Namma metro: Around 2000 properties quiver fearing demolition
Labelled as one of the prime information technology hubs, Bangalore could be hit by the alignment of Namma metro Phase II. More than 2000 properties in the city adjacent to the metro, are likely to take a dig and will face demolition inevitably.
Around 1800-2000 properties, encompassing 180-200 hectares in Bangalore, will be acquired and wiped off the map to implement the Namma Metro Phase II work, which is designed to provide train connectivity along the 72 km distance covering 61 stations.
To add to it, portion, or in some cases the entire property in numerous software parks in EPIP (Export promotion Industrial Park), adjacent to Mahadevapura, is likely to get gobbled up. This is due to the reason that the area falls under the proposed alignment of east-west extension line, which connects Whitefield and Byappanahalli.
Colossal Loss
The Karnataka Industrial Areas Development Board has allotted land for a number of software parks. The software company owners have paid tax for such land and adhering the building bylaws for years. Demolition of such property will give rise to fear for security of facilities that will cater to huge losses.
To add to it, the minimal distance between the metro rail track and buildings would fall short, that would likely impose a security threat. According to some owners, earning via renting may also lose out if the clients tend to vacate during construction which is likely to take years to complete.
Impact on real estate
With the demolition of the properties, the Namma Metro phase II will come into play. The metro route will create an impact in the residential space more than the commercial. Once the route gets functional, the difference in rate between the properties in the city center and outskirts will taper off.
With the functioning of the Metro phase II, the capital values and residential rentals will jump up by 15% since it will offer a faster, convenient and the best way to access remote locations which never experienced a hike in demand due to commuting problems.
Indiranagar, located on the east of Bangalore, has witnessed an array of residential units being crumpled down and reconstructed into commercial complexes, turning the residential hubs into a commercial district. With the CMH road offering access to commercial activity, the rentals are bound to hit the roof for both commercial and residential spaces.
However, the proposed demolition of properties has waged off protest around the city. Residents around Jayadeva Hospital and JP Nagar have put forward their share of discontent since the alignment around few parks are likely to be affected. Moreover according to property experts, a serious problem will crop up near Jayanagar, where demolition of properties will displease more than 3000 employees.
