Bengaluru Real Estate: Key Infrastructure Updates Brokers Must Know About
The real estate markets worldwide are driven by infrastructure development. This is why it matters for all real estate professionals, especially brokers, to keep themselves informed about the latest updates on the key infrastructure projects in their cities and areas of operations.
For brokers in Bengaluru, MakaaniQ lists two major infrastructure projects that will help your clients in making a well-informed home-buying decision.
Light Rail Transit System (LRTS) back on track
As many of you would be aware, LRTS is a decade-old project in Bengaluru that has been a matter of discussion in the government for a long time now. It is supposed to connect those parts of the city which are not been covered by regular Metro rail services.
The proposed 42-km elevated project was announced under Comprehensive Traffic and Transportation Plan way back in May 2010 and a Detailed Project Report (DPR) was completed in year 2013. Since then, the project has been progressing at a snail's pace. What's the latest?
Earlier the government had formed a separate entity to implement this project. But now, this project has been handed over to the Bengaluru Metro Rail Corporation Limited (BMRCL), which has successfully implemented the Metro rail project in the city and is currently working on extending the services under Phase II and II A projects.
With this development, the LRTS project in Bengaluru is slated to pick momentum with several advantages, including the much-needed operational efficiency and pace of clearing potential issues.
As per the plan, LRTS will connect Bannerghatta Road with Hebbal through JP Nagar, Kanakapura road, Padmanabhanagar, Nayandahalli, Magadi road, Goraguntepalya, Peenya I Phase, HMT Layout, BEL Circle and Bhadrappa Layout. These will be the areas which will generate more leads for your brokerage business.
The project would cost Rs 10,000 crore and will be funded by Innovative Financing. Currently, the timeline for its completion has not been declared.
Hosur Airport gets one step closer to reality
Real estate market in eastern and southern parts of Bengaluru has got yet another shot in the arm. Bangalore International Airport Limited (BIAL) has given clearance for an airport in Hosur.
The Hosur airport will be located at Belagondapalli village at Thally Road. This location is around 35 kms from Electronics City. That means residents from this location and nearby spots will be able to reach the new airport in just 30-45 minutes.
Presently, one has to travel for more than two hours to reach the airport which is 70 and 80 kilometers from eastern and southern parts of the city, respectively.
The best part is that Hosur already has a functional airport which operates chartered flights and it just needs to be opened for commercial flights. Spread over 248 acres, this airport is fully capable of handling large aircraft such as Boeing 737 and Airbus A320.
Given these two major infrastructural developments, real estate market in Bengaluru will get a fresh wave of interest from property buyers. Are you geared up to grow your property brokerage business with these developments?