BANGALORE: It’s Byappanahalli’s turn to catch up with the realty boom. Soon after Reach I operations of the metro began, there has been a huge demand for both commercial and residential space along its stretch.
Realtors in the area have been witnessing a sudden boom in the last one month and although there is space available, the prices have shot up sharply. “Commercial land on purchase is available for anywhere between Rs 4,000 and Rs 5,000 a sq ft and commercial rental space is now Rs 30,000 - Rs 40,000 a sq ft. In the residential segment, land for purchase costs anywhere between Rs 4,500 and Rs 5,500 a sq ft and rental space is Rs 20,000 to Rs 30,000 per sq ft,” explained Nazeer Shariff, director, M N Realtors. Unable to bear the pollution and delays in the Reach I work, many had sold their land and vacated their rented houses between 2009 and 2011. However, with prices shooting up, they are now repenting. Others had bought land in Byappannahalli just months before the metro began. “We had bought land at a low price two months before the metro began. Now, many plots around our house are being sold for twice the amount we paid,” said Gautham Khanna of Byappannahalli.
Experts say that with the area’s commercial potential, many malls, shopping complexes and residential apartments will come up in the next one year. “The Bagamane Tech Park and Gopalan Mall are close by. Big real estate firms are planning projects here, pushing up demand,” said Shariff.
Unaware of the boom, many are trying to sell ancestral properties, say sources. “We are advising them to hold on as prices will only go up in the next 10 months,” explained a source.
With the Byappanahalli metro station being dubbed as a link between the city and tech parks, many are shifting here. “It is convenient to stay close to office but with prices in Marathalli and Whitefield high, many are considering Byappanahalli as an alternative because of the metro,” said Shravana R, a techie.