Experts say that with many metro projects proposed, Bangalore will see a new beginning. Commuters who are frustrated with the chaotic traffic will have options to choose from to make their travel to office from home or vice versa an easy one. The benefit of the metro project a sound mass transportation system may not reflect on the people immediately, but it looks like the metro has already impacted the realty sector by increasing the realty prices, which is further expected to hop high.
The Reach-1 with a revised cost of Rs. 11,609 is a mega project that covers around 6.7 km on high tracks with four stations in between from M.G. Road, the heart of the city to Baiyappanahalli in the eastern suburb of the city. The property prices within 2 km radius around the metro has raised from Rs. 3,000 per Sq. Ft. to Rs. 7,000 per Sq. Ft. Many developers and builders now aim in finishing their projects early around the metro area, developers like Puravankara has 5 projects in I-Phase of metro and Sobha Developers has 3 projects around the II-Phase of the metro.
Irshad Ahmed – President of Bangalore Realtors Association of India said that the retail market in (Central Business District) CBD areas will rise as the metro will attract more people with a hassle-free traffic, which is a positive sign for the business.
With the increase in Floor Area Ratio (FAR) from an average of 3.25 to 4, it looks like the developers will raise in the number of floors in their existing construction within 150-200 meters radius from the metro stations. Though, the metro construction work is impeding the business, builders and developers are hoping for a big return when the rail lines are opened.
The metro project is built on public-partnership model, where 15% (Rs. 1,224 Crore) equity is held by the state and central governments respectively, 25% (Rs. 2,040 Crore) held as subordinate debt and 45% as senior term debt from Japan International Cooperation Agency (JICA).
The Reach-1 with a revised cost of Rs. 11,609 is a mega project that covers around 6.7 km on high tracks with four stations in between from M.G. Road, the heart of the city to Baiyappanahalli in the eastern suburb of the city. The property prices within 2 km radius around the metro has raised from Rs. 3,000 per Sq. Ft. to Rs. 7,000 per Sq. Ft. Many developers and builders now aim in finishing their projects early around the metro area, developers like Puravankara has 5 projects in I-Phase of metro and Sobha Developers has 3 projects around the II-Phase of the metro.
Irshad Ahmed – President of Bangalore Realtors Association of India said that the retail market in (Central Business District) CBD areas will rise as the metro will attract more people with a hassle-free traffic, which is a positive sign for the business.
With the increase in Floor Area Ratio (FAR) from an average of 3.25 to 4, it looks like the developers will raise in the number of floors in their existing construction within 150-200 meters radius from the metro stations. Though, the metro construction work is impeding the business, builders and developers are hoping for a big return when the rail lines are opened.
The metro project is built on public-partnership model, where 15% (Rs. 1,224 Crore) equity is held by the state and central governments respectively, 25% (Rs. 2,040 Crore) held as subordinate debt and 45% as senior term debt from Japan International Cooperation Agency (JICA).
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