Peripheral ring road helps to boast Bangalore Real estate market

How Peripheral ring road helps to boost Bangalore Real estate Market

Blog

Admin 25 Apr 2024 15,483 Views

Knowledge

Over the last couple of years, a four-year blueprint has been created by the UDD (Urban Development Department) for implementing the PRR (Peripheral Ring Road) project. If you look closely you will learn that the project will conclude the NICE Road stretch between Hosur Road and Tumakuru Road. The State Cabinet has already given a green signal to the project and the full land acquisition cost will be funded by the side of the government.

According to the reports, in the upcoming three to four months we will see the bids will be invited for development. The government is all set to form an SPV (special purpose vehicle) that goes by the name of the Bangalore PRR Development Corporation to execute this project.

The Special Purpose Vehicle has been brought into the picture as a business enterprise in response to a request by Bangalore PRR Development Corporation Ltd to fund, execute, and operate a project. The net worth of this project is estimated to be nearly Rs. 17,313 Crore. Isn’t the amount quite insane? It is but it is right for the project.

What is the plan of the government to boost the Bangalore Real Estate market?

Let’s go through what the government has in mind regarding the Peripheral Ring Road project. The government will get a hold of the land. It will obtain around 1810 acres of land via land-to-land compensation through cash or TDR (transferable development rights). Nearly 80 percent of the land will be brought by the government by the means of cash, the costs of which could run to Rs.10, 176 Crore.

The cost of construction of the Peripheral Ring Road project is pretty close to Rs. 6,885 Crore. A long-term loan will be taken into consideration from JICA (Japan International Cooperation Agency) for funding a portion of the infrastructural costs.

With the introduction of this new project, the Peripheral Road will be a lot wider when compared to the Outer Ring Road of 65 kilometers and the NICE Road of 41 kilometers. At this point, the NICE Road has four lanes and there are 6 lanes for the ORR. The Peripheral Ring Road will consist of an 8-lane main road along with four-lane service roads and a wide median for mass transit systems like the metro.

This is not the first time that a ring road project has been launched in Bangalore. The Peripheral Ring Road project will soon see the light of the day. It will be the third ring road project after the Outer Ring Road and Inner Ring Road which will witness a high amount of traffic. The PRR will play the role of a link between the NICE Road and the project road. It will link 10 key highways including Doddaballapura Road, Hesaraghatta Road, Sarjapur Road, Ballari Road and Hennur-Bagalur Road. Overall 5 state highways and four national highways are going to be intersected by the PRR.

What was discussed in the meeting related to Peripheral Ring Road Project?

We can get a better understanding of the Peripheral Ring Road project by what the government has stated in their last meeting. On February 9, 2022, the government conducted a meeting in Vidhana Soudha that revolved around the PRR project. In the meeting, the state cabinet convened by way of Chief Minister Basavaraj Bommai approved the Peripheral Ring Road (9PRR) project for Bangalore which is a great sign for the city and will turn out to be very helpful in the long run as well.

The cabinet has also essayed the role of an administrative hub for inviting international bidders for the seventy-one-kilometer project. For a long time, the Peripheral Ring Road has been put on a hold but now we are happy that it is all good to go in the right direction. The final legal problem of the project was solved after a lot of discussions and planning in November 2021.

The Supreme Court has finally given its nod to the Karnataka government and the Bangalore Development Authority to collect land for the Peripheral Ring Road’s construction and to enforce the commitment. The SC gave its blessing to the undertaking to proceed after hearing testimony from the Additional Chief Secretary, Government of Karnataka, and Urban Development Department Bangalore.

Due to the establishment of the Peripheral Ring Road project, Bangalore may have a 116-km-long skip on its boundary, thanks to NICE Road, which connects Tumakuru Road and Hosur Road across the town’s northwestern, western, and southwestern districts. The project could be taken forward as public-private collaboration in terms of layout, construction, financing, function, and switch (PPP-DBFOT).

The cabinet has also decided that the current concessionaire would be awarded an agreement to build and maintain the proposed ring road for a fifty-year rent period, after which it would be switched to another contractor.

As per the Hindu, the BDA (Bangalore Development Authority) chairman S.R. Vishwanath has reported that the property might be provided at the PRR alignment’s median to accommodate future metro networks. He claimed that the helipads for air-ambulance services may be constructed in six well-known locations, as well as charging stations for electric vehicles at strategic locations.

It has been declared that boulevards will be built on both sides of the street to improve and enhance the level of the stretch. The BDA will give its permission for the construction of the high-upward-push structures near the Peripheral Ring Road with a key aim to offer an incentive for the formation of creative hubs in more places in the times to come.

Conclusion

The Peripheral Ring Road project will be very beneficial for the people of Bangalore who are in one way or the other associated with the world of real estate. At the end of the day, the government wants to provide a helping hand to the ones who are engaged in the real estate market in the beautiful city of Bangalore. These projects are designed to boost the real estate sector.

About Author

Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

How Peripheral ring road helps to boost Bangalore Real estate Market

Jatin Dubey

Properties to

Latest Posts

Useful Posts

Popular Tags