BENGALURU: Major infrastructure projects like the Metro line and the Nayandahalli flyover have given a huge push to realty prices in Nayandahalli, Rajarajeshwari Nagar and surrounding areas along Mysore Road over the last five years.
From Rs 3,000 to Rs 4,000 per sqft five years ago, the price today has almost doubled to Rs 6,000 to Rs 7,000 per sqft for BDA-approved sites in Rajarajeshwari Nagar (R R Nagar) Nayandahalli and nearby areas, according to locals.
The guidance value set by the State government in November 2014 was Rs 3,500 per sqft in Nayandahalli and Rs 4,200 sqft in R R Nagar, said Bhojaya Naik, Deputy Inspector-General of Registration, Department of Stamps and Registration. In 2013, the guidance value as Rs 2,800 sqft in Nayandahalli and Rs 2,500 in R R Nagar, he pointed out.
“The Nayandahalli multi-level flyover, which connect vital roads has played a crucial role in prices going up. Residents must be watching the Metro trial runs taking place here and this gives a feeling that infrastructure is really being put in place,” says Naik.
“Earlier, the traffic jams were maddening, particularly near the R R Nagar arch. With the flyover, it is much easier to commute here,” he added.
Trial runs are now going on for a June-end launch of Metro services between Magadi Road and Mysore Road stations. The second level of the multi-level Nayandahalli flyover was also thrown open for test runs last month, point out government officials.
Level-1 of the flyover connects Tumkuru Road and Banashankari while Level-2 connects Bengaluru and Mysuru.
C Prabhakar, director, Gopalan Enterprises, said that people in Nayandahalli were waiting for a long time for infrastructure and now it feels like everything will be in place within three to four months. “The flyovers and Metro as very important for the development of the area. The availability of drinking water in the area without any issues is another huge plus point. Many residential apartments are coming up in Nayandahalli and the place will look lively soon as it will mark a shift from industrial godowns to residential areas,” he said.
“The hope of the new connectivity has contributed to the fast growth and given real estate in the area a new impetus. It has given people the confidence that commuting to anywhere in Bengaluru will be a lot easier in the future,” said a communication from the real estate firm Salarpuria Sattva Group.
Agreeing that realty prices have surged, Aparna Basavaraj, a resident of R R Nagar for nearly 24 years, says, “My daughter was interested in buying a 40x60 site in BEML Layout here last month. The price quoted was Rs 6,000 per sqft. We have now put the plan on hold, hoping that prices will go down.”
She added that she bought her 40x60 BDA-approved site in the same layout for Rs 85,000 in 1991.
Retired pharmaceutical manager S Seshadri is pleased with the investment he made in the area. “I bought a 40x60 site in R R Nagar through BHEL Society for Rs 80,000 about 10 years ago as I thought it would be a calm place to live my retired life. The value of my site today is anything between Rs 75 and Rs 80 lakh,” he claims.
S Chandru, MD of Shree Rajarajeshwari Developers and Promoters, said the rise in property prices can be seen everywhere in the area like BEML Layout, Ideal Homes Township, BHEL Layout and others.
“Pollution and traffic in Rajarajeshwari Nagar and its surrounding are less compared to other areas in the City, making it a popular choice,” he added.
Vinay Kumar Chandra, partner in the firm, said, “Namma Metro is responsible for 30 per cent of the price rise in these areas.”
Dhanpal B, a real estate consultant, says that all areas along Mysore Road will soon become as pricey as Jayanagar or Vijayanagar. Sounding a note of caution, N Rudresh of Panchamukhi Enterprises, a real estate consultancy, says there is no doubt that prices have gone up by 60-70 per cent in the areas. But the appreciation will not be so high in the future once all infrastructure is in place.
M Muniappa, a part-time real estate consultant, says, “It is only in the last 1.5 years that we have seen such a surge in prices,” he says.
A top BDA official agreed that those who sold their BDA-allotted sites were making good money. “I think the multi-level Nayandahalli flyover has played a crucial role in improving connectivity to the area and thereby boosting land value.”