Properties along metro line observes 25% appreciation
Bangalore- The real estate market of areas located close to the Metro line in the city, have been observing good growth. It has been over a year that the MG Road to Byappanahalli Metro rail started functioning.
K R Puram, C V Raman Nagar, Byappanahalli and Ulsoor are some of the areas that lie in the stretch of the metro line. These areas have witnessed approximately 25 percent rise in terms of property rates.
The residential and commercial sectors in the areas around Phase I Metro, will continue to appreciate based on the market trends, estimates Karun Varma, Managing Director – Bangalore & Kochi, Jones Lang LaSalle India. And after the Metro is completely operational, the surrounding areas are expected to see high appreciation.
Though commercial and retail real estate sectors have not seen any significant incremental margin because of the Metro, there is a 4 to 6 percent rise seen in rental values in metro corridor, adds Karun.
Bijay Agarwal, Managing Director, Salarpuria Sattva said that increased property prices in the areas surrounding metro will lead to better connectivity and reasonably-priced means of transportation.
Though there are several developments happening in micro-markets such as CV Raman Nagar, KR Puram and some other areas in the Old Madras Road stretch, the availability of land parcels is high. Along with residential real estate market, Namma Metro has improved the commercial sector too.
CEO of Hebron Properties, Preenand Premachandran said that, retailers have not been taking advantage of the floor-area ratio (FAR) which was increased from 3.2 to 4. Currently the areas are witnessing a slow yet massive growth, he added.
Once the second phase gets operational, the actual influence of the Metro would be seen. Studies estimate that there will be approximately 20 to 30 percent appreciation in those areas.
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appreciation, Bangalore, Byappanahalli, C V Raman Nagar, Commercial sectors, Floor Area Ratio (FAR), Hebron Properties, Jones Lang LaSalle India, K.R. Puram, market trends, MG Road, Namma Metro, Old Madras Road, Phase I Metro, Preenand Premachandran, Property rates, rental values, Residential real estate, retail real estate, Transportation, Ulsoor
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