BENGALURU: While the location for Bengaluru’s second international airport is yet to be decided, people are already showing interest in investing in the three shortlisted locations — two on Kanakapura Road and one on Nelmangala-Kunigal Road.
Real estate agents and developers say that they are already getting queries regarding land availability. They say land prices, which are already high, especially on Kanakapura Main Road, will only skyrocket if Kanakapura Main Road is finalised as the location for the proposed international airport.
“In the last few years, Kanakapura Road has witnessed tremendous growth, especially after the works started for the widening and double-laning of NH-209 that connects Bengaluru with Dindigul in Tamil Nadu, via Kanakapura, Malavalli, Kollegal and Chamarajanagar,” Bhaskar, a real estate agent from Kadirenahalli off Kanakapura Road, says.
Bhaskar adds that they were able to get an acre of land adjacent to the road for a maximum of Rs 2 crore a few years back, and now, even in the interior areas on both sides of Kanakapura Road, an acre costs not less than Rs 8 crore, and on the main road it is almost double.
He says that after the government proposed two locations along Kanakapura Road, real estate dealers, while explaining the amenities around the properties to the prospective buyers, are stressing that land rates will only increase if the airport actually comes up there.
A Mohan Raju, Managing Director and CEO of Kalyani Developers, says that the proposed second airport has stirred strong interest among potential buyers in both Kanakapura Road and Nelamangala–Kunigal Road. “While there is still uncertainty around the final location, land prices are expected to shoot up once the location is confirmed,” he says, adding that these areas currently have limited apartment supply and very few new launches, making them prime for future growth.
Vinod Jayapal, who heads a waste recycling company, says, “Just six months ago, when there were no discussions about the second airport coming up on Kanakapura Road, we purchased a site near Kaggalipura for less than Rs 4,000/sqft. However, last week, when I visited the area to look for sites for my friend, we found that the rates have gone up to Rs 5,000/sqft.”
While the jump in prices can be attributed to the second airport location proposal, the increase is also due to good Metro connectivity to the Silk Institute, the presence of schools, colleges, and hospitals, a good water table, and all the necessary amenities.
The same trend is being witnessed in localities close to Nelamangala-Kunigal Road, real estate agents said, adding that many are hopeful that the airport will come up here as it is the gateway to central and northern districts of Karnataka. “The current Devanahalli airport has close proximity to Andhra Pradesh, while an airport on Kanakapura Road will be again close only to Tamil Nadu. If the airport comes up near Nelamangala, it will be completely beneficial to Karnataka,” a real estate agent in Nelamangala adds.
Prakash Murugan, a granite trader, says that people have started to invest already, not only around Kanakapura Road but also in areas up to Malavalli.