Friday, September 30, 2005

MYSORE ROAD Development on a large scale

MYSORE ROAD Development on a large scale
The Times of India
This sector has grown over a period of time and has captured the imagination of investors in a big way

Timber Yard, Kwality Biscuits factory, SSIs, Rajarajeshwari Nagar Arch, Bangalore University and of course RV Engineering College summed up Mysore Road. The century old road, one of the oldest state highways that connects Mysore and the city was largely tagged jinxed because this sector hadn't lived up to its expectation with respect to real estate. Cut to present: four-lane road, BMICP, townships, top of the line resorts, amusement parks, industrial estates, professional colleges, international schools, and hospitals stand tall in the midst of hectic real estate activity.

The fact that Bangalore is going through another haul of real estate high has struck the minds of investors, developers, realtors, home seekers et el. And the indications are clear and sound. The burgeoning city has one more direction to look towards to satisfy its real estate needs.

Tracing development

One of the first few developments on this sector was the well-planned Kengeri Satellite Town, a selfcontained township concept, which is currently in the center of the tremendous development this sector has witnessed. The Karnataka Housing Board (KHB) and the Bangalore Development Authority (BDA) have been instrumental in merging this satellite town into the folds of Bangalore City.

The second significant development in this sector was BEML's township in Rajarajeshwari Nagar. Situated on a higher plane, this serene locality saw home buyers queuing up for plots that were considerably lesser priced when compared to those in other localities of the city. Today, Rajarajeshwari Nagar has grown so much that it touches Banashankari VI Stage.

All these developments weren't that catalytic for further development until the announcement of Bangalore Mysore Infrastructure Corridor Project (BMICP) by Nandi Infrastructure Corridor Enterprises (NICE), an integrated road project that is aimed at reducing the distance and traveling time between the two cities. Then followed the KIADB's Bidadi Industrial Area and subsequently the Toyota Kirloskar plant, Coca Cola's bottling plant, ancillary plants, among many other companies pitched their base here. The KPTCL's Bidadi power plant is the latest in the offing.

While the industrial developments started scaling new heights, the spin off was significant as it added variety to the real estate landscape. Next came townships, hospitals, professional colleges, international schools, and amusement parks.

Future prospects

This sector is all set to witness parallel development. While the four-lane road touching taluks on the way to Mysore is on the anvil, a part of BMICP between Bangalore and Bidadi is also on the cards for opening. These two roads will run parallel and open up many corridors for development all the way till Mysore.

While the BMICP will consist of an industrial park, IT parks, residential options, tourism centres, and eco centres on this stretch, the old Mysore Road will be a fitting platform for other private entities to try their luck here.
With Mysore getting closer and with IT companies showing keen interest in setting up offices in Mysore, massive developments are on the cards. Such is the demand here for land that sellers talk rates in terms of sqft and no more in acres, which was the practice here till recently.


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