Cityscape set to change again?

Cityscape set to change again?
The Metro stations coming up across the city will fuel property development in the vicinity, writes B S Manu Rao


The metro rail project envisages a city that is easy to commute through, less polluted with a good many vehicles going off the roads thanks to the convenience of the train, and less congestion for road users. Even as this picture unfolds, the metro project seems set to herald another era of realty development in the city. The connectivity it brings makes pockets in the heart of the city far more easily accessible, and convenient office and IT hotspots. Large bungalows and sprawling old buildings are making way for IT parks. Many old factories have changed to glass and chrome structures that have come to symoblise the city's IT stature.
The tracks bring in their wake some opportunity for those sitting on relatively large land parcels in the heart of the city, or on commercial property with potential for further development. To begin with, many large corporates who have moved to the outskirts will find it easy to locate a base in the city. If not a large campus at least a corporate office to receive guests from abroad or hold meetings in a central location will be easy to come by. The rail connectivity makes it easy to access even the busy central business district localities and areas in its vicinity. With this connectivity, corporate houses will see the possibility of bases in city with campuses in the suburbs and planned townships as a viable and convenient option.
The fact remains that a base in the heart of the city that is close to a metro station and easy to access is a big draw in today's context. Be it for meeting, receiving guests from abroad or to hold a small core team, this sort of facility comes in handy. "It sounds exciting. We have to study the practical aspects", says C B Raghunandan, General Manager, Wipro Ltd. Echoing similar sentiments, S Hemkumar, Senior Manager - Facilities, Novell Software, says, "Spaces close to stations will be very convenient in more ways than one. They will bring down cost of operating large fleet of vehicles to ferry staff. They will also bring down cost of real estate in terms of parking space which is a huge cost. Many firms will look for office space close to stations".
There are many dimensions to this development. Connectivity makes it possible to add efficiency to business models in these 24/7 times. As Hemkumar says, "you can bring in the concept of flexible timings and more shifts with this connectivity. You don't have the issue of managing fleets through the day to accommodate different timings. Also, the facility to park at a station and use the metro is a big boon".
What does this mean to the city's realty space?
A remarkable aspect of the city's property industry is the pace at which buildings are redeveloped. A great many buildings are brought down well before their lifespan to put up another bigger structure. "The city's architecture will change. The additional FSI available now will see many existing buildings making way for taller ones. There are many property owners looking to develop their property for commercial use with this opportunity", says R Balaji, CEO, Propmart.
Bangalore's property space has seen considerable evolution. From sprawling bungalows to apartments has been a long journey. Shopping, centres, malls, office complexes and mixed use development have all found a niche, and grown by leaps and bounds. And now there seems to be another niche opening up. "There are neighbours looking at options such as coming together to create a large joint development venture that incorporates both commercial and residential spaces. This enables them to lease out the commercial space for a good rent and retain the residential portion for their own use", explains Balaji.
The possibilities are endless, be it for retail, serviced apartments or even studio apartments, a building close to a metro station will see considerable demand. This demand will soon begin to reshape the cityscape once again.
There is an old saying in the real estate industry - the key to good property is location, location, location. Advertisements for property have had many tags in the past to qualify for a better rate - ‘close to the airport’ or ‘near M G Road’. Another one is in the making - ‘near metro station’.