Average property prices have doubled along the 3-km Green Line of Bangalore Metro

Average property prices in select areas along the Nagasandra-Madavara extension of the Bengaluru Metro Green Line have doubled since its construction, according to data collected from several real estate agencies.

Average property prices double along Bengaluru Metro's 3-km Green Line (representative photo) (IANS) — Average property prices have doubled along the 3-km Green Line of Bengaluru Metro (representative photo) (IANS)

For example, average property prices in Madavar, The last station along the extension line in 2017 hovered somewhere between 4,500-5,000 per square foot. This figure increased to ₹9000-9500 in 2023 and beyond ₹The figure will be 10,000-10,500 in the third quarter of 2024, according to real estate consultancy Anarock.

Similarly, average property prices in Anchepal, located at a distance of 2 km from Madavara, have increased from ₹from 5,000–5,500 in 2017 to 10,000–10,500 in 2023 and ₹10,600-11,100 in Q3 2024, according to Anarock.

The 3.14 km stretch in North Bengaluru was officially opened for commuters of the IT capital earlier today. Since construction began in 2017, construction on this expansion line has been one of the slowest in the city’s history, taking more than twice the original 27 months.

The elevated extension line, the shortest in Phase 1, includes three stations – Manjunathanagar, Chikkabidarakallu and Madavara.

Built with ₹The Rs 1,169-crore line is expected to help ease traffic congestion on Tumakuru Road and improve metro access to the Bangalore International Exhibition Center (BIEC), the main hub for business conferences and exhibitions in the state.

Running along the National Highway, the line also intersects the NICE (Nandi Infrastructure Corridor Enterprises) road at two places.

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

“Improved connectivity will particularly benefit workforces in nearby industrial areas and technology hubs, potentially boosting demand for housing in locations within 2-3km of the new stations,” he added.

Others agreed. “With established developers already strategically positioning themselves along the existing Green Line stretches in north Bengaluru, and demand dynamics pushing average property prices and monthly asking rents by 9-12% annually since 2019, we foresee this trend will continue. on reopened subway sections in the coming years,” said Sopan Gupta, principal partner at Square Yards.

Meanwhile, average property prices in other areas along a 3.14-km stretch, including Chikkabidarakalla, Bagalakunte and Nagasandra, recorded a jump of about 90% over the 7-year period.

Rental rates increase by 16-25%

Average rental prices in areas along the expansion line have risen anywhere from 16% to 25% over a five-year period, according to data sourced from proptech platform Squareyards.

The average rent in Nagasandra has increased from ₹26,394–30,100 per month until ₹30,690-32,550 in 2023 and beyond ₹33,000–35,000 in the first 10 months of 2024.

Nagasandra Metro Station is a key terminus and one of the busiest on the Green Line serving the Bagalakunte area of North Bangalore.

Meanwhile, the average rent in Jalahalli, about 7 km from Nagasandra, has risen from ₹22,395–25,594 per month in 2019 ₹26,040–29,760 in 2023 and ₹28,000–32,000 in 2024, respectively.

“Prices and rental values of properties near the metro project increase periodically throughout the project’s implementation cycle, from announcement to construction and commissioning,” explained a local real estate consultant.

According to the Bangalore Metro Rail Corporation, with the commissioning of this section, the Bengaluru metro network now spans 76.95 km and has 69 stations. The North-South Corridor (Green Line) is currently 33.46 km long with 31 stations, while the East-West Corridor (Purple Line) is 43.49 km long with 38 stations.