Bangalore, the hottest property destination of Southern India and the fourth largest metropolitan city of India is experiencing major realty and infrastructural developments.
It has developed beyond expectations, areas such as Bannerghatta Road, Whitefield, Marathahalli were previously considered to be in the outskirts of the city, but now these areas are undergoing immense infrastructural developments.
Recent expansions such as the Bangalore-Chennai six-lane expressway, North-South metro corridor, and peripheral ring road are acting as foremost growth stimulators for the increasing housing demand in the Bangalore.
These advancements are ultimately helping in boosting the capital growth and Bangalore real estate market.
Infrastructure Projects perform a notable role in changing the topography of any city and augment the residential value of the particular area, 99acres.com dredges out how the infrastructural developments aid the realty market of the city.
Some of the critical infrastructural developments which are expected to impact both rental and capital value of the nearby localities are Peripheral Ring Road (PRR), Metro Link Project & IT Investment Region (ITIR), Bangalore-Chennai six-lane Expressway and North-South Corridor.
Peripheral Ring Road (PRR)
Peripheral Ring Road is one of the strongest and potential infrastructural development of Bangalore.
As per the estimation, PRR is 65 Km long stretch that would cost around 11,950 crores, it starts from Tumkur Road to Hosur Road and connects to important spots such as Bellary Road, Sarjapur Road.
It is expected that the project will help in getting rid of massive ORR traffic. According to reports, the adjoining localities are witnessing a depreciation in the price of about 2 to 5 % due to delay in project delivery which includes Sarjapur&Thanisandra.
Metro Link Road
Metro Link Road is a smart project of the Bangalore Metro Rail Corporation, it will be a 72 km long stretch that would run between Hesarghatta Cross Station in the North to Puttenahalli Cross in the South.
The estimated cost of the project is around Rs 26,405 crores. It will cover a few of the prominent markets such as Electronic City Phase 11, Jigani, Anekal, Atibele, Bommanahalli and Begur Road.
Information Technology Investment Region (ITIR)
ITIR is a joint project by the Central and state governments. Situated near Kempewgowda International Airport, it is sprawled in 10,000 acres of the land, which comprises of the special economic zone (SEZ), public utilities, logistics, administrative services, and residential areas.
In a bid to appeal investments in IT/ITeS and electronic hardware manufacturing space (EHM) sector, it is a unique and planned set up.
The micro-market closer to the international airport is expected to fetch significant capital appreciation.
Bangalore-Chennai six-lane Expressway
Bangalore-Chennai expressway is a 6 lane and 260 km long expressway that will be constructed by NHAI (National Highways Authority of India).
It will support industry booming and economic growth near Hoskote, Sriperumbudur, and Banavaram.
The project will help to escalate trade, commercial and residential projects and eventually add to the economic growth of the Bangalore.
The expressway is already receiving attraction by the foreign investors as few of the Japanese realty companies are launching residential projects.
North-South Metro Corridor
The forthcoming North-South metro corridor connecting Nagasandra and Puttenalli is one of the prominent infra projects in Bangalore. “The upcoming metro route would improve the connectivity of these areas to other parts of the city and would also impact the real estate values in these micro-markets”, says VivekanandBabu, President, Sales & Marketing VBHC Homes Pvt. Ltd.
The construction is going on in full-fledge and it is expected to be finished by 2018.
Infrastructure developments and projects play an important role in boosting the economy of the city. These advancements would help in the development of office space and commercial hubs of Bangalore and would reduce the travel time and flourishing housing demand in Bangalore.