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Indian Real Estate News : Bangalore
Metro Rail launch to boost Bangalore realty
Source: Times Property in The Times of India, Bangalore Oct 07, 2011
Come October 20 and a new chapter will be added to the history of the IT city with the launch of Reach I of the Metro Rail. While one segment of the network will not make a significant difference, it will indicate the potential the Metro Rail holds for commuters and trade alike. For the commuter, it will mean quick and easy travel, and consequently more time on hand for both business and leisure. For the trade it means connectivity that draws more prospective shoppers. Shopping hubs in the corridor are bound to benefit from more footfalls once the train is running.

The convenience of the Metro Rail will be a Diwali gift for the city's realty sector too. Both, commercial and residential properties along the corridor will find more takers competing for spaces located strategically. Any property located within walking distance of a station is a 'premium property', with a new connotation. The rentals of retail units near the stations will command a premium thanks to the convenience if offers shoppers, which will be a selling point to draw customers.

"The old glory of CMH Road will be restored once again with the Metro Rail running. We expect many more people to come here for their shopping. Once the entire network is ready, the number of people coming here to shop will go up even more", says Imtiaz Ahmed, President, CMH Road Shops and Establishments Association.

The city has for long been good to restaurants and eateries with a large number of people indulging in food as part of leisure and entertainment. The Metro Rail corridor unlocks more potential for this segment too. The convenience of not having to find a parking space will be a major draw in the months ahead for those looking at spending an evening at a restaurant.

The property sector has always been a significant beneficiary in any major connectivity initiative. Be it the Outer Ring Road or the six-lane road to the airport, property has gained from the connectivity. The Metro Rail offers connectivity across the city with its network once complete, and a property in its vicinity will command a premium thanks to its strategic location.

"There will definitely be a hike in property prices with this development. Many people who were holding back on plans to sell their properties are selling now. There are many enquiries for spaces that had been vacant while the construction was going on", says Imtiaz. Rentals of commercial property too are slated to go up in the corridor. "Everyone wants to be on M G Road, and now with the Metro Rail adding to connectivity landlords will hike the rents. There will be more footfalls for retailers too", says Machender Pishe, former President, Bangalore Trades Association.

'Close to the Metro station' is a tag that will translate into a premium. October 20 will signal the beginning of that era in the city's property market.
Tag: Metro, Realty, Bangalore, Property
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