Bangalore real estate is seeing shifts and turns with the property values booming in outer ring road and peripheral area.
The current real estate market arrays an increase in property value on peripheral and outer ring road area while the values are stable at Central Business District (CBD) region.
The reason quoted by most of the property consultant in Bangalore is that the CBD region is on the verge of saturation and there is demand for more space from the people and from industrial sector.
Secondly due to increase in number of upcoming projects by Bangalore Development Authority (BDA) and by leading realty and hospitality industry major’s which is attracting most of the people to move to the peripheries.
During the last quarter real estate values in peripheral region have increased by 20-30 per cent while the values are more or less same at the CBD region. Property values at Sarjapur outer ring road increased from Rs. 2,500 per sq. ft to Rs. 4500 per sq. ft and this will grow more in future as told by property dealer.
Mr. Aseem another property agent from Bangalore said that even rental values are higher at the outer ring road region as compared to CBD because of the facilities and infrastructure which is better in these new upcoming projects.
Development scenario
BDA is executing Outer Ring Road work between Mysore Road-Magadi Road for a length of 5.7 Km-at a cost of Rs. 92 crores. This road saves about 13 Kms of extra journey to commuters to reach Mysore Road from Magadi Road
The Peripheral Ring Road (PRR) project of a length of 117 kms has been taken up by BDA at a cost of Rs. 3,600 crores to enhance smooth flow of traffic in the peripheral areas. This will be a 100 mtr wide eight-lane road including Service Roads on either side
All these upcoming projects will further raise real estate residential and commercial value in the outer ring road and peripheral ring road area.
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