Metro extension to push land price up

Metro extension to push land price up
Wednesday January 9 2008 07:38 IST

Y Maheswara Reddy

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BANGALORE: If Bangalore Metro Rail Corporation’s (BMRC) proposal to extend rail link to Hesaraghatta Cross from Yeshwantpur becomes a reality, land price on Tumkur Road and surrounding areas is set to go northwards.

As of now, the price hovers at Rs 800 per sq.ft (revenue) and Rs 1000 to Rs 1500 per sq.ft (conversion). The price is expected to surge by Rs 400 for revenue and Rs 800 for conversion land.

Recently, the BMRC submitted a proposal to extend the Metro Rail from Yeshwantpur to Hesaraghatta Cross and R V Junction to Jaraganahalli.

The idea is to provide transport for thousands of commuters who depend on city buses in Bangalore. Land price in areas such as Abbigere, Chikkabanavara, 8th Mile on Tumkur Road, Kereguddahalli and Lakshmipura is expected to increase.

Within a week of the announcement, many land-owners have set aside their plans of selling. “It is good news for us. Prices are set to hit the roof. Why should I dispose land that will bring me a windfall within two to three years,’’ says Krishnaiah of Chikkabanavara.

Till now, land developers had focused on North, South and East of Bangalore. These are areas where development activities have touched at all-time high.

Though there is scope for development in the West, particularly on Tumkur Road and surrounding areas, poor infrastructure has become a bottleneck for development activities.

Though there is no dearth of land in this area, prospective buyers are not interested due to lack of basic facilities such as potable water and roads.

“This area has been neglected for many years. Though the proposed Metro Rail ends at Hesaraghatta Cross, it will become a value-added service for this area.

It will be easy for people to commute within Bangalore City,’’ says B Manjunatha of Kereguddadhalli.

The proposed extension of Metro Rail from RV Junction to Jaraganahalli will certainly increase the value of property in localities such as Konanakunte, JP Nagar, Sarakki Gate, Anjanapura and the proposed Sir M Visvesvaraiah Layout.

Land price in and around Anjanapura hovers at Rs 1500 to Rs 2000 per sq.ft.