Close on the heels of the State cabinet’s decision to clear Phase II of the Namma Metro project, Asia Development Bank (ADB) in what can be seen as a first in the country, has agreed to disburse USD 250 million directly to the Bangalore Metro Rail Corporation Limited (BMRCL) without a guarantee or routing it through the government.
The ADB has agreed to disburse the loan directly after being convinced of the Metro Rail project’s financial viability, having conducted a study on the various facets of the Metro for nearly two years. This gives a shot in the arm to the BMRCL which is at various stages of construction of Phase I of the project.
Phase II will have four extensions and two new lines running across 72.1 km. The detailed project report (DPR) is estimated at a cost at Rs 27,000 crores. The project may be completed by 2017, after the Phase I is completed in 2014.
The routes will be extended from the existing Phase I lines to the periphery of the city. According to the project report, the lines on the east-west corridor of Phase I may extend up to Whitefield from the existing terminating point at Baiyappanahalli in the east (15.5 km) and up to Kengeri from the present terminating point at Mysore Road.
The plan is to extend it up to the Bangalore International Exhibition Centre (BIEC) from Hesarghatta Cross (3.8 km) in the north, and up to Anjanapura Township from Puttenahalli Cross on the south (6.3 km).
The project also recommends a new line between Gottigere and Nagavara, passing the Indian Institute of Management and Dairy Circle, from where it goes underground via Hosur Road, Madiwala, Vellara Junction, Brigade Road, Cauvery Emporium Junction, Kamaraj Road, Cantonment Railway Station, Tannery Road and Outer Ring Road Junction.
The second new line will be constructed near R V Road Terminal at Jayanagar, which is part of the north-south corridor to Bommasandra Industrial Estate (18.8 km). The route will pass via BTM Layout, Central Silk Board Junction and Electronic City. The second phase will have 61 stations.
Since Phase II consists of extensions of all four lines of Phase I, in addition to the proposed two lines, the areas served will cover most of the city’s peripheral areas that have now become thriving micro markets.
Whitefield, for example, is already a bustling suburb. The connectivity to this region will spur further development. The proposed Metro line will pass through Mahadevapura, ITPL, Doddanekundi Industrial Area, Kundalahalli and Kadugodi Industrial Area.
These are potential hotspots for property investors. A large number of projects are already at various stages of construction in this belt, and a massive project like this will only realise the full potential of the investment, making it possible for higher floor area ratio (FAR) and vertical growth.
The additional line which will be drawn up between R V Road and Bommasandra will serve the areas of Silk Board, HSR Layout, and Electronic City well. Another line to Gottigere will give a boost to connectivity to Hulimavu on Bannerghatta Road which is an area which has developed immensely in the last few years.
Towards Mysore Road, the extension up to Kengeri will serve the residential layouts along the vicinity and give a boost to industrial development in the Bidadi region.
In the Peenya region, the proposal to extend the line much beyond the elevated road over the congested Peenya Industrial Area augurs well for industries which have spread across up to Dabaspet.
Another potential corridor will be the Anjanapura area that is rapidly growing given its proximity to the NICE corridor and Kanakapura Road.
Source: Times Property in The Times of India, Bangalore