Bangalore Metro phase-II gets green signal
In a move to improve the public transport system in the city and free it from traffic woes, the government recently gave a nod to the second phase of Bangalore Namma Metro Rail Project. The project is expected to provide the much needed boost to the public transport infrastructure in Bangalore and become a boon to the daily commuters of the city.
Scheduled to be completed in five years from the date of commencement(2012), the total estimated cost of the project stands at Rs 26405 crore, with a price escalation of 5% per annum. Phase II will be inclusive of six lines with 61 stations, out of which 12 will be underground.
Ridership in the metro
|
Ridership
|
2016 | 2041 | ||
| Peak Hour Peak Direction Traffic | Daily ridership (in lakhs) |
Peak Hour Peak Direction Traffic | Daily ridership (in lakhs) | |
| East-West Line | 18835 | 4.27 | 37006 | 10.07 |
| North South Line | 21606 | 5.51 | 42577 | 10.93 |
| Phase-2 New Line RV Road Station – Bommasandra Station | 13078 | 2.4 | 23442 | 5.02 |
| Phase-2 New Line Gottigere Station – Nagawara Station | 11935 | 2.62 | 25315 | 6.19 |
As per government officials, the project will be executed by the Bangalore Metro Rail Corporation Ltd-the existing Special Purpose Vehicle (SPV) of the Government of India and Government of Karnataka having a 50:50 equity of each.
The extension
Once the metro phase-II is commissioned, the east-west corridor will emerge as a boon to the IT population of Bangalore, since most of the offices are situated in Whitefield. The present eastern side line-MG road to Baiyappanahalli will be lengthened to Whitefield.
In addition to it, a new line will be formed from the R V Road station on the north-south corridor to Bommasandra. This will be a significant aid to the IT employees in the Electronic City.
Impact on real estate
Owing to such a move by the government, the real estate market of the areas like Byappanahalli, Bommasandra and Whitefield will appreciate significantly. The eastern-western corridor will witness huge demand for housing units-both affordable and luxury.
The price per sqft for apartments in Whitefield runs between Rs 4500- Rs 4700, and for Byappanahalli it ranges between 4300-Rs 5000. With the approval of the Phase II project, the real estate prices of these areas will shoot up by 15-20%, as per experts. As such, the eastern corridor of Bangalore will draw significant attention of the investors and developers alike, and give the real estate market of the region an edge.
