Wednesday, December 1 2021

Express news service

BENGALURU: Residents and property developers in the western part of Bengaluru are eagerly awaiting the launch of the Mysuru Road-Kengeri Line.

Real estate projects, shopping malls, home and office rentals are expected to experience a business boom and price appreciation after metro trains start rolling along the route.

A whiff of what is in store for business ventures is explained by MC Shivakumar, owner of Bengaluru’s largest convention hall on Mysuru Road. The Purnima Palace is located at a walking distance from Pattanagere metro station and can accommodate almost 10,000 people in its large campus where 700 cars can be parked. “I am receiving wedding reservation requests based on the fact that the new metro line would open. I have been running this center for three years and the reservations are really good now. It will definitely improve once people see the line pass through our part of town, ”he told the New Indian Express. He’s genuinely relieved that business is going to explode, especially after the covid-induced crisis, he said, adding that an increase in daily rental rates would be considered by him a bit later.

Karnataka Federation of Chambers of Commerce and Industry President Perikal M Sundar said: “It has always been observed that when a massive project like metro connectivity comes into an area, the property value increases by almost 25% in 12 to 18 months. There will be an immediate slight increase in prices, but it will gradually appreciate in the future, ”he said.

READ ALSO | WFH for the Bangalore metro? IT companies protest, government backs down

CREDAI Bengaluru President Bhaskar T Nagendrappa cites the impact in West Bengaluru as soon as the Phase I Baiyappanahalli-Mysuru road line became fully operational. “You can see the major difference in the section between Vijayanagar and Raja Rajeshwari Nagar after the start of operations. There has been an increase in rentals and property values ​​in the regions.

Nagendrappa says the line will provide a major boost to economic growth along western Bengaluru. “Unlike the northern, eastern and southern parts of Bengaluru which experienced high prices for land, the west was lagging behind. The metro line should change it soon. The growth in Tumukuru after the opening of the Nagasandra line and the four-lane highway from Bangalore is one example, ”he explained.

Bengaluru developed radially in all directions unlike other metropolitan cities and with the exception of BMTC there was no proper transport connectivity. “Metro will make a huge difference,” he added.


Source link

Previous

Evacuation of the fire brigade apartment | News, Sports, Jobs

Next

"No one is so incompetent": rent aid slowing targets governors and mayors

Check Also