Land prices have doubled within a year in Southwest Bangalore with upcoming Metro Line and connectivity through the Nice Road.
Land prices are shooting up in southwestern Bengaluru as new residential layouts are formed and apartment projects come up.
The price per acre of land close to Visvesvaraya Layout is now Rs 1 crore and above. The price a year ago was just Rs 50-60 lakh.
This is one of several factors prompting people to buy Bangalore Development Authority (BDA) land or even private sites in the region. The middle class estimates the prices to go up further, and resale of the purchased site or land would increase their income.
Nagaraj Reddy, the State president of Confederation of Real Estate Developers of India (Credai), says that connectivity could be a factor driving up prices. “A Metro line will come up till Rajarajeshwari Nagar which offers connectivity to Ullal, Mallathahalli and Kengeri.
On account of this, land prices are going up to a crore. On the southern side, the Metro will come up till Kanakapura main road. The arch from Mysuru Road to Kanakapura Road is also connected by Nice Road which has led to increase in land prices,” he said.
Visvesvaraya Layout, spread out widely near Ullal and Mallathahalli near Bangalore University, is seeing a good public response. There are residential schools, hospitals and playgrounds and parks meant for comfortable living in the area. Individual houses too dot the colony. If you go further south, to the Nice road around Kengeri, apartments have come up about a kilometre or two from the Nice Road-Mysuru Road junction. A three-bedroom flat there costs Rs 90 lakh to a crore or more, and all have been booked.
The Nice corridor links western Bengaluru with southern Bengaluru up to Kanakapura Road. The residential property market, from Mysuru Road up to Kanakapura Road, has witnessed a spike in activity. Apartments are coming up in the region with each unit priced at an average of Rs 80 lakh. The Nice corridor has also led to the development of the Global Village project, which houses a series of IT companies like Accenture, Crompton Greaves, Mindtree, Mphasis, Northern Operating Services, Sonata Software, Texas Instruments, Textron and HGS.
The Nice corridor has also facilitated easier connectivity between key economic centres in the peripheral areas, opening up new locations on the outskirts and increased real estate activity. The presence of large land parcels in the vicinity has also contributed to this.
“The Nice Road intersects with key roads such as Bannerghatta Road at Gottigere, Kanakapura Road at Uttarahalli, Mysuru Road at Kengeri and Tumakuru Road close to Nagasandra. Most of these locations are witnessing middle and affordable segment residential developments. Some of them have also witnessed plot developments. With many locations in the peripheral areas set to benefit from Metro connectivity in phases 2 and 3, locations along the Nice corridor will have a double advantage,” said Suresh Hari, realtor.
A software engineer, Prema Latha, travels from Ullal near Bangalore University to Electronics City daily for work. “I work at Wipro and take the Nice Road. It takes up to 30 minutes to reach Electronics City. My husband’s workplace is close to Peenya. We wanted to be in the middle so that we both could reach office conveniently. The Nice Road and the upcoming Metro line influenced our choice to buy a flat in this part of Bengaluru.”