Thursday, July 21, 2005

Expressway set to rouse sleepy areas into real estate hub

Expressway set to rouse sleepy areas into real estate hub
Land Already Blocked By Politicians For Better Fortunes
The Times of India

Bangalore: This could wake up one of the most sleepy real estate areas of Bangalore. The Supreme Court directive to allow Nandi Infrastructure Corridor Enterprises (NICE) to continue the process of building the Bangalore-Mysore expressway and Reliance’s participation in the project, both through equity and a knowledge park, could see land acquisition and property development activity picking up along the area towards Mysore.

“Reliance’s participation brings greater assurance. The area’s potential is tremendous,” says H.S. Bedi, managing director of IDEB Construction Projects.

“Investors, large and small, will now start picking up and blocking land in the area. The knowledge park could enthuse other technology companies to look in that direction, once the road comes up,” says Mayank Saksena of Chesterton Meghraj Property Consultants.

Land prices are an attractive Rs 200-250 per sq ft around Bidadi and capital appreciation possibilities have gone up with the latest developments. Sources say a lot of land has already been blocked by politicians and others in the expectation of benefiting from capital appreciation and doing joint developments.

M.R. Jaishankar, managing director of the Brigade Group, also sees the latest developments as positive for the area. “There is currently pull from the north on account of the upcoming international airport. But once the Mysore expressway is done (in two-three years), that area will see significant property development,” he says. Among the only notable projects currently in that direction are V.G. Siddhartha’s 59-acre Global Technology Village, the Toyota factory, Eagleton Golf Course, and the up-coming amusement park by the promoters of the popular Veegaland amusement park in Kochi. A villa project that was coming up in the area some time ago has collapsed. But this scenario is now expected to change.

Murali, CEO of Shriram Properties, says NICE has been in talks with him to develop townships along the Mysore corridor. “One great advantage of that area is plentiful water (it’s supposed to have the highest water table in Bangalore). And it’s good for Bangalore that the expressway and the international airport will ensure development all around, and not concentrate it in certain directions,” he says.


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