In a recent budget speech, Karnataka Chief Minister Siddharamaiah showered Bangalore, the capital city, with a development spree.
The total budget of Rs. 3.71 crore focuses on the city’s infrastructure and multi-modal connectivity options. In the budgetary speech, Karnataka CM talked about taking corrective measures for the famous vehicular congestion in Bangalore.
CM Siddharamaiah said the government is determined to make Bangalore a world-class city. For this, a large portion of the budget is for the commencement and completion of infrastructure development projects.
Key Takeaways from Karnataka Budget impacting Bangalore Real Estate positively
- Alongside infrastructure development, reliable public transport is the need of the hour. It will resolve the traffic congestion problem, an everyday struggle in the life of city residents.
- Underground tunnels at landmark Hebbal junction to deal with heavy traffic jams. It will be a pilot project in the city.
- By the end of December 2025, the white topping of major roads of 147 km will be done at an estimated value of Rs.1,700 crore.
- Restructuring of Peripheral Ring Road (PRR) as Bengaluru Business Corridor. The proposal is introduced to lower traffic snarls and promote large-scale economic activities. Under the PPP model, a 27-km road stretch is planned to be developed at Rs. 27,000 crore. The work for the project will start from this year itself.
- The extension of the metro network is on the cards. For the commencement of the third phase of the Namma metro, the State Government estimates a budget of Rs. 15,611 crore. The Karnataka Government awaits budget sanction from the Central Government to start working on Metro’s third phase.
- Siddharamaiah Government in Karnataka aims for metro expansion by adding a 44km metro line to the current Namma metro network.
- State Government offers a fresh slice of breath to commercial establishments. Now, restaurants, hotels, and other hospitality businesses can operate till 1 am. The decision is taken in the wake of ascending footfall in the markets. It is a big win for the food and hospitality sector, as they have been demanding for the same for quite a long time.
- The Cauvery Phase 5 project will ease the water supply in the city. Via this project, BWSSB (Bengaluru Water Supply and Sewage Board) will offer 100 liters of drinking water daily to the city residents. The project with an estimated value of Rs. 5,500 crore by the Government will quench the thirst of 12 lakh people in the city.
- Karnataka Government proposes to build a 250-meter high sky-deck in Bangalore. To construct this tourist destination, the Government aims to collaborate with a world-known architecture firm.
The metro network expansion and drinking water supply project will make living easy for the city residents. Maintaining a work-life balance will be simpler with better road connectivity. Similarly, the opening of food joints and other hospitality outlets till 1 am rejoice people.
On the whole quick connectivity to work, clean water supply, and ample time to celebrate life will offer an amazing lifestyle. The possibility of professional growth and extravagant lifestyle lure people to settle in Bangalore. Thus, the demand for residential property in Bangalore will be enhanced by manifold. As a result, investors can yield high rental values and capital appreciation on immovable assets in the city.
