Bangalore Metro’s phase 2 plan launched
- What does US Fed interest rate hike mean for Indian markets?
- News in Numbers: Flipkart losses swell to Rs24,000 crore as of March 2017
- UBS sees India’s external finances at risk despite high reserves
- Indian Oil said to mull investing $3.5 billion to expand, upgrade refineries
- Why Delhi may face tomorrow what Cape Town faces today
Bangalore: Karnataka chief minister Siddaramaiah and union railway minister Mallikarjun Kharge launched the Bangalore’s second metro stretch.
The “green line” of the Bangalore city metro is a 10.3 km line of track that would connect the city’s north western suburbs in Peenya to Sampige Road.
Christened ‘Namma Metro,’ the Bangalore Metro until Friday only ran a 6.7 km line between Byappanahalli in North West Bangalore and M. G. Road in the city central business district. Commercial operations on the new line will begin at 6 AM Saturday, 1 March.
A further 2.5 km stretch from Peenya to Nagasandra and 4 km of underground tunneling work from Sampige road to National College will be completed by September or October of this year, a Bangalore Metro official had earlier said. The stop after Sampige road station would be the place where two lines—the green line and the purple line—connect. The Bangalore Metro was officially launched in October 2011.
J.C Sharma, vice-chairman and managing director, Sobha Developers Ltd said the Metro would have a considerable impact on real estate development potential along the stretch.
Sobha has a 21-acre project, with 1,188 apartments, called Elite Aspire near the Peenya Metro station.
“Projects like the Metro benefit connectivity issues and therefore helps in price appreciation of projects along the route as well,” he said.
“Large number of residential projects are coming up, schools and hospitals in close vicinity and retail malls along the track have changed the entire real estate scenario of the area along the Metro track. People working in the CBD are now buying their homes in close vicinity of Metro line as travel time will reduce. The market is already witnessing demand for real estate development along the Metro. With the FAR around Metro stations now up to 4 fm 3.2 it will give an impetus to commercial development as well,” C. N. Govindaraju, president of Credai (Confederation of Real Estate Developers’ Associations of India), a real estate developers’ body was quoted as saying.