BENGALURU: Residents and property developers in the Western part of Bengaluru are keenly awaiting the launch of the Mysuru Road-Kengeri Line line.
Real estate projects, malls, house and office rentals are set to see a boom in businesses and an appreciation of prices after Metro trains begin chugging along the route.
A whiff of what is in store for commercial ventures is being spelt out by M C Shivakumar, owner of the biggest convention hall in Bengaluru on Mysuru Road. Purnima Palace is located at a walkable distance from the Pattanagere Metro station and can accommodate nearly 10,000 people in its sprawling campus where 700 cars can be parked. “I am getting enquiries for marriage bookings based on the fact that the new Metro line would open up. I have been running this centre for three years and booking is really good now. It will definitely improve after people see the line actually running through our part of the city,” he told The New Indian Express. He is really relieved that business will boom, particularly after the covid-induced slump, he said adding that hiking of daily rental rates will be considered by him a little later.
Federation of Karnataka Chambers of Commerce and Industry president Perikal M Sundar said, “It has always been observed that when a massive project like Metro connectivity comes in an area, the value of property surges by nearly 25% within 12 to 18 months. There will be a small immediate increase in prices but it will gradually appreciate in future,” he said.
CREDAI Bengaluru president Bhaskar T Nagendrappa cites the impact in West Bengaluru as soon as the Baiyappanahalli-Mysuru Road line of Phase-I became fully operational. “One can see the major difference in the stretch between Vijayanagar and Raja Rajeshwari Nagar post launch of operations. There has been a surge in rentals and property value in the areas.”
Nagendrappa states that the line will give a major impetus to economic growth along West Bengaluru. “Unlike the North, East and South parts of Bengaluru which have witnessed high land value prices, West was lagging behind. The Metro line is set to change it shortly. The growth in Tumukuru after the Nagasandra line and the four-lane road from Bengaluru was opened is a case in point,” he explained.
Bengaluru has grown radially in all directions unlike other Metro cities and barring BMTC there was no proper transport connectivity. “Metro will make a very big difference,” he added.