How MG Road-Kanakapura Corridor Affects Real Estate In JP Nagar

Major infrastructural developments always affect realty markets of surrounding locations. If you have been planning to buy or rent an apartment in JP Nagar, read this article to find out how its real estate market will be affected by the MG Road-Kanakapura Corridor.

Bangalore is the IT hub of India and every year lakhs of people migrate to this city in search of work. As a result, the real estate market has experienced a huge boost in rental values and property prices. Areas like Whitefield, Koramangala, Marathahalli, Electronics City, Jayanagar, and JP Nagar are always top choices among potential tenants and buyers. However, the real estate scenario is also dependant on infrastructure. This article talks about the effect of one such infrastructural project on the real estate market of JP Nagar.

All You Need To Know About MG Road-Kanakapura Corridor

The MG Road-Kanakapura is a huge project, which will affect the lives of many people. Kanakapura road is an important area as it is linked with commercial districts including Electronics City, JP Nagar, Sarjapur Outer Ring Road, and Bannerghatta Road.

The metro rail network proposed by Bangalore Metro Rail Corporation Limited or BMRCL will cover a total distance of 42.30 km in Bangalore. The proposed rail network in Kanakapura will connect Konanakunte to Majestic, which is connected to MG Road. Metro Phase I will connect MG Road and Puttenahalli on Kanakapura Road. The extension from this area to NICE road is expected to be completed by 2017.

Effect Of MG Road-Kanakapura Corridor On Real Estate Market Of JP Nagar

Once the metro rail project is completed, a lot of commuters will be able to reach their destinations without being stuck in traffic jams. If you are staying in JP Nagar, you will be able to see a surge in potential buyers or tenants. JP Nagar is just 20 mins away from Electronics City and it is also close to popular areas like Silk Board, Jayanagar, BTM Layout, etc. Many educational institutions and important offices are located in this area.

JP Nagar has already witnessed a capital value appreciation of 50 percent and rental value uptrend of 60 percent since the inception of the metro rail project. The state government has also approved the plan for setting up a Special Economic Zone for textile and apparels on Kanakpura Road. This will boost employment, which will in turn increase the number of homeowners.

According to Commonfloor.com, the average selling price of an apartment in JP Nagar is Rs. 5,436 per square ft. Expect this price to go up as more people flock to this part of the city.

JP Nagar is sure to attract a lot of investors after the completion of the metro rail project. If you want to earn good returns, you can buy a property in JP Nagar and sell it at a high price when the demand for apartments increases in this area.

Gsv Naresh is a real estate blogger who blogs about India's realty market and also gives advice on buying residential projects and flats in India.For More Information about Real estate Visit CommonFloor.