With the Kanakapura Road (Yelachenahalli-Anjanapura) section of Namma Metro likely to be operational November-end, the real estate sector is expected to get a boost.
Real estate consultants say Metro connectivity to Kanakapura Road is likely to push up housing demand, especially among those looking for affordable options on the city’s outskirts.
“Kanakapura Road has an advantage as it houses premium educational institutions, is near IT hubs and connects to both Outer Ring Road and NICE Road. “The extended work-from-home option is encouraging people to invest in Kanakapura Road as it offers properties at affordable prices. Metro will improve connectivity to various IT hubs,” said E Jayashree Kurup, head content & advisory, magicbricks.com.
Sonu Abhinandan, VP and business head, Quikr Real-Estate, said: “Kanakapura Road has witnessed a 40% year-on-year increase in interest to search for real-estate properties in September 2020. This could be because the area has more to offer in the residential segment; 12 apartment projects were launched in 2019-20 with 2,600 units. Kanakapura Road is close to the city and yet far from traffic and pollution, thus serving as an ideal location for residential realty.”
In addition to premium projects, many government approved plots are also available in the area, that too at a lower cost when compared to north Bengaluru, added Kurup. “Banashankari 6th Stage, which is near Gubbalala, Kaggalipura and Anjanapura can be termed major real estate hotspots. Kanakapura Road also offers accessibility to IT hubs of Electronics City, ORR, Sarjapur Road and Bidadi Industrial Area,” she said.
There’s more demand for 2BHK and 3BHK rentals on Kanakapura Road, say representatives of online property firms. “The prices usually range from Rs 11,500 to Rs 16,000 per month for 2BHKs and Rs 17,500 to 22,000 for 3BHKs. This makes the locality affordable,” said Abhinandan. “Since, a majority of professionals are working from home, the inclination to own a house has increased. Many are willing to spend a couple of thousands extra each month on EMI and get a property of their own. As their preference has shifted from densely populated core areas to well-connected pockets on the outskirts, which will ensure ease of travel once offices resume, Kanakapura Road has gained popularity,” said Maneesh Upadhyaya, chief business officer, 99acres.com.
(Source: Times of India)
