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BENGALURU'S TUNNEL HIGHWAY NETWORK AND ITS IMPACT ON REAL ESTATE MARKET
Bengaluru is poised to embark on a groundbreaking infrastructure project, the construction of the world's longest tunnel highway network. With an estimated cost of approximately Rs 500 billion, the government aims to implement this ambitious project through a public-private partnership (PPP) model. The government's commitment to partially subsidize the project and recover the investment through tolls signifies a significant step towards improving Bengaluru's transportation infrastructure and stimulating economic growth. This ambitious plan to construct the world's longest tunnel highway network is not only a remarkable infrastructure project but also holds significant advantages for real estate investors. This article highlights the key benefits that this mega project brings to Bangalore's real estate market, offering lucrative opportunities and enhancing the value of investments.
At a review meeting with representatives of AECOM, a global consultancy firm that has worked on numerous tunnel road projects around the world, including in Mumbai, on Tuesday, Deputy Chief Minister D.K. Shivakumar suggested in this regard. Interestingly, the Detailed Project Report (DPR) for the project to build an elevated corridor network was also created by the same company in 2017. The government will abandon the elevated corridor project if this suggestion is put into action. The project have three major corridors, a North-South Corridor connecting Yelahanka to Silk Board Junction, two East-West Corridors connecting K.R. Puram and Goraguntepalya, and a Corridor between Varthur Kodi and Jnanabharathi, as well as three connecting corridors totaling 99 km make up the network that crisscrosses the city.
Since taking office, Mr. Shivakumar has promoted the tunnel road project as a crucial infrastructure improvement to widen the city's roadway and ease congestion. The Minister believes that in addition to improving public transport, we also need to launch a massive infrastructure project to widen the roads because the city is expanding enormously and there are already 1 crore private vehicles on the road.
BENEFIT FOR REAL ESTATE INVESTORS
Enhanced Connectivity and Accessibility: The tunnel highway network will greatly improve connectivity within Bengaluru, connecting key areas and bypassing congested surface roads. This enhanced accessibility will increase the attractiveness of real estate properties in these areas, making them more desirable for both residential and commercial investments.
Demand Surge in Proximity Areas: Areas along the tunnel highway network's route will experience a surge in demand due to improved connectivity and reduced travel times. Real estate investors who have already invested in or acquire properties in these proximity areas stand to benefit from increased demand, leading to potential capital appreciation and rental yield growth.
Development of Undervalued Areas: The tunnel highway network will bring attention to previously undervalued or underdeveloped areas of Bengaluru. As the infrastructure develops and the network becomes operational, these areas are expected to witness significant growth in terms of infrastructure, amenities, and overall desirability. Savvy real estate investors can capitalize on this growth potential and secure properties in these emerging locations.
Future-Proof Investments: Investing in properties along the tunnel highway network provides a sense of future-proofing. The improved transportation infrastructure will attract businesses, commercial establishments, and residential communities, ensuring a steady demand for properties in the long term. This stability and potential for appreciation make real estate investments along the network an attractive proposition for investors.
Market Resilience: Bengaluru's real estate market has shown resilience over the years, and the introduction of the world's longest tunnel highway network further strengthens its stability. As the city's transportation infrastructure improves, it enhances the overall appeal of Bengaluru as an investment destination, providing reassurance to real estate investors about the long-term growth prospects and returns on their investments.
The project represents a significant boon for real estate investors. With enhanced connectivity, increased demand, and growth potential in proximity areas, this mega infrastructure project opens up a plethora of opportunities. Real estate investors who strategically position themselves to leverage these benefits can reap the rewards of capital appreciation, rental income growth, and long-term stability in Bengaluru's thriving real estate marke