Namma Metro Phase-3 Project: Property prices to soar

23 Aug 2024 CW Team

The recent approval of Namma Metro Phase 3 of the Bengaluru Metro Rail Project by the Union Cabinet is expected to lead to a significant increase in property prices in certain areas, according to real estate experts. The project, which will introduce two elevated corridors totaling 44.65 km, is anticipated to boost property prices by over 30%, as reported by HT.

Manoj Agarwal, Founder of Agarwal Estates, predicts an immediate 10% increase in property prices, with an additional 20% rise expected in the medium term. Agarwal pointed out that even the announcement of Phase 3 has already led to a 10% rise in property prices, and developers are likely to raise prices for projects along the new metro lines within the next one to three months.

Bhavesh Kothari, Founder and CEO of Property First Realty, shared a similar perspective, noting that investors often purchase properties in anticipation of the metro's completion, causing prices to rise even before construction begins. Kothari explained that this speculative buying is common in areas where enhanced connectivity and accessibility are expected. Phase 3 of the Bengaluru Namma Metro Rail Project is set to improve connectivity between the city's western outskirts, the Outer Ring Road, and key areas in the Secondary Business District, including JP Nagar and Bannerghatta Road. Once completed, it will provide metro access across the entire ORR and link southern and western Bengaluru to Kempegowda International Airport via Hebbal.

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