Revival of PRR will lead to more development
With the revival of the Peripheral Ring Road project, infrastructure growth in the city is expected to rise above the edge. With the completion of the project, Bangalore is expected to be brimmed with more commercial belts and development, in the years to come. In addition to it, the project will also lead to more land parcels for residential and commercial use.
As per the BDA’s original plan, the NICE corridor that connects Hosur Road to Tumkur Road through Mysore Road, Magadu and Kanakpura Road was the second part of the PRR project. The 65 km PRR part-1 will link Tumkur Road with Hosur Road through Bellary Road, Sarjapur Road, Doddaballapur Road and Old Madras Road.
Project initiative
With the Urban Development Authority giving its nod to the Rs 5800 crore Peripheral Ring Road (PRR) project, the BDA intends to give the infrastructure development of the city a major face-lift by the end of February. Functioning of the road will help heavy vehicles like trucks, passing through the city to use it instead of the outer fringes. In addition to it, those shifting from suburbs to another one can use this road instead of ORR to avoid traffic.
Once the project gets underway, it will roughly take 36-40 months to get completed. However, the project has made a number of farmers unhappy, due to low compensation schemes for their lands. Farmers involved in land acquisition for PRR project are left no choice other than going for the 60:40 ratio, cash or TDR. As per market reports, uncertainty about the future of the sites has led a number of farmers to sell properties at low rates.
Real Estate Impact
The PRR project is likely to provide more land parcels, both for residential and commercial development. A wide road linking it to core city belts is what is required for a locality to turn itself into a major residential and commercial belt in the city. The PRR project is likely to shore up a number of extensions in the city, such as Hoskote belt, Devanahalli belt and the Hennur road. Functioning of the project will give a significant boost to such belts and improve connectivity several notches up.
As per property consultants, in the last few years real estate in core cities will become costly than ever. In addition to it, land for sprawling developments will not be easy to come by. Such big developments will only be possible in areas which are inaccessible now due to poor connectivity. For all the entrepreneurs, end-users and investors, the PRR is a project worth of their time.
