The last time Ramanagara, a city located 49 km away from Bengaluru, saw massive real estate demand was after the release of Bollywood superhit Sholay in the mid-1970s. At that time, Bengaluru was still evolving and was yet to become the tech capital of the country that it is today.
After decades, real estate queries have started surging here once again after Karnataka Deputy Chief Minister DK Shivakumar proposed the integration of Kanakapura, 40 minutes away from Ramanagara, with Bengaluru. He also said that Ramanagara district will become a part of south Bengaluru.
Speaking at an event on October 24, Shivakumar urged residents of Kanakapura (which is a part of Ramanagara district) not to sell their land as price will shoot up after integration.
Post this, local brokers say queries have increased by about 15 percent, with a major focus on Kanakapura Road.
The projects located along the stretch that connects Bengaluru and Kankapaura have already seen massive appreciation ever since the Yelachenahalli station of Namma Metro was launched on Kanakapura Road.
Major impact on Kanakapura Road
Local brokers say Kanakapura Road has grown substantially over the last two years.
Kiran Kumar, vice president, Hanu Reddy Realty, said a major attraction in the area is the Art of Living centre, which attracts tourists throughout the year. "Integration of Kanakapura with Bengaluru is expected to hike prices by another 15 percent," he added.
Currently, plots are selling for Rs 10,000 per square feet (psf) on Kanakapura Road. Apartment prices, according to Sunil Singh, director, Realty Corp, have risen to Rs 7,000 to 9,500 psf, up from Rs 5,000 psf year. Realtors say Kankaapura Road is already a bustling real estate hub in south Bengaluru.
"Kanakapura Road has functioned as an extension of Jayanagar and JP Nagar, exhibiting a strong demand for villas and plots in the neighbourhood. A prime illustration of this is our flagship project, Concorde Napa Valley," said Anil RG, managing director of Bengaluru-based Concorde, a real estate firm.
The project was launched at Rs 80 lakh a villa in 2014, which are now resold at upwards of Rs 2.2 crore.
Impact on Kanakapura city and its surroundings
As Bengaluru expands its footprint beyond the urban area, it has touched places like Ramanagara, Channapatna, Bidadi, and Kanakapura.
Currently, real estate prices in Kanakapura city are close to Rs 80 lakh to Rs 1 crore per acre.
In Ramangara city, prices have crossed Rs 1 crore per acre. In Bidadi, which is located between Bengaluru and Ramanagara, and Channapatna, located close to Ramanagara, prices have moved north of Rs 60 lakh per acre.
"The recently-launched Bengaluru Mysuru Expressway has played a key role in giving a boost to these areas. The prices have almost doubled," Singh added.
However, though enquiries have increased for these areas, real estate brokers say that major investments will only start when the area is actually integrated with Bengaluru.
"Like how Sholay had boosted real estate demand in Ramanagara, which had tapered down soon thereafter, the demand will drop unless the implementation begins," Singh added.
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