The residents of Bangalore who are tired of the unending traffic, can now find some respite as now they have various options to choose from. The good thing is that the advantages of a sound transportation may not show up immediately. However, the real estate prices which have seen a jump recently, may rise still further.
It is believed that the reach of the Rs. 11,609 crore – which was the revised cost mega project from M.G, Road in city to Baiyappanahalli in the eastern suburb covers 6.7 kms on elevated tracks with four stations in between.
According to the industry experts, the property prices within a two km radius around the metro have shot up from Rs. 3000 a sq. ft. to around Rs. 7,000 a sq. ft. now. Many of the real estate companies are concentrating on getting their projects on time along the metro route. A renowned realtor has around five projects in the area around Metro amongst which the three are close to the first phase of the metro. Another renowned realtor has three projects near the second phase of the metro.
According to the President of the Bangalore Realtors Association of India, it is expected that the CBD areas retail market might shoot up as common people can reach malls without facing any traffic woes and go back home easily. This trend is being welcomed in the business. However, the real estate in the CBD has shot up already.
Moreover, the Floor Area Ratio was raised from an average of 3.25 to 4. This means, the existing constructions within 150-200 metres from metro stations, could raise their number of floors. It is believed that once the rail line opens, developers are eager to expect a turnaround with business getting impacted during the metro construction work.
The project is expected to have 25 percent (Rs.2,040 crore) as subordinate debt and 45 percent senior term debt from Japan International Cooperation Agency (JICA). This is being built on public-private partnership model, what with the state and central governments holding 15 percent equity each (Rs.1,224 crore).
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