What are the real estate prospects for the areas surrounding the Namma Metro stations in North Bangalore?
The Namma Metro project launched in 2011 is for a 6.5 km stretch from M.G. Road to Byappanhalli. The recently inaugurated line covers the stretch between Sampige Road and Peenya Industrial area. It navigates across 10 km and will have 10 stations when completely operational. Of course, one of the sectors that will see direct impact is that of real estate albeit in a gradual manner.
Regarding Reach 1, from M.G. Road to Byappanahalli, in terms of infrastructure, it worked to decongest M.G. Road, Ulsoor and Indiranagar. Consequently real estate prices along the stretch began to soar. Areas on Old Madras Road saw an appreciation of 25 to 30 per cent in residential pricing. Commercial real estate received a huge impetus in the region. In addition, FAR was increased to 4 from 3.2, providing a boost to further development and opening up avenues for revenue and investment.
A little known development was the change in resale value of homes in the vicinity of Reach 1. The resale value of homes in the Indiranagar region reached the Rs. 12,000 per sq. ft mark.
Connectivity is the key to development of any area in a city. The Sampige Road-Peenya stretch of the Metro will decongest the traffic and provide low cost, fast moving travel options.
Areas in and around the Metro stations are already witnessing transformation. This stretch (Reach 3 and 3A) are part of the “green line” of the Metro stretching across a 10.3 km track line. It will connect the north-western suburb of Peenya to Sampige Road in Malleswaram. Currently only four of the 10 stations are open for business.
These stations are designed keeping in mind the growth in the number of users over a 30-year period. Existing infrastructure therefore is sufficient to handle present-day commuters. A stretch of 2.5 km from Peenya to Nagasandra as well as 4 km of underground tunneling from Sampige Road to National College are slated for completion by October this year. One station after Sampige Road is where the green and purple lines of the Metro are going to connect.
Once the green and purple lines of the Metro intersect at the station after Sampige Road, rest assured that real estate along the entire stretch will receive a huge fillip. An increasing number of people will invest in homes close to the Metro line. No longer will it be necessary to live close to your place of work. With the Metro gaining pace, areas around popular residential spaces will also gain prominence, thereby easing the difference in pricing brackets within a region.
We hear of people working in the CBD buying their homes now close to the vicinity of Namma Metro lines as travel time will reduce. With the FAR around Metro stations is now up to 4, it will provide an impetus to commercial development as well.
There is a lot more that needs to go into completing the operational requirements of the Sampige Road-Peenya stretch, but its impact on realty has already begun. The Metro is an infrastructural addition to the city’s landscape and this may only be viewed from a positive perspective.
From the real estate point of view, in the long run there will be changes in pricing and benefits to reap as well. The actual benefit of the Metro for real estate will be seen when all main reaches are connected.
C.N. Govindaraju, President, CREDAI, Bangalore Chapter