By Mr.C.N Govindaraju
The Namma Metro project was launched in 2011 and since then, its progress has been under the constant scrutiny of the public. Till March 1st, it was only the 6.5 km stretch from MG Road to Byappanhalli that was in operation. The date will go down in the history of Namma Metro as a significant one. It is the day that Reach 3 and 3A of the Metro line was inaugurated. This line covers the stretch between Sampige Road and Peenya Industrial area. It navigates across 10 kms and will have 10 stations when completely operational.
How has the Metro Fared Till Now?
To put things in perspective on the inauguration of Reaches 3 and 3A and its impact on real estate in the area, we need to understand how Reach 1, between MG Road and Byappanahalli fared.
As an infrastructural addition, it worked to decongest areas of MG 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% in residential pricing.
Connectivity is the key to development of any area in a city.Â Reach 3 and 3A of the Metro will decongest the traffic on the stretch and provide low cost, fast moving travel option to the common man. Areas in and around the Metro stations are already witnessing transformation.
Reach 3 and 3A are part of the â€œgreen lineâ€ of the Metro stretching across a 10.3 km track line. It will connect the north western suburb of Peenya to Sampige Road, Malleshwaram. Currently only 4 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.
A large number of residential projects that are coming up, schools and hospitals in the vicinity and retail malls along the track have changed the entire real estate scenario of the region. People working in the CBD are now buying their homes in close vicinity of Metro line as travel time will reduce. The market is already witnessing demand for real estate development along the Metro. With the FAR around Metro stations is now up to 4fm, 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 Reach 3 and 3A. However, its impact on realty has already begun. As with all infrastructural developments, only time will be able to give us a clearer picture of the where Bangaloreâ€™s realty in the region is headed.
The Metro is an infrastructural addition to the cityâ€™s landscape and this may only be viewed from a positive perspective. From the real estate point of view, it may be understood that in the long run there were will 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. The changes in real estate will be gradual.
(The author is President, Confederation of Real estate Developers Association of India (CREDAI) Bangalore Chapter)