How,The,Karnataka,Budget,Will, business, insurance How The Karnataka Budget '15 Will Affect Real Estate In Bang
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Karnataka’s Chief Minister, Siddaramaiah, has laid out the details of the State budget for 2015-16. The budget has many points that will have a direct and profound effect on Bangalore’s steadily growing real estate market. Let’s take a look at what’s going to change and why. The developments laid out in the budget will be spearheaded by Bangalore’s four major civic organisations: BBMP, BDA, BWSSB, and BMRCL.Traffic Woes Will Be AddressedAround Rs 15,000 cr has been allocated to BBMP. This organisation will set about widening a number of important roads which are lifelines of the city. Select junctions and grade separators will also be getting a facelift which will go a long way towards streamlining the traffic. Besides this, other major roads will also be developed and maintained under the Tender Sure model.General infrastructure like underpasses, overpasses, and skywalks are also being developed. The flyovers and underpasses at Doddanakundi and Hebbal junctions will be extended in a move that is expected to further ease traffic problems.Better connectivity is a much-needed development in Bangalore and these improvements will bolster the city’s infrastructure and increase the potential for real estate development in the city.New Real Estate Markets Open UpNadaprabhu Kempegowda Layout, which is spread over 2,000 acres is being developed by BDA and citizens can begin applying for the 5,000 sites which are being demarcated. This opens up a huge area for development and comes as good news for real estate developers.Water Gets Some AttentionThe BDA will go about cleaning up and maintaining Bangalore’s lakes, which will do wonders for the city’s image. This in turn will positively affect the real estate market.Pipeline will be laid till the T.K Halli reservoir as the first step in bringing 500 million litres of water/day into the city.Making Bangalore a Cleaner CityBBMP will be aiding Bangalore’s ongoing struggle with garbage. Over Rs. 270 cr has been allocated to tackle the problem. Once these programmes kick into full swing, they will have the capacity to process 2,800 tons of solid waste in a day. This will be a welcome relief to residents of the city who have been adversely affected by garbage in the past.New solid waste removal machines and sewage treatment plants will also be set up by BWSSB, which, along with BBMP’s efforts, will go a long way towards cleaning up the city. This should attract investors and give the real estate market a boost.BMRCL’s Namma MetroPhase-1 of the Namma Metro project is expected to be completed and fully operational by the end of 2015, barring any delays. The initial process of land acquisition and tendering of work on phase-2 of the project is to be completed by the end of 2015. Every phase of the project will improve Bangalore’s connectivity and make it an even more lucrative destination for real estate investment.One downside in the budget is the 2% increase in service tax, which will put some strain on home buyers in the city. Most of the improvements are welcome changes though, and will improve Bangalore’s image as a real estate hub. Article Tags: Real Estate Market, Real Estate, Estate Market
How,The,Karnataka,Budget,Will,