Rental & Property Prices doubles due to Bengaluru Metro's Green-line Extension

According to data from several real estate companies, average property values in a few communities along the Bengaluru metro's green line's Nagasandra-Madavara expansion have doubled since the line's construction.

In Madavara, the final station on the extension line, for example, typical property prices in 2017 varied from 4,500 to 5,000 per square foot. According to statistics released by real estate consultancy Anarock, the metric increased to Rs. 9,000–9,500 in 2023 and then to Rs. 10,000–10,500 in the third quarter of 2024. 

According to data gathered by Anarock, average real estate prices in Anchepalya, which is 2 km from Madavara, increased from Rs. 5,000–5,500 in 2017 to 10,000–10,500 in 2023 and Rs. 10,600–11,100 in Q3 2024.

Earlier today, commuters in the IT capital were able to use the 3.14 km section of the expansion line in North Bengaluru. This extension line's development, which started in 2017, has been one of the slowest in the city's history, lasting more than twice as long as the original 27-month schedule.

Manjunathanagar, Chikkabidarakallu, and Madavara are the three stations on the elevated extension line, which is the shortest under Phase 1.

The line, which was constructed at a cost of Rs. 1,169 crore, is anticipated to improve convenient metro access to the Bangalore International Exhibition Centre (BIEC), a significant venue for corporate meetings and exhibits in the state, and assist reduce traffic on the busy Tumakuru Road.

The line crosses NICE (Nandi Infrastructure Corridor Enterprises) Road twice as it travels along the national highway.

Sanjay Chugh, City Head - Chennai, ANAROCK Group says, “We expect property prices and rental yields in the vicinity to see an uptick as improved connectivity makes these micro markets more attractive to young professionals and families. Micro markets like Madavara, Anchepalya, which were previously considered peripheral, will now emerge as viable residential projects and commercial hubs”.

Sopan Gupta, Principal Partner, Square Yards says, “Given that the notable developers having already strategically positioning themselves along the operational sections of the Green Line in northern Bengaluru, and demand momentum pushing average property prices and monthly asking rents upwards by 9-12% annually since 2019, we foresee a similar trend continuing in the newly opened metro sections in the coming years”.