In the month of August, the Union cabinet endorsed the two corridors of Phase 3 of the Bangalore Metro Rail project, with an expected undertaking finishing cost of Rs.15,611 crore. With 21 stations, the first corridor will connect JP Nagar 4th Phase to Kempapura, and the second corridor will connect Hosahalli to Kadabagere with nine stations.
According to local brokers, the upcoming Phase 3 Bengaluru metro line, which will connect the southern parts of the city to the business district of Outer Ring Road, will at least 10-20 percent raise real estate prices in the southern parts of the city.
Corridor 1 will run for 32.15 km along the Outer Ring Road West from JP Nagar 4th phase to Kempapura, and Corridor 2 will run 12.5 km along Magadi Street from Hosahalli to Kadabagere.
The metro network will grow by 44.65 km all together, adding 31 stations. The development is supposed to be finished by 2029.
Residential activity has been limited in locations adjoining the upcoming metro project in south Bengaluru in recent years. Data from Cushman & Wakefield said that between 2022 and the first half of 2024, the south Bengaluru micro-market has contributed around 10-13 percent of total unit launches and the share of total sales has been less than 10 percent.
The activity of residential projects has been restricted in the location connecting the upcoming metro project in past few years. Due to this new project, realtors are planning for many new launches and establishments in those locations as they holds substantial potential.
Speaking to this, Ramita Arora, Managing Director-Bangalore and Head-Flex, Cushman & Wakefield, "The upcoming Bengaluru Phase 3 metro project will connect residential locations in south Bengaluru with business hubs and tech parks along Mysore Road and Hebbal. The overall impact will be positive in terms of better connectivity, less traffic congestion and greater spread of the residential real estate sector along this metro route”.
Further Arora added, “Healthy price growth is anticipated in locations such as Mysore Road, BEL Circle, Sumanahalli, and Nagarbhavi; these localities will benefit from enhanced connectivity through the metro project and higher demand will translate into strong price growth. JP Nagar, where existing property prices are relatively higher, is likely to see a moderate price rise over the medium to long term”.
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