Bangalore Namma Metro: A new awakening
Infrastructure development in Bangalore has been on a run for the last few years, and the Namma Metro, is beyond doubt, what directs the growth of the city. Over a span of two years, Namma Metro has been in construction and is expected to hit the road, since 90% of work at Reach-3 stations like Mahalakshmi Station, Yeshwanthpur Station and Rajajinagar Station have finished.
According to Bangalore Metro Rail Corporation Limited officials, the civil works in the above-mentioned stations are on the verge of completion, while works at other stations are on-going. Encompassing a distance of 10 km, the north-stretch line of Namma metro includes Yeshwantpur-Peenya (4.8 km) and Sampige Road – Yeshwanthpur (5.1 km)
How the buyers will get influenced?
Good connectivity defines the essence of a place. A good network of metro stations in the city increases the value of any particular area. With the functioning of the Namma Metro Reach 3, the areas close to it will experience rise in price per sqft, incessantly.
In addition to it, the localities which get connected via Namma Metro will be of special importance for the buyers. On careful evaluation of the impact of Metro Rail on major cities such as Gurgaon, New Delhi and Noida, experts suggest that with the functioning of the Metro rail property prices will hit the roof by 20-30% in no time.
Change in price
Going the market survey reports, a 1000 sq ft apartment in Yeshwanthpur that was valued at Rs 56 lakh before march 2013, is now tagged at Rs 87 lakh. This clearly shows a hike of 55% in the last 9 months. Prices of properties in Rajajinagar have also soared by 33% in just one year and stood at Rs 8100 per sq ft from Rs 6100 per sq ft.
Despite many projects being under-construction, price rise could not be curbed. With the shift in price structure, certain areas near the Namma Metro will come on the radar of the developers, investors and end-users. In addition to it, the real estate market of the city will again gain momentum.
