Road Infrastructure and Impact on Real Estate Landscape
by karunvarma
I’m risking the ire of many a Bangaloreans by bringing up the subject of road infrastructure. However, the objective of this write up is not to analyse the state of the existing road infrastructure, this is just a glance over the effects of road infrastructure and the resultant changes to the real estate landscapes.
Recently, in one of our research publications, I happened to read about the investments planned for upgrading road infrastructure in Bangalore. The state government released INR 16.63 billion to Bruhat Bangalore Mahanagara Palike (BBMP) for several infrastructure projects. Around INR 6 billion of the budget will be spent on five signal-free corridors. In addition: INR 2 billion will be used for the development of seven roads, nine multi-storeyed parking complex, nine solid waste management projects and five grade separators; INR 1.4 billion will be allotted for the development and asphalting of 86 roads; INR 0.6 billion will be assigned for the widening of 13 roads in newly added areas . ( ref : Pulse, January 2013)
Investment in road infrastructure is an imperative for real estate development. There are a few instances which demonstrate this effectively. The completion of Outer Ring Road has resulted in the transformation of the adjacent areas. The Sarjapur Road – Marathahalli – K R Puram stretch of Outer Ring Road is now a much sought after office and residential destination. North Bangalore is now a much favoured destination thanks to the enhanced connectivity to BIAL. The elevated tollway to Electronics city made Hosur road and Electronics city and surroundings much more accessible and these locations are now witnessing residential activity. Kanakapura road is fast emerging into a residential destination owing to the enhanced connectivity through NICE Road.
There are quite a few road infrastructure projects which would further enhance and transform Bangalore’s RE landscape. Peripheral Ring Road which would circumnavigate the city linking the major highways would enhance connectivity to BIA from various parts of the city. Elevated Expressway – A 22km long elevated six lane expressway to BIA will eliminate the traffic signals en route to BIA. The Signal Free Outer Ring Road from Hebbal flyover to Central Silk board will reduce travel time significantly making North Bangalore a viable residential location for employees working in Sarjapur Road – Outer Ring Road and vice versa.
The road infrastructure and Bangalore’s growth are synergetic. To ensure that Bangalore continues on its growth path, it is crucial that the planned infrastructure developments are completed and new plans are made. Infrastructure development, especially road / transport infrastructure, has to be a dynamic activity, which has to evolve relentlessly to meet the demands of the growing city.
Good perspective Mr Varma!