Magadi Road, which lies to the west of the city, starts at Binny Mills and leads to the town of Magadi, in Ramnagara district which is fast becoming a part of Bangalore. This locality is about 42 km from the international airport; it is also easily accessible from the NICE Road while the roads to Mysore and Tumkur are just five minutes away. The big bonus for connectivity is the Magadi Road Namma Metro station which connects to central areas such as MG Road and Byappanahalli. The area is also well connected to the industrial corridors such as Tumkur and Peenya.
Market sources say that currently this is an industrial area and the commercial activity is likely to happen along the Metro corridor. The Purple Line of Namma Metro gives the residents of Magadi Road access to other parts of the city. Magadi Road will serve as a junction between two sections of the Metro link. The first section connects Magadi Road to important residential areas as well as the central business districts. The important locations which are connected by this Metro link are MG Road and KG Road while the residential areas are Shivaji Nagar, Richmond Town, Sivanchetti Gardens, Santhusaspet, Rajaji Nagar and Gopalpura.
The second section of the Metro line connects Magadi Road up to Nayandahalli on Mysore Road along the Chord Road. The important residential areas which are connected are Binny Layout, Bapuji Layout, Hosahalli, Attigupe, Deepanjali Nagar and the northern part of Banashankari. Surrounding localities such as Nagarbhavi and Vijayanagar, are likely to grow commercially too. These areas will act as feeder markets to Magadi Road. The improved connectivity or just the promise of it, has attracted a number of prominent builders to this area. Presently the going rate for apartments in Magadi Road stands at INR 5000 per square feet on average.
According to real estate sources, there are a lot of sick industries along the road to Tumkur and in the coming years there is a probability that these lands will be repurposed. It is also likely that many of these industries will become commercial spaces, as it has happened in Mumbai, where many of the sick textile mills in Lower Parel which have been repurposed as high end housing and shopping malls. This will also attract major developers to Magadi Road.
One of the reasons that the property prices in Bangalore have been sliding the past few months has been because of the demonization move by the government. It was predicted that there would be a cooling effect on the residential prices as cash has always been an important component in any deal.
The number of launches of new projects also declined last year. Bangalore was second highest on the list of metro cities where the launches declined. The main reason for the decline has been the unsold inventory which many developers in the metros have been holding for the past three to four years.
Despite all the problems which are immediately obvious to any visitor, Bangalore does have a charm which is its very own. It is one city in India which has a distinctive international feel to it. People continue to invest in Bangalore because of its commercial activity, the culture, the climate and above all the educational institutions.
Nina Varghese for IndiaProperty.com
Image: By Ramnath Bhat from PUNE, India – Namma Metro @ RajajiNagar, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=33721301