While transportation and connectivity within the city is set to become easier with second phase of Namma metro link, the impact on realty market is expected to be even more pronounced.
Taking another step towards hassle free connectivity within Bengaluru city, Bangalore Metro Rail Corporation (BMRC) is working on expanding the proposed Namma metro (literally “Our Metro”) network through phase II. The new phase of metro is likely to be completed by December 2020 as per timeline set by BMRCL. Ahead of this, the real estate fraternity looking forward and say investment in property along the route will pay rich dividends. The demand for both residential and commercial property in the region is likely to increase.
This new route will have 72 km of long stretch and which is going to add 61 more stations to the Namma metro network. There will be 12 underground stations in the network which will expand up to 13 km of distance and rest 57 km will be elevated.
“The proposal to expand the metro route in phase 2 would be blessing for the commuters as well as Bengaluru realty market. In the localities falls within the reach of metro the most visible effect is demand for residential and commercial properties. Constant rise in value is seen in properties lying close to metro corridors. Population density also increases in all the areas falling within the metro routes. Areas nearby metro corridors enjoy an edge over other areas both in terms of better demand for travelling time and cost advantages. Metro route extension to Mysore Road-Kengeri and Byappanahalli-Whitefield has made these real estate market more attractive for home buyers and investors”, says R. Rohit of R R Real Estates.
Importance to Bengaluru
Once the second phase of proposed metro is completed, the locality along the corridors is expected to see great impact on real estate sector in the city. According to Rebin Thomas, who runs a property brokerage service in Kalyan Nagar, “Major IT hubs of the city like Whitefield and Electronic City will get more benefit of this project. Property prices in the locality would see significant increase in the near future. Currently the residential property in the Whitefield area are available between the price range of Rs. 3,700 to 6,200 while Electronic City being bit affordable than Whitefield. Property prices here is between Rs. 2,800 to 5,000. These areas could see value appreciation with expectation of improved connectivity”.
Namma Metro is India’s second largest metro system in terms of both length and number of stations, after the Delhi Metro. The new corridor after extension will add the following route to the existing metro network.
|Line||Terminals||Length||New Stations||Expected work completion date|
|Purple line||Mysore Road – Kengeri||6.465 km||5||December 2020|
|Purple line||Baiyyappanahalli – Whitefield||15.50 km||13||December 2020|
|Green Line||Puttenahalli – Anjanapura||6.29 km||5||December 2020|
|Green Line||Hesaraghatta Cross – BIEC||3.77 km||3||December 2020|
|Line 3||R V Road – Bommasandra||18.80 km||16||December 2020|
|Line 4||Gottigere – Nagawara||21.25 km||18||December 2020|
|ORR Metro||Silk Board – K.R. Puram||17 km||13||———————-|