Saturday, March 25, 2006

Land prices around Bangalore set to reach new high

Land prices around Bangalore set to reach new high
New Indian Express

BANGALORE: The skyrocketing land prices in and around Bangalore is set to reach a new high when some of the key projects proposed by the government and by the private sector take off.

The City continues to witness a realty boom since 2002 when the present Outer Ring Road was completed. Again now, the sector is buoyed with expectation that key projects announced by the State in and around the City including the 108 km Peripheral Ring Road (PRR) besides a number of other proposals will further escalate land prices.

Already, there has been an escalation of land prices around Sarjapur, a Hobli centre located around 20 km from Koramangala. The sudden boom that started about six months ago after the government cleared the Hi-Tech City project, PRR and the Karnataka Housing Board layout around this mid size village.

The prices may further shoot up in view of clearing the long pending proposal of IT major Infosys Technologies to acquire 845 acres of land around Sarjapur for its software development park cum residential complex for its employees in addition to acquisition of large extents of lands made by reputed builders in and around Sarjapur.

According a real estate businessman, the land prices started escalating about six months ago in and around Sarjapur, when the government cleared Hi-tech City and the PRR. The price per acre of land on the roadside was around Rs 40 lakh last year. Now it has reached around Rs 1 crore.

Similarly, the lands in surrounding villages around Sarjapur too have seen a sharp rise in prices.

Barely, a month ago, people were struggling to get Rs 20 lakh per acre in the interior villages around Sarjapur. But in the last month, when the Survey work on Hi-tech City and PRR began, the prices started soaring.

Now the real estate agents knocking farmer's doors with an whopping offers like around Rs 40 lakh per acre.

Some key projects cleared by government around Bangalore in the recent past:

** Infosys Technologies at Sarjapur: Software Development cum Residential complex With Rs 1,500 crore investment.

** Wipro Ltd: SEZ for IT and ITES at Electronics City and also at Sarjapur Road.

** DJ Projects Ltd: IT Park at Yamare Village in Bangalore Urban District.

** Toyota Kirolskar Motors Pvt. Ltd: Expansion at Bidadi plant.

** Dynasty Developers Pvt. Ltd: IT Park with.

** Puruvankara Project Ltd: Software Development.

** SAP Labs India Ltd.: Softare Development at EPIP in Whitefield.

** Infinite Computer Solutions India Pvt. Ltd: Software Centres at Hi-Tech City and Bangalore North Taluk.


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