Bangalore Real Estate: Traffic Takes the Toll

By: George Gonigal

Intensive real estate growth and floating population has put tremendous pressure on Bangalore. The number of vehicles on the road has tripled in the last year leading to traffic jams on the roads. The CBD region faces most of the chaos as it is the main hub of IT and ITes companies. Real estate development is another reason of city congestion as there is hardly any vacant space left in the city.

New expressways are coming to decongest the city and divert the traffic towards peripheral and Outer Ring Road (ORR) areas such as Airport Expressway. Apart from this a new 111km four lane Bangalore - Mysore Infrastructure Corridor Project (BMICP) is proposed. The plan is to build a four-lane elevated concrete toll expressway to connect Bangalore suburbs to tackle traffic problems arising from high levels of growth. This expressway will reduce the travel time between Bangalore to Mysore from four hours to ninety minutes.

At the Bangalore end, a 41km peripheral road will connect the expressway to NH 4 (Bangalore-Pune) and NH 7 (Bangalore-Hosur). A 9.1km road will connect Bangalore city centre to the expressway. Development of five residential townships is also on the cards along with this expressway as another component of BMICP. This will automatically shift the real estate activities to peripheral and ORR areas.

Approximately 20,193 acres of land is identified in Bangalore, Mandya and Mysore which is being acquired by the Karnataka Industrial Areas Development Board. Of this, 4,000 acres of land is for the expressway and the rest is going to be used for other residential, industrial and commercial projects.

The upcoming expressways ensure better connectivity has certainly opened new corridors of real estate development. Real estate values are also increasing at peripheral and ORR areas and the capital values have registered 20 per cent increase in last quarter. It is estimated to grow further and market once again will be a trendsetter.

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