Bangalore, also known as Bengaluru, is one of India’s fastest-growing and most dynamic cities. It is the IT capital of the country, hosting some of the world’s biggest and most innovative companies. It is also a cultural and educational hub, attracting people from diverse backgrounds and interests. However, with rapid urbanization and population growth, Bangalore also faces serious challenges, such as traffic congestion, pollution, infrastructure gaps, and housing shortage.
To address these challenges and improve the quality of life of its citizens, Bangalore has embarked on a massive infrastructure project – Namma Metro. Namma Metro, which means “Our Metro” in Kannada, is a metro rail system that aims to provide a fast, safe, convenient, and affordable mode of transport for the residents and commuters of the city. It is one of the country’s largest and most ambitious metro projects, covering a total network length of 266 km and 173 stations across three phases.
Namma Metro is a transport solution and a transformational force reshaping Bangalore’s real estate landscape. It significantly impacts the demand, supply, prices, and development of properties near metro stations and along metro corridors. It also creates opportunities and challenges for home buyers and investors who want to capitalize on this impact.
Namma Metro: An Overview
Namma Metro is divided into three main phases – Phase 1, Phase 2, and Phase 3. Phase 1 was completed in June 2017, covering a network length of 42.3 km and 40 stations across the Purple Line (East-West) and Green Line (North-South). Phase 2 is currently under construction, covering a network length of 72.1 km and 62 stations across four lines – Purple Line Extension (East-West), Green Line Extension (North-South), Yellow Line (RV Road-Bommasandra), and Pink Line (Nagawara-Gottigere). Phase 3 is expected to commence by 2025, covering a network length of 151.6 km and 71 stations across six lines – Blue Line (K R Puram-Silk Board), Red Line (Kengeri-Whitefield), Orange Line (Hebbal-J P Nagar), Brown Line (Magadi Road-Toll Gate), Silver Line (Marathahalli-Sarjapur Road), and Gold Line (Airport Line).
Namma Metro aims to connect key economic hubs, residential areas, commercial centres, educational institutions, recreational zones, and other places of interest in the city. It also aims to reduce traffic congestion, pollution, travel time, and transportation costs for the people. It also seeks to enhance the infrastructure, amenities, livability, and attractiveness of the areas near metro stations and along metro corridors.
As per the latest data from Bangalore Metro Rail Corporation Limited (BMRCL), Namma Metro has a daily ridership of around 4 lakh commuters. With a frequency of one train every 5 minutes during peak hours, the ridership is expected to increase to 5 lakh passengers by the end of 2021 and a million by 2022. The ridership will further increase with the completion of Phase 2 and Phase 3 projects.
Impact of Namma Metro on Real Estate Demand
One of the most apparent effects of Namma Metro is the increased demand for residential and commercial properties near metro stations. This is because living or working near metro stations offers many benefits, such as:
- Convenience: You can avoid the traffic congestion and pollution of the city roads and reach your destination faster and easier by using the metro. You can also save time and money on transportation costs.
- Accessibility: You can easily access various parts of the city by using the metro. You can also enjoy better connectivity to other modes of transport, such as buses, cabs, autos, etc.
- Quality of life: You can enjoy a better quality of life by living near metro stations. You can access various amenities and facilities, such as schools, colleges, hospitals, malls, markets, parks, etc. You can also have more options for entertainment, recreation, and socializing.
These benefits have attracted many home buyers and investors to look for properties near metro stations; according to a report by Knight Frank India, properties within 1 km radius of metro stations witnessed an average price appreciation of 15% between 2011 and 2019. The report also stated that there is a 20% premium for properties within walking distance from metro stations compared to those within a 2 km radius.
Some of the famous or emerging areas near metro stations that are witnessing high demand and growth are:
- Whitefield: This is one of the most sought-after locations in Bangalore for IT professionals and expatriates. It is also home to many reputed educational institutions, hospitals, malls, hotels, etc. Completing the Kengeri-Whitefield metro line will further enhance its connectivity and attractiveness.
- Indiranagar: This is one of the most vibrant and cosmopolitan areas in Bangalore. It is known for its nightlife, cafes, restaurants, pubs, etc. It is also a hub for startups, freelancers, and creative professionals. The presence of two metro stations (Indiranagar and Swami Vivekananda Road) makes it more accessible and desirable.
- Yelahanka: This is one of the fastest-growing suburbs in Bangalore. It is close to the international airport and has many upcoming residential and commercial projects. The extension of the Nagawara-Gottigere metro line will connect it to the central business district and other parts of the city.
Impact of Namma Metro on Real Estate Supply
Another effect of Namma Metro is the increased supply of residential and commercial properties near metro stations. This is because of the availability of land, infrastructure, incentives, and opportunities for development near metro stations. The metro system has also improved these areas’ infrastructure, amenities, and livability, which adds to their value.
The factors that influence the supply of properties near metro stations are:
- Land availability: The availability of land near metro stations is one of the main factors determining the properties’ supply. The land availability depends on land use, ownership, acquisition, conversion, etc. The land use can be residential, commercial, mixed, or institutional. The ownership can be private, public, or joint. The acquisition can be voluntary or involuntary. The conversion can be legal or illegal.
