Metro to boost nearby residential areas
Now-a-days home buyers are searching for properties that are close to metro station whether for investment or rental purpose. People living close to the Metro Rail are aware of its multiple benefits.
Living close to transport network may have benefits such as easy access, property appreciation as well as development of retail and commercial space. If this is the case then the city suburbs is sure to push realty development in the proximity of Metro rail. The BMRCL is planning to extend the metro lines into the city suburbs.
The capital values in prime locations have touch the sky over the years for which home buyers have been looking out. for alternative residential location which are more affordable and cheaper for them
Even the suburban areas have become costlier and new residential areas like Mysore Road in the west, Tumkur road in north and Kanakpura road in the south are developing rapidly as they have plenty of vacant land for development which are relatively cheaper and size-able. But one of the major obstacle for choosing peripheral locations is constraints related to commuting from them to the central and suburban regions of the city. The commuting time and travelling expenses will increase.
But metro connectivity in turn helps reduce time and cost for travel. Metro will further provide better connectivity to the residents here which will trigger residential development.
The proposed Metro lines under Phase II is expected to provide last mile connectivity to the commuters and also optimize the utilization of Phase I. The project is expected to be completed by 2017-18. The two new lines will pass through some of the most dense and traffic congested areas of the city which will offer faster connectivity.
According to real estate expert, Phase II covering a large part of the city, especially locations Whitefield, Mysore Road, Tumkur Road and Bannerghatta Road, these areas are likely to witness further development in the real estate market.
Whitefield is one of the most sought after locality to dwell in and it is easily accessible from major destinations of the city. The region is connected to various areas roadways and metro. The region possesses numerable residential and commercial projects giving ways for many more. There are many ongoing projects in this locality which offers villas and apartments. The price ranges from Rs 50 lakhs to Rs 6 crores. The apartments in Whitefield in Bangalore have recorded a rise of 16 percent for the rental value.
Mysore Road is one the prominent localities in Bangalore The price per sq. ft. was at Rs 3777 in Oct- Dec 2012 quarter and then price appreciated to Rs 4165 in the next quarter of Jan-Mar 2013. The area lies in the vicinity of many educational institutions, banks, premier hotels, malls and supermarkets, hospitals and so on. Its proximity to various prime localities adds to the advantage of being a prominent locality and the rates of the property on Mysore Road
Bannerghatta Road, which is one of the first location in Bangalore to house some of the most prominent MNC’s, has come up as a residential hub and has witnessed rapid growth. Bannerghatta Road is also favored owing to its proximity to Koramangala. The price per square feet is Rs 3890 per sq ft in the first quarter of 2013.
Reduced travel time and improved connectivity will encourage the city population to prefer suburban locations for residential purposes to avoid residing in high-traffic areas. All localities up to the BMIC Corridor alignment within the city are likely to witness significant growth in next few years.
Related Real Estate News:
Impact of metro on real estate Bangalore
Impact of budget on real estate
Apartments in Whitefield, Bangalore realty, BMRCL, Namma Metro, properties in Bangalore, Property price in Bangalore, Real-estate market, Residential real estate
