Click to play videoBangalore: Four months before Bangalore's new international airport opens, land prices in rural Bangalore are hitting the roof.
As the 30-Km road linking Bangalore and its upcoming international airport at Devanahalli comes up, land prices around the area have shot up by 100 to 180 per cent.
The boom has even forced the government to revise guidance values for the Bangalore rural district.
Said H Shashidhar, IG, Registration, “We've revised land rates in about 100 taluks. Certain core areas near the airport may be worth 3- 4 crores or more. It's possible it may go up if more activities take places.”
The airport is to be opened on April 1, 2008.
Over 50 developers have ongoing projects in and around Devanahalli.
Last month, the Master Plan allowed large tracts of agricultural land around the airport to be converted for industrial, commercial and residential use.
Land transactions have gone up by 50 per cent, and property has changed hands for as much as 6 crore rupees an acre.
Realtors are cautious, though, and say that it's not just the airport that's taking the prices high, a lot of It could just be speculation.
President of the National Association of Realtors, Farook Mahmood, says, “Good roads and connectivity adds up to the whole thing, and that's what is pushing up the prices. Main roads are classified as commercial. There will be lots of five star hotels, one even in the airport.”
“It's going to be a different Bangalore,” he added.
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