Metro ride from Malleshwaram to Peenya stirs new hope
For the residents of North and West Bangalore, this weekend will more than special, as their dream to ride the Namma Metro will see the light of the day. Building new hopes, the 10km stretch of Namma Metro Reach 3 and 3a, interconnecting the far two ends-Peenya Industry and Malleshwaram, will hit the road on March 1, 2014.
The first Green Line Train on the metro corridor, which is expected to ease up the traffic woes on the stretches of Yeshwanthpur and Rajajinagar, will get things rolling from the Sampige Road. With a total project cost of Rs 2100 crore, the 10km stretch will bring to fore 10 stations, pushing up the real estate market of the region significantly.
10 stations-
|
Stations |
Fare(Rs) |
|
Sampige to Srirampura |
10 |
|
Sampige to Kuvempu Road |
13 |
|
Sampige to Mahalakshmi |
16 |
|
Sampige to Sandal Soap Factory |
17 |
|
Sampige to Yeshwanthpur industry |
21 |
|
Sampige to Peenya |
23 |
|
Sampige to Peenya industry |
23 |
|
Sampige to Rajajinagar |
14 |
|
Sampige to Yeshwanthpur |
19 |
Upcoming developments
As per market news, Reach 3b (2.5km) that would run between Peenya Industry and Nagasandra, will include 3 stations and will be functional in four months. Furthermore, the East-West tunnel, which connects the Magadi Road to MG Road will meet the tail end in the next 40 days.
The most talked about development-Jayadeva realignment, will begin in the coming 15 days. The tunnel work between the National College and Sampige road will be functional by September end 2014.
Impact on real estate
Any city with a good number of metro stations, will have a higher preference level among the investors, and buyers prefer to buy residential units/apartments near to such areas. Such locations promise of good connectivity and hence, experience demand beyond numbers. It can be testified by the fact that real estate prices in prime areas like Gurgaon, Noida and New Delhi have hit the ceiling by a 20-30% hike, with metro coming into play.
Rise in price is inevitable with the functioning of reach 3 and 3A. For instance, a 1000 sq ft apartment in Yeshwanthpur, which had a previous selling value of Rs 56 lakh, are now offered to the buyers at Rs 87-Rs 90 lakh. This clearly points out the sudden hike in percentage of price in the last 10 months. In addition to the rise, property price in Rajajinagar have jumped to Rs 8300 per sq ft from Rs 6100 per sq ft with the announcement of Reach 3. As per experts, with the functioning of Peenya-Sampige metro line from March 1st, property prices will witness a steep rise by more than 33%.
