subject: Metro Rail Project Boosts Demand For Property Development [print this page] Only 8 cities in our country have its own metro connectivity. Bangalore will soon be one among them. Bangalore is on the verge of joining the elite list of cities when Reach One of the metro project will be completed this year-end. Owing to this there are visible signs of revival in the commercial property segment with more occupiers opting for rented office and retail space.
The Metro Rail Project particularly Reach One is expected to boost up the demand for properties in Bangalore. The entire construction of Reach One that runs between Byappanahalli and the cricket stadium in MG Road will be over by this year end. The distance covered by Reach One is 7 Kms and the travel along this 7 Kms stretch is expected to take around 14 minutes.
There are six stations along this 7 Kms stretch. The stations are Byappanahalli Terminal, Old Madras Road, CMH Road in Indiranagar, Ulsoor, Trinity Circle, and Plaza station on M G Road. The time of travel between each station will be two minutes.
Demand for Property Development:
The connectivity that Reach One brings will encourage high density development in the established residential areas around CMH Road, 100 Feet Road, HAL 2nd Stage, Jeevanbhima Nagar, and Ulsoor, as well as in the commercial locations of Old Madras Road, C V Raman Nagar, Tippasandra and M G Road. Due to the drastic decrease in the travel time, these localities are expected to have a demand for residential and commercial spaces.
This first phase of the Metro Rail Project will not only increase property demand in MG Road, but also create new commercial and residential areas along its route.
More built spaces can be seen coming up in the increased floor area ratio (FAR) around the stations. The FAR available near the Metro Rail stations will be as high as four. And so, greater vertical developments are possible in the same amount of space. This will lead to increase in the number of commercial developments and will also get higher rental returns.
The retail sector is expected to see an increase in demand for more floor spaces considering the number of shoppers the rail will bring in. The Master Plan 2015 allows commercial and retail development within 150 meters of the station. There are plans for retail outlets, malls, office spaces, multiplexes, food courts etc to come up here.
