Till now, only an endless string of complaints were heard from Bengalureans owning property in the vicinity of the Bangalore Metro Rail project. They constantly cribbed about their misery and helplessness as there were no takers for their establishments, either on rent or otherwise.
But now with Namma Metro trains all set to chug into action, the scenario has changed dramatically. It is estimated that property prices in the area are going to go through the roof, especially along Reach-1 which has the plushest destinations en route. Namma City is on the verge of joining the elite list of cities when Reach-1 of the metro project will be completed this year. The areas that are in demand for both purchase and rentals in commercial spaces are all in close proximity to the Metro stations along Reach-1 and the Byappanahalli terminal. Properties along M.G. Road and CMH Road, which were closed for traffic for 2 years, are expected to see a boom in business.
“Since there will be a smooth flow of traffic once the Metro commercial operations start, we are hoping that the establishments on M.G. Road will get back their glory. Also, the road restoration work will help in drawing shoppers to M.G. Road. Property prices in the vicinity of M.G. Road will skyrocket,” said the President of Brigade Road, Shops and Establishments Association (BSEA), Suhail Yusuf.
Shopkeepers are understandably upbeat. Imtiaz Ahmed, president, CMH Road Shops and Establishments' Association said: “This means we could recover our losses of the past 2 years, provided the Metro facilitates parking spaces in the vicinity of CMH Road station.” The current rates for residential properties in the vicinity of metro stations are Rs. 6,000 per sq ft. It is estimated that when Bangalore Metro Rail begins commercial operations there will be an escalation in prices of residential properties nearby. With high demand for accommodation in the vicinity of Reach-1, the rents are also going to rise by 15-20 per cent. “The present rates for commercial properties in the vicinity of metro stations are Rs. 10,000 per sq ft. With the arrival of metro rail, the prices of commercial properties are expected to go up by 15-20%. Currently we are seeing locality-specific growth in prices, driven primarily by completion of infrastructure projects which have improved connectivity,” said the Vice-president and Business Head of Indiaproperty.com, Ganesh Vasudevan.
“The Metro Rail Project, particularly Reach-1, will boost demand for properties in Bengaluru. The connectivity that Reach-1 is providing will encourage high density development in the established residential areas around CMH Road, 100 Feet Road, HAL 2nd Stage, Jeevanbhima Nagar and Ulsoor. Development of new buildings and infrastructure is simultaneously increasing with the arrival of the Metro,” he adds.
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