With Bangalore Metro Rail up and running soon, property value is also looking up along the Reach 1 Metro corridor.
"The announcement of the Metro project itself attracted many investors for residential and commercial complexes on this stretch," says Bijay Agarwal, managing director, Sattva Group.
"We have four or five projects coming up along the stretch of the Metro Rail project. Metro provides better connectivity and is one of the reasons why we chose the area. We have a wholesale mall just 5km from the Old Madras Road station," he said.
"There was a jump of 10-15% in property value within 1-2km radius from the stations, when the Metro project was announced. Once the train starts, there would be an increase of up to 40%," he said.
From Old Madras Road to Byappanahalli, realty has zoomed up by the sqft -- from Rs 2,500-3,000 to Rs 6,000-7,000 per sqft now.
Besides, an increase in Floor Area Ratio from three to four has resulted in 15% appreciation in value, and more commercial activity is expected on this stretch.
TS Sateesh, managing director, Hoysala Projects, said the area around the stations would turn into a commercial zone.
Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia Pvt Ltd, said: "Only the first stretch of Bangalore Metro between Byappanahalli and MG Road is expected to open soon. The entire 18.10km East-West corridor from Byappanahalli to Mysore Road terminal will be fully operational only from 2013. At this juncture, the Metro cannot provide access to Whitefield (ITPL) or Outer Ring Road."
Realtors say property rentals will shoot up along Old Madras Road, CMH Road and 100 Feet Road, and these areas will witness increased commercial interest and investment. A number of real estate developers are concentrating on areas adjacent to Old Madras Road for key residential projects and retail malls. Demand for real estate will continue to be high and may result in an increase in rentals. Availability of large land tracks for development along the Metro line, though, is limited.
Developers say that in the next 5 to 10 years, Old Madras Road and the surrounding areas would turn into a major commercial and residential hub. It is one of the roads linking the Central Business District -- MG Road, Kasturba Road, Lavelle Road -- to East Bangalore. "Metro connectivity adds a perfect finishing touch and projects high growth here," says Magazine.
"The announcement of the Metro project itself attracted many investors for residential and commercial complexes on this stretch," says Bijay Agarwal, managing director, Sattva Group.
"We have four or five projects coming up along the stretch of the Metro Rail project. Metro provides better connectivity and is one of the reasons why we chose the area. We have a wholesale mall just 5km from the Old Madras Road station," he said.
"There was a jump of 10-15% in property value within 1-2km radius from the stations, when the Metro project was announced. Once the train starts, there would be an increase of up to 40%," he said.
From Old Madras Road to Byappanahalli, realty has zoomed up by the sqft -- from Rs 2,500-3,000 to Rs 6,000-7,000 per sqft now.
Besides, an increase in Floor Area Ratio from three to four has resulted in 15% appreciation in value, and more commercial activity is expected on this stretch.
TS Sateesh, managing director, Hoysala Projects, said the area around the stations would turn into a commercial zone.
Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia Pvt Ltd, said: "Only the first stretch of Bangalore Metro between Byappanahalli and MG Road is expected to open soon. The entire 18.10km East-West corridor from Byappanahalli to Mysore Road terminal will be fully operational only from 2013. At this juncture, the Metro cannot provide access to Whitefield (ITPL) or Outer Ring Road."
Realtors say property rentals will shoot up along Old Madras Road, CMH Road and 100 Feet Road, and these areas will witness increased commercial interest and investment. A number of real estate developers are concentrating on areas adjacent to Old Madras Road for key residential projects and retail malls. Demand for real estate will continue to be high and may result in an increase in rentals. Availability of large land tracks for development along the Metro line, though, is limited.
Developers say that in the next 5 to 10 years, Old Madras Road and the surrounding areas would turn into a major commercial and residential hub. It is one of the roads linking the Central Business District -- MG Road, Kasturba Road, Lavelle Road -- to East Bangalore. "Metro connectivity adds a perfect finishing touch and projects high growth here," says Magazine.
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