In a recent development, the central government has given its nod to the long awaiting Satellite Town Ring Road Project (STRR) in Bangalore under the Bharatmala Pariyojna. The STRR project will not only decongest the roads but will also give a boost to the realty market of the Suburban or newly emerging satellite towns around the city.
STRR project is a 204 km long expressway which will be developed by NHAI. Also known as National Highway 948 A, the expressway will be developed in three phases and will pass through 12 suburban towns/cities of Bangalore that include Sarjapur, Attibele, Hoskote, Devanahalli, Doddaballapur, Kanakpura, Dobbespet, Ramanagara, Silubele, Tattekere, Magadi and Anekal.
The main planning authority which is involved in the development of this project has already started working on its master plan. The estimated cost of the project is Rs 5500 crore which excludes the cost of the land. As per the authority officials, the project will be developed under the hybrid annuity model (HAM). A HAM is a mix of the EPC (engineering, procurement, and construction) and BOT (build, operate, transfer) models. Under this model, the government and the private player both will jointly bear the complete cost of the development thereby creating a better financial mechanism.
Once the STRR project will become operational, congestion on roads will be reduced to much extent. People who are commuting daily from one of these satellite towns to other to reach their workplaces crossing the busy streets of the Bangalore city can easily miss this congestion taking the STRR corridor.
For example, traveling time between Hoskote and Dobbspet is said to be reduced by the current 2.5 hrs to 1.5 hrs. Officials also informed that the corridor will also reduce the distance between IT Hubs of the city like Electronic City, Whitefield and Bangalore Airport by 4-5 km.
Real Estate Market
At present, The IT city is seeing many infrastructure developments which in some or the other way are boosting the real estate market of the city’s localities. However, with this project, the government is ensuring last mile connectivity to the newly developed satellite towns of the city. This will eventually lead to a boom in the real estate market of these cities. Many leading developers are already constructing their housing projects which cater to both affordable, mid and luxury segment. As per experts, investing now will be much merrier for home buyers as the property process are still at the lower side. Once the development will take place, the rates will shoot like a rocket.