Over two decades after the Bangalore Mysore Infrastructure Corridor Project (BMICP) was approved, the 41 km stretch of road, popularly known as the NICE road (Nandi Infrastructure Corridor Enterprises), connecting Tumkur to Hosur, has literally transformed the landscape of the region it is winding through.
With five intersections lying between the Hosur and Tumkur junctions, the NICE road has triggered tremendous development in the peripheral regions of Kanakapura road, Magadi road, Peenya, Mysore road. These regions had earlier been difficult areas to access because of lack of good connectivity. NICE road has changed all that.
For instance, areas like Peenya, Magadi are no more looked at as industrial belts housing lower income groups but as potential growth pockets, especially given their proximity to the city. Interestingly, these areas are merely around 12 km from the city centre as compared to areas like Whitefield and Sarjapur which saw a meteoric growth over the last decade.
Kanakapura Road
The Kanakapura road has seen tremendous growth in real estate developments over the last few years and especially after the NICE corridor from the Kanakapura junction became operational. The presence of the NICE corridor meant that a resident in Kanakapura would have easy access to Hosur and electronic city on one side and Mysore road, Magadi road and Tumkur on the other.
Since the NICE road became operational, many developers have launched projects on Kanakapura road, with the prospect of much more to happen in the coming years. According to Farook Mahmood, Chairman, Silverline Realty, “Kanakapura road is presently a hot spot for future growth given its location and connectivity because of the NICE corridor.”
Tumkur Road
Similar trends can be seen in Tumkur road too which was earlier host to only the Peenya industrial estate, with prospects of high growth remaining slim. “The dynamics has altered after the connectivity offered by NICE corridor, besides the presence of our Bangalore International Exhibition Centre on Tumkur road”, says a Spokesperson of NICE.
According to the Spokesperson, areas like Kanakapura road, Mysore road and Magadi road have become more attractive for real estate growth after the NICE road connectivity as compared to North Bangalore. “North Bangalore has not taken off the way it was expected, for various reasons, chief of which is the low water table in that region.”
Interestingly, the rapid growth in real estate investment in these areas was purely contributed by the connectivity offered by NICE corridor as no other sector had significantly contributed to it. This wasn’t so in the case of areas like Whitefield and Sarjapur Road where the IT boom triggered a spate of real estate investments.
Price rise
The real estate prices in these areas reflect this trigger in demand. “The value of land in Tumkur has shot by 600% over the period 2004-11. Places like Hosur have registered a 1000% increase in land value during the same period,” says spokesperson, NICE.
The NICE corridor has also boosted real estate investment in other areas skirting its road. “BDA layouts have been formed in areas like Banashankari 6th stage, Vishweshawaraya, Anjanapura, and further extensions and these have seen brisk investments because of the potential growth triggered by the NICE corridor connectivity”, he adds.
While the land prices have shot up in these areas, they will not overshoot the affordable bracket according to Farook. “The law of supply and demand will start operating eventually and the increasing rates would stabilise if more land parcels come up for sale which is unmatched by demand.”
While developers have evinced keen interest in these areas, especially in the Kanakapura road region, Farook adds that the rates have been varied depending on the nature of the projects. “Both high end and mid-segment projects have been launched with the rates varying based on the facilities offered.”
Interesting projects
Puravankara Projects have been one of the first to come up with a large development, Purva Highlands, on the NICE corridor, off Kanakapura road. Says Ashish Puravankara, Joint Managing Director, Puravankara Projects Limited, “The project has been well received by buyers as they want to capitalize on the growth of this area.”
He further adds, “Infrastructure development is the key driver for real estate growth as it brings in connectivity, enabling the geographic expansion of cities. The NICE corridor is an excellent example, integrating areas, in turn giving impetus to both commercial and residential development in the region.”
Incidentally, the NICE corridor is only one half of the ring road planned for the city. Once the Peripheral Ring Road that is planned becomes operational, the ring road would be complete and this would mean a tremendous boost to areas bordering it. As for connectivity, the city would be able to sing a different tune, with the traffic easing significantly and the currently difficult to access areas fusing into the main city.
Puravankara Projects have been one of the first to come up with a large development, Purva Highlands, on the NICE corridor, off Kanakapura road. Says Ashish Puravankara, Joint Managing Director, Puravankara Projects Limited, “The project has been well received by buyers as they want to capitalize on the growth of this area.”
He further adds, “Infrastructure development is the key driver for real estate growth as it brings in connectivity, enabling the geographic expansion of cities. The NICE corridor is an excellent example, integrating areas, in turn giving impetus to both commercial and residential development in the region.”
Incidentally, the NICE corridor is only one half of the ring road planned for the city. Once the Peripheral Ring Road that is planned becomes operational, the ring road would be complete and this would mean a tremendous boost to areas bordering it. As for connectivity, the city would be able to sing a different tune, with the traffic easing significantly and the currently difficult to access areas fusing into the main city.
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