The recently launched Kengeri-Whitefield Metro is boosting affordable housing projects of the Bengaluru Development Authority (BDA) in the outskirts of India’s tech capital, which earlier had few takers due to connectivity issues.
For example, after the launch of the metro line, queries have increased by about 40-50 percent for BDA’s 2-phased project in Komaghatta, which is close to the Kengeri metro station in southeastern Bengaluru.
"We only have 34 apartments left to be sold in Phase 1. For Phase 2, which has 320 apartments priced at Rs 32 lakh, about 69 apartments are left unsold," a BDA official said.
Launched around 2019, the sale took off at a snail's pace owing to infrastructure and connectivity challenges. However, with the completion of the expressways and the pink metro line, BDA said its affordable houses have got the much-needed boost.
Another BDA project in Chandra Layout close to Nayandahalli Metro is seeing an increase in queries. "Each of the 120 apartments (3BHK) is priced at Rs 1.04 crore and about 14 have been already sold. We have about 22 people enquiring about it today," the official added.
Additionally, for apartments in Konadaspura in Bengaluru East, the sale has already commenced for 2BHK houses at Rs 48 lakh about two weeks back.
Interiors of 2 BHK BDA apartments in Komaghatta.
Metro to boost real state pockets further
According to local brokers, the central business district (CBD) is gradually expanding to the Indiranagar area, putting more focus on the region. In the outskirts like BTM Stage 4, HSR Layout, Bellandur and Sarjapura, several micro-markets are emerging as real estate pockets.
With the IT corridors in the east and southern parts of the city saturated, the startup and IT crowd have spilt over from the east towards other parts of the city, like Kankapura Road in the south and Kengeri in the western corridor.
Abhinash Bhatt, a communication specialist who stays in Kengeri, travels to the central business district area for work every day.
Rising prices
Currently, in growing real estate pockets like Kengeri, the apartment prices are Rs 7,000 per square foot (sq ft), Sunil Singh from Realty Corp said. "With more metro lines being launched, we will further see an increase of prices by at least 15 percent," Singh added.
Brokers say prices will increase by another 20 percent across the board due to the metro. "In places like Kengeri, a 1,000 sq ft apartment is priced at Rs 75 lakh and above. That is where BDA apartments offer affordable options, however, with very few inventories," Singh added.
Other places like KR Puram and RR Nagar have already started seeing price appreciation because of the metro.
In suburban areas like Hoodi, close to Mahadevpura and Kundalahalli, the purchase price of a premium 1-BHK has already touched Rs 1 crore and is set to see a further appreciation.
Land paucity
Brokers say that most of the areas across the recently launched Whitefield metro are seeing a shortage of available land parcels. "However, the only land available in parts of Whitefield is away from the metro line and the suburbs of KR Pura," Singh said.
Most of the developments happening today are gated apartments with a significant number of builder’s floors. A builder’s floor is an independent floor in a low rise.
Among the potential areas for investment, brokers say the stretch between KR Pura and Mahadevpura is a prime location. "The new Chennai-Bengaluru expressway is close to Narasapura, which is close to KR Pura. Additionally, Hoskote, which is witnessing major plotted development, is also close to this area," experts added.
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