The completion of the underground metro connecting the east-west corridor from Mysuru Road to Baiyappanahalli Metro Station is now changing the real estate equation in the residential areas which are closer to the metro corridor.
Since its inception in 2010, the metro line gave a major push to the realty prospects in several residential markets along the corridor. With the complete stretch of Purple line opened to public, including the missing underground link of 4.8 km, there will be a major boost in connectivity from East to West Bengaluru.
In addition to this, many employees working in areas like MG Road, Indira Nagar and other commercial areas adjoining the metro roots are now shifting to locations which are cheaper and have been joined by the metro corridor.
Ravindu S, employee with an advertising company on MG Road said, “As my office was on MG Road I had to stay nearby, and hence I preferred to rent a house near Indiranagar. However, rents in this area are skyrocketing by the day. With the metro connection now, I can look for cheaper options on Mysore Road without having problem of connectivity.
Major micro-markets that saw good price appreciation in the residential segment with the advent of the Metro corridor include Indira Nagar, Richmond Road, Vasanth Nagar and Cunningham Road according to data prepared by QuikrHomes and Commonfloor.
Spanning across 18.1 km from Kengeri in the West to Baiyappanahalli in the East, the Purple Line has about 17 Metro Stations with each separated with an average distance of 1-1.5 km.
Om Ahuja, CEO Residential Brigade said, “There has been a dramatic increase in demand for office space around South-Bengaluru in places like Kanakapura Road and JP Nagar. Earlier the influx was around Sarjapur Road and on the outer ring road. This indicates that metro is going to be a major game changer for demand in both official and residential spaces.”
Suresh Hari, secretary, CREDAI, Bengaluru said, “The connectivity to Majestic is one good thing as far as Metro corridor is concerned. The further connection to the other lines from Majestic is another important step waiting to happen.”
The total travel time for the complete stretch would take approximately 33 minutes from Kengeri to Baiyappanahalli at a nominal cost of Rs 40 which is proving to be a major game changer for real estate in the city.
“Meanwhile, it’s anticipated to kick in better real estate realizations on this section of the corridor due to increased comfort of travel. Newer developments are expected around this corridor with better uptake. Prices are expected to increase by 10 to 20 % in the next year or two,” said Hari.
Credits Bangalore Mirror