With globalization and advancement in technologies, development has raced through time and is on another level in all sectors. While some cities and sectors might be a bit more developed, others too are catching up with the pace. Bangalore is one such city that has seen growth in all directions of life. It has branched out in all directions, the lifestyles of the people have changed and so have the economy of the city too.
With the advent of new metro lines across the city, the markets rise up tremendously and witness a boost in the economy. A new metro line is awaiting its launch in the western parts of Bangalore on the Mysuru road – Kengeri line. With this new line coming into effect, lots of other sectors are all set to see a boom in its other projects like real estate, office rentals, etc, which will ultimately help in the growth of the real estate business.
A business owner of one of the biggest convention centers in the city-states the perks of the new metro line which is being laid on the Mysuru road. He stated, “Poornima palace is within walking distance from Pattanagere metro station and has the ability to accommodate nearly 10,000 people and with this new metro station coming into place, we are getting queries for marriage bookings”. He and so many similar business owners are so relieved that the business will finally be in full swing especially after the Covid-19 pandemic. This surely has come up as the perfect opportunity since the businesses were going through quite a stagnant phase and needed this much-needed boost.
BOOST TO THE REAL ESTATE MARKET
CREDAI Bangalore president Bhaskar T Nagendrappa has cited so many differences and especially the positive ones that have come up post the opening of phase-1 of the Mysuru line metro. He said, “There’s been a surge in property rentals and values”. He also stated the importance of this metro station and how it will help the area of west Bangalore in its growth and development. He said “Unlike North, South and East Bangalore, Western parts of Bangalore were a bit behind in terms of development. This new metro line will change this fact shortly because this will help in the development of the area.”
The real estate market is also all set to grow after this new line because this will give the much-needed boost and will open ample new opportunities in the area. With this new launch, the area will become the hot property for investment (be it buying the property, renting it, living in it or reselling it), and sensing the same, the government is also trying to be 3 steps ahead in the game. The government authorities are working on increasing the FAR (Floor Area Ration) for commercial and residential buildings within a 200-meter radius of the metro line.
Real estate prices have tremendously increased and have gone up to 150% due to the advent of this new development but the guidance value has gone up by just 20% to 30%. Real estate industries and company owners are also planning on using this new development to their advantage and are hoping that this will give an upsurge to the market.
Such developments are necessary for the overall development of the city and therefore this will play a vital role in it.