Magadi Road in the western part of Bengaluru is easily accessible from the centre. As most of the development is focused towards the east and south, the western part of the city is a more serene residential precinct compared to the eastern and southern parts. Also, good connectivity through Nice Road, Outer Ring Road and the Purple Line of Namma Metro (Bengaluru's metro rail system) gives Magadi Road easy accessibility to other parts of the city.
Developers such as Sobha Developers, Provident Housing, Prestige Group, Mahaveer Group and DS Max Properties have already launched mid to high-end apartments along this road, attracted by the good connectivity. Projects are priced in the range of Rs 8,000 to 12,000 per sq ft for high-end units and Rs 3,300-5,000 per sq ft for mid-end projects. As this location is well connected and has good social infrastructure, there is good potential for future residential development along this road.
The Purple Line of Namma Metro recently started operations between Vidhana Soudha and Magadi Road. This line can be divided into two parts, with Magadi Road being the junction. This makes Magadi Road a bonafide hotspot for development and investment. The first stretch of Metro line linking MG Road to Magadi Road connects the key precincts along the central business district. Major commercial precincts and retail high streets of the city namely, MG Road and KG Road, extending up to Magadi Road, are connected by this metro link.
Residential precincts that are well connected by this link are Sivanchetti Gardens, Shivaji Nagar, Richmond Town, Santhusapet, Rajaji Nagar, Mariappanapallya, and Gopalapura. These locations have limited land for development and hence mostly witness redevelopment activity. And therefore, attract upper-mid to high-end or luxury residential developments.
The second Metro line that connects Magadi Road, linking up to Nayandahalli on Mysore Road along the Chord Road, connects many key residential precincts in the west of Bengaluru. That is, Binny Layout, Bapuji Layout, Hosahalli, Attigupe, Deepanjali Nagar and north part of Banashankari. The metro connectivity is likely to strengthen the demand for residential and retail real estate in these precincts, and increasing metro connectivity will also open up new locations for future development.
The writer is associate director - research & real estate intelligence service, JLL India
