Posted on 6th July, 2013 by admin

With the Karnataka Urban Infrastructure Development and Finance Corporation (KUIDFC) announcing its plans to develop eight clusters around Bangalore to ease population pressure in the capital, the existing residential projects in these areas are expected to record significant price hike.

The identified clusters include Ramanagar-Channapatna, Kanakapura, Nelamangala, Doddaballapur, Anekal, Devanahalli-Vijayapura, Hoskote and Magadi, all of which come under the Bangalore Metropolitan Region Development Authority (BMRDA) limits.

This is expected to have a positive impact on the residential market in and around these areas. “The areas being targeted already have several upcoming and under construction projects in and around it. And almost all of them have BMRDA approval. You can expect a marked increase in all these areas once the work actually begins,’’ observes S. Ravi, co-founder of R & S Eco-archets, who has several on-going projects in Doddaballapur and Hoskote area.

It is estimated that the population in the BMRDA limits is expected to cross the 1.8 crore mark by 2030 from the 1.1 crore reported in 2012.

“The advantage these areas will have is tremendous, as they are less likely to suffer from issues like acute water shortage and small badly laid roads that several places in Sarjapur area faces,” states Ravi.

Under the Rs 2,100 crore project, the government plans to develop all necessary infrastructure facilities like underground drainage, drinking water supply, solid waste management system, storm water drains and mass rapid transit system.

“Areas in north Bangalore and the road leading to Kanakpura in the last 12 months have been witnessing steady increase in price, to the tune of 7 to 9 per cent. With the planned infrastructure development in the targeted clusters acting as the catalyst, these areas are likely to witness further growth,” states Avinash Rao, Regional Director – South, Knight Frank India Pvt. Ltd.

To fund this project, the KUIDFC plans to borrow about Rs 1,400 crore from the Asian Development Bank while the state government plans to contribute the remaining Rs 700 crore to implement the project.

Spice North Greens, a high end gated villa plotted layout is located between Yelahanka AIrforce base and ITC factory in North Bangalore, close to the Airport road.

Spice Residency, a high end gated villa plotted layout is located in Hesaraghatta, Tumkur Road, Northwest Bangalore.

Source: The Times of India, Bangalore