The recent proposal to merge Kanakapura with Bengaluru by Karnataka's Deputy Chief Minister has sparked a surge in the local real estate market. Property prices in Kanakapura and adjacent regions have witnessed significant appreciation due to the prospect of integration with the capital city. The new Namma Metro line and the Bengaluru-Mysuru Expressway have contributed to the area's growth. However, real estate professionals emphasize that sustained interest and investments depend on the successful implementation of this merger, reminding us of the past's transient real estate boom in Ramanagara caused by the Bollywood classic "Sholay." The future transformation depends on infrastructure development becoming a reality.
In an echo of the past, when the Bollywood classic "Sholay" led to a surge in Ramanagara's real estate demand in the mid-1970s, Kanakapura's property market was experiencing a significant uptick. The catalyst this time is not a film but a proposal by Karnataka's Deputy Chief Minister, DK Shivakumar.
On October 24, at a public event, Shivakumar unveiled his proposition to merge Kanakapura with Bengaluru and reincorporate Ramanagara district as a part of southern Bengaluru. He further advised the inhabitants of Kanakapura, a segment of the Ramanagara district, to hold onto their lands, predicting a marked increase in property prices post the merger.
This announcement has been met with a flurry of activity in the local real estate market. Property dealers in the vicinity report a surge in queries, recording a jump of approximately 15%, with Kanakapura Road emerging as the focal point. Real estate endeavors along the corridor connecting Bengaluru with Kanakapura have witnessed significant appreciation, especially after the inauguration of the Yelachenahalli station on the Namma Metro line.
Local realtors point out that the locality has undergone substantial growth over the past two years, with notable attractions like the Art of Living Centre drawing tourists. They are confident that integration with Bengaluru is likely to push property prices up by another 15%. At present, Kanakapura Road's land plots are trading at about Rs 10,000 per square foot, while apartment costs have surged to between Rs 7,000 and Rs 9,500 per square foot, marking a rise from the previous year's Rs 5,000.
Beyond Kanakapura Road, Bengaluru's expansion has been influential in escalating property prices in adjacent regions like Ramanagara, Channapatna, and Bidadi. In Kanakapura city, real estate is currently priced between Rs 80 lakh to Rs 1 crore per acre. Ramanagara has surpassed this, with prices exceeding Rs 1 crore per acre. This increase is being largely credited to the newly introduced Bengaluru Mysuru Expressway.
However, while interest in these regions is mounting, real estate professionals caution that significant investments are contingent on the successful integration of these areas with Bengaluru. Much like the transient Sholay-induced demand in Ramanagara, sustained interest hinges on actual implementation.
In conclusion, the proposed integration of Kanakapura with Bengaluru has triggered a renewed vigor in the local real estate market. While optimism runs high, tangible investments will hinge on the fruition of this merger, a testament to the transformative power of infrastructural development.
This story was earlier published by MoneyControl
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