of residential projects. The average annual price appreciation in this region is between 15-18 percent. However, certain projects have witnessed appreciation of nearly 20-25 percent according to Vestian’s January 2014 analysis.”