- Infrastructure development: Infrastructure development around metro stations is another factor affecting the properties’ supply. The infrastructure development includes roads, water supply, electricity, drainage, sewage, etc. The infrastructure development can be done by the metro authorities, government agencies, civic bodies, developers, etc.
- Incentives and regulations: The motivations and regulations for projects near metro stations are another factor that impacts the supply of properties. The incentives and regulations include floor area ratio (FAR), building height, setback, parking, fire safety, etc. The government, metro authorities, civic bodies, etc, can offer incentives and regulations.
- Opportunities and challenges: The opportunities and challenges for developers and investors are another factor that influences the supply of properties near metro stations. The opportunities and challenges include demand potential, price appreciation, competition, customer expectations, innovation, differentiation, collaboration, value creation, etc.
According to a report by Knight Frank India, properties within a 1 km radius of Whitefield metro station witnessed an average price appreciation of 18% between 2011 and 2019. The report also stated that there is a 25% premium for properties within walking distance from Whitefield metro station compared to those beyond a 2 km radius
Some of the regions along the metro corridor that have witnessed significant supply increase and growth are:
- Kanakapura Road: This is one of the most affordable and promising locations in Bangalore for home buyers and investors. It is located close to the Banashankari and Jayanagar areas, which are well-developed and have many amenities and facilities. The completion of the Nagawara-Gottigere metro line will boost its connectivity and value.
- Hebbal: This is one of the most strategic and premium locations in Bangalore for home buyers and investors. It is close to the international airport and has many IT parks, business centres, hotels, etc. The presence of two metro stations (Hebbal and Nagawara) makes it more accessible and desirable.
- Electronic City: One of the most prominent and popular locations in Bangalore for IT professionals and expatriates, it is home to many IT companies, MNCs, startups, etc. The RV Road-Bommasandra metro line extension will connect it to the rest of the city and enhance its attractiveness.
- Whitefield: This is one of the most sought-after locations in Bangalore for IT professionals and expatriates. It is also home to many reputed educational institutions, hospitals, malls, hotels, etc. Completing the Kengeri-Whitefield metro line will further enhance its connectivity and attractiveness.
Impact of Namma Metro on Real Estate Development
Another effect of Namma Metro is the creation of opportunities for real estate development near metro stations and along metro corridors. It is because of the availability of land, infrastructure, incentives, and opportunities for development near metro stations. The metro system has also improved these areas’ infrastructure, amenities, and livability, which adds to their value.
The types of real estate development near metro stations are:
- Mixed land use projects: These are projects that integrate residential, commercial, retail, institutional, and recreational uses in a single project or area. These projects offer optimal land utilization, economic diversification, social integration, and environmental sustainability.
- High-density projects: These projects have a high ratio of built-up area to land area or many people or units per unit area. These projects offer optimal land utilization, economic diversification, social integration, and environmental sustainability.
- Transit-oriented development projects: These projects are designed to maximize access to public transport and encourage the use of non-motorized modes of transportation, such as walking, cycling, etc. These projects offer convenience, accessibility, connectivity, and quality of life.
Some of the examples of successful real estate development projects near metro stations are:
- Brigade Gateway: This is one of the most iconic and award-winning mixed land-use projects in Bangalore. It is located near the Yeshwanthpur metro station and comprises a residential complex, a mall, a hotel, a hospital, an office park, a school, a club, etc.
- Embassy Springs: This is one of the largest and most ambitious mixed land-use projects in Bangalore. It is located near the Devanahalli metro station (under construction) and comprises a residential township, a business park, a school, a hospital, a mall, etc.
- Prestige Falcon City: This is one of the most innovative and futuristic mixed land-use projects in Bangalore. It is located near the Konanakunte Cross metro station and comprises a residential complex, a mall, an office tower, a hotel, etc.
Tips and Recommendations for Home Buyers and Investors
If you are a home buyer or an investor looking for properties near metro stations in Bangalore, you need to be aware of the impact of Namma Metro on the real estate market and the implications for you. You must consider location, distance, infrastructure, amenities, project quality, price appreciation potential, etc.
Here are some tips and recommendations for you:
- Choose the right location: The property’s location is one of the most important factors determining its value and potential. It would be best to choose an area close to metro stations or major junctions that offer better connectivity and accessibility to other parts of the city. You should also select a location with good infrastructure, amenities, and livability.
- Choose the proper distance: The distance from the metro station also affects the value and potential of the property. You should choose a space within walking distance (less than 500 meters) from metro stations that offer higher convenience and premium.
- Choose the right project: The project quality also affects the value and potential of the property. You should choose a project from reputed or branded developers that offers better design, construction, maintenance, security, etc. You should also select a project that provides mixed land use or high-density or transit-oriented development that offers optimal land utilization, economic diversification, social integration, and environmental sustainability.
- Choose the right time: Buying or investing in properties near metro stations also affects the value and potential of the property. It would help to choose a time before or during the construction or completion of metro lines or stations offering higher price appreciation and growth potential.
Conclusion
Namma Metro is changing the face of Bangalore’s real estate market in a significant way. It affects the demand, supply, prices, and development of properties near metro stations and along metro corridors. It also creates opportunities and challenges for home buyers and investors who want to capitalize on this impact.
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