by THO
Average property prices in select localities along the Nagasandra-Madavara extension of Bengaluru metro’s green line have witnessed a two-fold increase over the course of its construction, according to data sourced from multiple real estate agencies.
For instance, average property prices in Madavara, the last station along the extension line, ranged anywhere between 4,500-5,000 per square feet in 2017. The metric grew to ₹9,000-9,500 in 2023 and further to ₹10,000-10,500 in the third quarter of 2024, data shared by property consultancy Anarock showed.
Similarly, average real estate prices in Anchepalya – located at a distance of 2 km from Madavara – grew from ₹5,000-5,500 in 2017 to 10,000- 10,500 in 2023 and ₹10,600-11,100 in Q3 2024, per data compiled by Anarock.
The 3.14 km stretch of the extension line in North Bengaluru was officially opened to commuters in the IT capital earlier today. With construction commencing in 2017, this extension line has been amongst the slowest to come up in the city’s history, taking more than double the initial timeline of 27 months.
The elevated extension line, shortest under Phase 1, comprises three stations – Manjunathanagar, Chikkabidarakallu and Madavara.
Built at a cost of ₹1,169 crore, the line is expected to help alleviate traffic congestion on the arterial Tumakuru Road and enhance easy metro access to the Bangalore International Exhibition Centre (BIEC), a major hub for business conferences and exhibitions in the state.
Running along the national highway, the line also crosses NICE (Nandi Infrastructure Corridor Enterprises) Road at two locations.
“We expect property prices and rental yields in the vicinity to see an uptick as improved connectivity makes these micro markets more attractive to young professionals and families. Micro markets like Madavara, Anchepalya, which were previously considered peripheral, will now emerge as viable residential and commercial hubs,” said Sanjay Chugh, City Head – Chennai, ANAROCK Group.
“The enhanced connectivity will particularly benefit the workforce employed in the nearby industrial areas and tech hubs, potentially triggering a surge in residential demand in locations within a 2-3 km radius of the new stations,” he added.
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Others agreed. “Given that the notable developers having already strategically positioning themselves along the operational sections of the Green Line in northern Bengaluru, and demand momentum pushing average property prices and monthly asking rents upwards by 9-12% annually since 2019, we foresee a similar trend continuing in the newly opened metro sections in the coming years,” said Sopan Gupta, Principal Partner, Square Yards.
Meanwhile average property prices in other neighbourhoods along the 3.14 km stretch, including Chikkabidarakallu, Bagalakunte and Nagasandra recorded around 90% jump during the 7-year period.
Rentals increase by 16-25%
According to data sourced from proptech platform Square yards, the average rental values in areas along the extension line increased anywhere between 16- 25% over a five-year period.
Average rents in Nagasandra increased from ₹26,394-30,100 per month to ₹30,690-32,550 in 2023 and further to ₹33,000-35,000 in the first 10 months of 2024.
The Nagasandra metro station is a key terminal station and amongst the busiest on the green line, serving the Bagalakunte area of North Bengaluru.
Meanwhile, average rental fee in Jalahalli, about 7 km from Nagasandra, grew from ₹22,395-25,594 per month in 2019 to ₹26,040-29,760 in 2023 and ₹28,000-32,000 in 2024, respectively.
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“Pricing and rental values of real estate in the vicinity of a metro project rise periodically throughout the entire cycle of the project, right from announcement to beginning of construction and operationalisation,” explained a local property consultant.
According to Bangalore Metro Rail Corporation’s data, on commissioning of this section, Bengaluru now has a metro network spanning 76.95 km, with 69 stations. The North South corridor (Green Line) is now 33.46 km long with 31 stations and the East West corridor (Purple Line) extends across 43.49 km with 38 stations.
