Namma Metro — a Major Factor in Boosting Bangalore Real Estate
With the Bangalore Metro Rail set up and run, the impact on the values of properties is positive. As soon as the Bangalore Metro Rail took off, it had a positive effect on Bangalore’s residential and commercial real estate market. Namma Metro is indeed a major factor in boosting Bangalore’s Real Estate.
Bangalore property experiences a boost upon the construction of the Namma Metro
The Bangalore’s Namma metro has proved out to be one of the most beneficial projects and most useful assets to the residents of the city. The real estate sector witnessed a positive impact on the Bangalore’s micro markets through which there was a passage of the metro track. The areas like Baiyappanahalli and CMH are witnessing significant changes in the property prices. Since the inception of the Bangalore’s metro in 2012, the property prices in the city have augmented to as high as 20% as compared to past few years and have also adopted some of the major infrastructural developments too. The Namma metro project changed the landscape of the city with major changes being experienced not only in the north, south and east but across the overall Bangalore property market.
Read more: Investing in Residential Real Estate: Here’s what you should know
Regions through which the metro passes and its impact on property prices
*The areas or the regions that experienced connectivity due to Namma Metro subsume Nagavara, BTM layout, Electronics City, Jayanagar, Puttenahalli, Hesarghatta, Yellahanka, Baiyappanahalli, Mysore Road, MG Road etc.*
As per a study conducted by centre of environment planning and technology, the impact of Namma metro is more on the commercial properties as compared to the residential properties, as the augmentation in the land value in a radius of 500m of the Metro line is about 19% for the commercial area and 11% for the residential area. However, it has been indicated by several studies that the gap between the prices of the real estate property of Bangalore city center and the peripheral areas will get diminished once the metro becomes completely operational.
In fact, many real estate experts and other bodies believed that the timely construction of metro lines and in time execution of the Namma Metro Project will help the existing owners and the upcoming real estate developers in the areas connected with Metro considerably, but the result was not an immediate growth. Slow and gradual increase in property prices is undeniable in the area. The real estate gurus are predicting that the real estate market will reach its height as the metro routes will increase and major infrastructural developments will take place in the next five years.
Capital Values of Properties to Rise
The Namma Metro Rail project of Bangalore is one of the major game-changers in the real estate scenario of the city. As by interconnecting different parts of the city whilst reducing congestions from the roads of Bangalore significantly it will certainly cut down the commuting time for people.
All the areas connected by metro including all the city centers and fast-growing locations in the other areas of city like Bannerghatta Road, Tumkur Road, Mysore Road, Whitefield.
Conclusion
Improved connectivity and lesser commuting time is certainly an encouraging factors for people to choose the suburban locations of the city for their residential purchases, which in turn, would further catalyze the development of social and physical infrastructure in these areas like retail developments, healthcare, school, entertainment and leisure facilities. Substantial development and increase in real estate prices are certainly going to be the two by-products of Namma Metro.
