Realty prices go north along metro corridor in Bengaluru
BENGALURU: It may take a while for Bengaluru Metro’s east-west corridor to decongest traffic but the fully operational 18-km line has kicked up realty prices along its route, prompting authorities to look at transit-oriented development for future metro lines.
Buoyed by an overwhelming response the new line, which was opened Friday last, has received, BMRCL managing director Pradeep Singh Kharola said: “We’re looking at transit-oriented development for the metro line between KR Puram to Silk Board junction.”
Transit-oriented development is an emerging urban concept that envisages housing, employment, entertainment and civic infrastructure within walking distance of a transit system, akin to New York’s Woodhaven Boulevard station and London’s Piccadilly Circus station.
A recent IISC report concluded that commuting preferences would influence housing decisions for Bengalureans, making a pitch for the city’s planners to adopt transit-oriented development along metro corridors. “It’s to do with both the amount of time and cost spent in travelling as well as inconvenience related to travel,” said Ashish Verma, assistant professor of civil engineering at IISc.
Areas such as Vijayanagar and Nagarabhavi, originally suburbs in West Bengaluru, have seen residential prices almost double during the run-up to the metro line’s inauguration, according to property consultancy Knight Frank.
In the east and central parts of the city, prime areas such as Indiranagar, Richmond Road, Vasanth Nagar and Cunningham Road have seen a significant appreciation of prices in the residential segment.
The Mysuru Road to Byappanahalli stretch -called the Purple Line -has 17 stations, each at a distance of about 1-1.5 km, with a travel time of about 33 minutes from one end to the other.
Many real estate projects that are underway along the east-west corridor are expected to be ready by 2019, around the time Metro Phase 2 nears completion.
“Metro is a game changer but there is no land left closer to the stations of Phase 1,” said Irfan Razack, CMD, Prestige Group. “Infrastructure connectivity will improve real estate sales further.”
West Bengaluru has emerged as the best performing realty market thanks to the metro connectivity and lifestyle projects adding to its attractiveness, according to Satish BN, executive director (south) at Knight Frank.