Metro's blessings: Property prices shoot up 50 per cent along the East West corridor

Bengaluru: They bore the brunt of all the dust and noise while it got built, but it may have been worth it all for those living along the East West corridor of the Metro Rail as property prices here have gone up by a staggering 50%. The doubling of the railway track is expected to further boost the demand for properties along the stretch.

“The rates of residential and commercial projects have significantly increased in and around Metro stations. Once the other stretches start operating, there will be even more demand for real estate projects,” says Mr Suresh Hari, Secretary, CREDAI, explaining that many projects in the pipeline are closer to the second phase of the Metro Rail.

Mr Bhaskar T. Nagendrappa, Joint Managing Director of Habitat Ventures says builders are cashing in on the demand for housing in areas close to Metro lines. “With the purple line becoming operational, commuting is no longer a hassle for those living in suburban areas. This has created a surge in demand for both residential and commercial properties in these parts. A lot of builders are coming up with projects along the Metro lines, leading to a rise in prices here,” he says.

Mr Darshan Govindaraju, Director, Vaishnavi Group said over 70% of the inquiries now are for projects close to the Metro stations. “We’ve an under construction project 200 metres from the Jalahalli Metro station, which has seen a big surge in demand. One of our completed and sold-out projects, in the vicinity of the Yeshwanthpur Metro station, has seen renewed interest,” he says.

Upon completion of Phase 1, the Metro Rail is expected to carry close to two million people every day, significantly reducing congestion on the roads.