Posted on 25th January 2015 by Admin

BANGALORE:

Infrastructure projects can change the character of a city's landscape. By enabling easy access, they open up new localities for development and initiate all-round growth, turning them into self-sustaining micro-markets. Several old industrial areas in the east and south witnessed a turnaround into commercial and residential hubs, thanks to improvement in connectivity. The Metro is one such project that will seamlessly connect the city with the outskirts, thereby leading to all-round growth in the peripheral locations.

Present status ­ Green line

In March last year, Reach III, the north line from Sampige Road to Yeshwanthpur, and 3A, the first north extension line from Yeshwanthpur to Peenya Industry, became operational.Covering a distance of 10 km with 10 stations, it connected the heart of the west, Malleswaram, with the industrial areas of Yeshwanthpur and Peenya.

Reach 3B, the second north extension line, from Peenya Industry to Nagasandra is expected to be operational by March, taking the total distance covered close to 13 km. The stations in this stretch are Jalahalli, Dasarahalli and Nagasandra, which were earlier considered to be the outer limits of the north-west.Development in these areas will now receive a fillip.

Imam - Chairman of Spice Estates, adds that this development will boost demand for housing plots and villas in the North West part of Bangalore and on Hesaraghatta main road.
Spice Estates is developing a layout - Spice Residency near Hesaraghatta with sites in the dimensions 30'*40', 40'*60', 50'*80'.

Emergence of efficient localities

Once Reach 3A is complete, the stretch will benefit from 360-degree connec tivity through the Outer Ring Road (ORR), NICE Road, the upgraded Tumkur Road highway , proximity to the railway station, as well . as the planned Peripheral , Ring Road (PRR). This will lead to the emergence of efficient and self-sustaining localities connected to different parts of the city seaml lessly.

Naveen Nandwani, Exec utive Director, Cushman and Wakefield, says, “The in, dustrial areas in Peenya and Nagasandra will benefit ex tensively from easy connecl tivity. In addition to this, Metro stations located in Jalahalli and Dasarahalli lo cality will benefit the pres. ent and future residents.“

Potential for commercial activity

While the areas in the west and north-west have been predominantly industrial belts, they have the key advantage of availability of large land parcels at relatively lower prices. Easy commuting will make these locations favourable for corporates looking at larger facilities.

Naveen elaborates, “Peenya and Nagasandra are predominantly industrial areas and there is limited commercial development along the new Metro line. With improved infrastructure developments, there will be potential for commercial development within this area in the future.“ Residential locations benefitted According to Idirees Chenakkal, Head Research and Consulting, LJ Hooker India, the key localities that are going to benefit from this extended stretch are Jalahalli west and its outlying areas, and the localities around Hesaraghatta and Tumkur Main Road. Locations which can emerge as potential residential destinations are the Hesaraghatta Main Road belt, Jalahalli west and Jalahalli east.

He explains, “The completion of this stretch will open up de mand for more premium developments as the proximity to Yeshwanthpur and the Central Business District (CBD) increases. Further, the completion of this stretch will make localities more premium resulting in the shift of many ex isting industries in the areas near Peenya Industrial Areas.

Therefore, we could see a transformation to commercial officeretail development along the main road and more residential development in localities near the Metro stations.“

Mid-segment, affordable housing to take off

There is demand mainly for affordable and mid-segment housing in the area, especially from employees working in the industrial areas and owners of small-scale industries. According to Naveen, Jalahalli, Dasarahalli, Laggere, Hesaraghatta, HMT Housing Colony, BHEL Colony and Chikkasandra are witnessing residential development owing to demand in the affordable and mid-segment.

He says, “Due to improved connectivity, Jalahalli and Dasarahalli will develop further as affordable and mid-segment residential areas. Laggere, Hesaraghatta, HMT Housing Colony, BHEL Colony and Chikkasandra are other up coming residential neighbourhoods that will get a boost from this connectivity. Additionally, the availability of vacant parcels of land opens up opportunities for future investments given the improved infrastructure developments.“ He adds, “With demand increasing in the stretch, capital values will increase and offer prospects for investors. The peripheral areas also have a tremendous potential for growth due to the availability of land parcels at relatively lower costs in comparison to the surrounding areas.“ Outlook The north-western quadrant can be primarily identified as an industrial zone. While the commercial activity in this area has been minimum due to limited demand, residential and retail activity can be expected to develop in the coming years.

Naveen says, “There is a need for affordable and midsegment housing to cater to employees in the industrial areas. As the Metro line reaches its full potential, and a swift and easy commute is possible between large distances, the real estate prices will appreciate.“

Chenakkal points out, “These localities will witness more premium developments in all the asset classes, whether commercial (officeretail) or residential. We expect an increase in capital values.“

Source: Times Property