Key transit infrastructure projects in Bengaluru including the Metro and roadways will unlock possibilities for heightened real estate development across 24 key locations, leading international property consultancy Knight Frank India said on Tuesday.
Nearly 127 km of metro and 270 km of road projects are under various stages of construction in the city. Bengaluru Metro phase two, extensions and new lines are expected to be completed between 2021-25.
The major road projects -- Peripheral Ring Road, Satellite Town Ring Road and Suburban Rail Network are likely to be completed beyond 2025. All these projects are being implemented under various models at an estimated cost of more than USD 11.4 billion (about Rs 83,900 crore).
"These projects will bring new locations to the forefront and will also be instrumental in driving incremental real estate development across some of the well-established office hubs as also isolated locations which needed public transport connectivity," said Knight Frank India in a new report.
A total of 24 locations have been identified to benefit from the transit-oriented infrastructural development in the city. Some of the prominent key impact markets are Whitefield, Electronic City phases one and two, Bellandur to Marathahalli belt and Mahadevpura to KR Puram belt.
Shantanu Mazumder, Senior Branch Director at Knight Frank India, said the transit infrastructure projects will bring about an evolutionary change in the city's real estate landscape.
These projects are expected to not only bring inclusive growth with an incremental inventory supply in established locations but also mark the inception of real estate development and the emergence of new micro-markets in the peripheral parts of the city, he said.
"Bengaluru has been a major hotspot of the global fund investments into commercial real estate in India. The transit-related infrastructure developments will strengthen Bengaluru's ranking as an attractive gateway for realty-focused investment flow in Asia," said Mazumder.
( With inputs from ANI )
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