Growth in Bangalore real estate due to boom in infrastructure projects
Growth in infrastructure facilities improves the existing civic amenities of a city. Holding this statement true, the Karnataka government has gone down the line to invest Rs 6000 crore in infrastructure projects in Bangalore, in the period 2013-14.
Growth in infrastructure projects in the IT hub of the nation, like the new airport in North Bangalore, proposed metro route and ring road has fired up property development in the city. Surge in infrastructure projects in the city has increased the potential of land and has significantly aided the transportability constraints for economic inputs.
Compared with the industrial sector, the office and residential sectors respond to the infrastructure investments in the city in a much better way. In accordance with the on-going residential projects in Bangalore, the city reflects fast growing pace in terms of growth, quality and success in various spheres namely corporate, commercial, transportation and institutional.
Infra-sector that require investment
To give growth the much needed resilience, infrastructure stands in need of immediate attention. According to BDA, the government officials will direct their point of convergence on power projects, both in conventional and non-conventional categories in 2013. With the state-of-the art infrastructure, Karnataka is expected to become a major power surplus by the tail end of 2017.
Around 32000 crore is proposed to be invested in the Bangalore railway system in the coming years. To add to it, proposals are in the line for quality infrastructure to make Tier-II cities get the center stage. According to market news, the government will take possession of around 12000 acres of land at Tumkur to back the spick-and-span growth of the industries, with proper support and linkage systems.
Growth of Bangalore railways
The Karnataka government has plunged into the rapid development of its railway network, with the dual objective-to upgrade the connectivity of the hinterlands and trigger the economic growth of backward regions.
In this regard, an investment worth 6000 crore has been sanctioned by the government for Bangalore. To add to it, the city has witnessed the set-off of some crucial projects in a row, like doubling or new lines near Kudachi-Bagalkot, Shimoga-Harihar, Hassan-Bangalore, Tumkur-Rayadurga, Whitefield-Kolar and Kolar-Chikkaballapur. Sanctioning of Rs 15623 crore from the Karnataka government in the last three years has beefed up the railway infrastructure in Karnataka significantly.
Growth of locations due to infrastructure
According to market statistics, more and more developers and builders are making a beeline for properties near North Bangalore. BDA peripheral Ring Road, monorail, High Speed Rail Link and the elevated expressway running between Yelahanka and Hebbal have ranked North Bangalore top among the other regions of the city.
One of the prime reasons for the boom in real estate in North Bangalore is BAIL. The residential built-up in the area is mainly triggered by the easy connectivity to BAIL. The price for a residential property in the area is quoted at Rs 3000- Rs 5000 per st ft.
Connectivity is an indispensable issue which is directly related to the growth and promotion of commercial and residential projects. Metro and railway works are in full vigor across the city at present, which highlights the growth of property price per sq ft, along the route. With multiple metro stations already being constructed and sanctioning of numerous railway projects, plans are afoot to uplift the infrastructure of the city significantly. Retail spaces along with commercial spaces in the city are also likely to get a boost once the railway projects takes-off.
