Realty prices move upwards in Metro’s northern line
The swanky Green line is zipping ahead and so are the property prices: Construction work along the Metro corridors may have disgruntled them but property owners on this stretch now have good reasons to be delighted.
As work expedited on the Malleswaram-Peenya line, land prices along the stretch rose by 20-30%, in the past two-three years. And with the system now operational, property analysts expect another 10% rise over a year.
A slew of developers are already at work along this route, of course not surprisingly. At least five residential enclaves are in various stages of completion on the Yeshwantpur stretch alone. Making land readily available for development, the Metro line passes through an industrial corridor where several industries had shut down over the past few decades,
Head of sales and marketing in Brigade Group (Biswa Prathap Desu) said there has been a five to six-fold increase in property values in Rajajinagar over the past eight years. The Metro connectivity has been a significant reason for this. “In 2006, when Brigade Gateway started selling flats, a 3 BHK sold for Rs 50 lakh. Now it costs Rs 2.5 crore to 3 crore,” he said.
In an ongoing project in Yeshwantpur, the Bangalore-based developer Saravana Buildwell plans to raise significantly the price of its apartments. Manoj Kumar, marketing manager of the company said “We are situated just one minute away from the Yeshwantpur Metro station and what better way to encash on this connectivity advantage,”
President of the Bangalore Realtors Association of India (Irshad Ahmed) said several small-sized projects are also coming up along the Metro’s northern corridor. He also mentioned “The Metro has encouraged Bangalore to grow horizontally. The floor area ratio (FAR) was increased from 3.2 to 4 around Metro stations, giving a huge fillip to retail realty development around Metro stations”
The government enhanced the FAR of properties situated within 200 metres of Metro stations, six years ago. This is applicable only to residential and commercial buildings providing sufficient car parking facility. Govindaraju C N, president of The Confederation of Real Estate Developers’ Associations of India said “This was a good move given that the demand for flats close to Metro stations and along the alignment saw a spike.”
Parted with 2,500 sq ft of land for the Yeshwantpur Industry Metro station, the Industrialist Prabhudeva J C, said realty agents are regularly approaching him to buy his remaining property. He added “But I’m not willing to sell. I have a garment and car service business and I have invested a lot on machinery and back-end support here. I’ll incur a loss on these investments if I sell now”
Source: Times of India
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