BMRDA to develop 8 new towns around Bangalore
In a move to cater to the growing demands of a burgeoning working population, Bangalore, the Garden city, has extended its arm to new peripheries to scale down the load on BBMP regions. Around Rs 2100 crore have been sanctioned to help eight city clusters make strides and woo investment and decongest the Garden city on a uniform basis.
According to market reports, the project will be sewed-up by the Karnataka Urban Infrastructure Development and Finance Corporation, keeping in view the areas with potential growth. The government gave its nod to invest around Rs 700 crore only, the rest of the money will be funded by ADB. For first time buyers entering the city, the developed towns will be the perfect pit to put their money in.
The clusters
According to KUIDFC, Kanakapura, Magad, Nelamangala, Devanahalli-Vijayapura, Hoskote, Ramanagar-Channapatna, Doddaballapur and Anekal are the eight potential clusters which will give real estate in Karnataka a new edge. Adjacent to major industrial areas, these clusters fall under the jurisdiction of BMRDA.
Market experts shake their head in confirmation that the population in these cluster will grow to 1.8 crore by the end of 2030. With the government introducing required infrastructure in these clusters like sanitation, UG drainage, solid waste management, storm water drains, road and rail networks, the new towns will soon fall under the radar of every key developer in Bangalore. Development in these clusters is aimed to bring forth investment in large numbers that will give these towns a new identity and boost.
Story Highlights
Growth of rural and peripheral regions of Bangalore will have a huge impact on the real estate market of the central areas of the city. With the saturation of all the major areas that fall under BBMP limits, the development of the 8 new towns come as a breath of relief. With the growth of infrastructure and residential units in these towns, property buyers will be left with a wide variety of options to choose from, without facing a severe pocket crunch.
As the Phase-I of the suburban rail system(valuing Rs 8759 crore) comprising of five corridors will complete, real estate activities in the clusters will stir up. Metro line passing through Ramanagara, Tumkur and Bangarpet will shape up the real estate market of these regions quite notably. Furthermore, the government has taken initiative to upgrade the city municipal councils of Bijapura, tumkur and Shimoga.
Factors leading to growth
Skyrocketing of real estate rates of all the high-end and mid-segment properties in central business districts and suburban areas and a long awaited demand for affordable residential units in the city have triggered the growth of such clusters.
The consistent influx of a number of IT/ITes professionals in the city and a towering unrealized demand for housing units in the city is likely to give further impetus for the development of such clusters.
With high disposable income along with numerous multinational corporations scraping up for spaces in the far-flung areas, the demand for housing units in such belts is likely to zoom in significantly. Below-mentioned is a diagram to give a brief insight on the peripheral regions of Bangalore which are subjected to major development.
