The Karnataka State Budget 2017-18 was tabled by the state chief minister in the Assembly on 15th March 2017. In line with the Central government’s agenda to provide “Housing for All by 2022”, the state budget too emphasises on housing for the poor.
Below are the key provisions in the state budget that may have direct or indirect impact on the real estate market of Bengaluru:
Karnataka’s state budget 2017-18 too emphasises on housing for the poor. “In our opinion, provision to construct 1 lakh houses in Bengaluru is a welcome move to resolve urban housing shortage in the city. However, the key lies in its on-ground implementation,” said a research report by Colliers Research.
With the city’s physical infrastructure under the spotlight due to unchecked urbanisation, measures to enhance connectivity have also received due attention in the budget. Colliers International believes that the infrastructure planned along Outer Ring Road is likely to provide impetus to the real estate sector in nearby micromarkets such as K.R. Puram and Hebbal.
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The initiatives such as the construction of an arterial road between Mysore Road and Magadi Road as well as a new township at Nadaprabhu Kempegowda Layout will enhance the location attractiveness of Kengeri. Development of Tumkur as a satellite city will also bode well for inviting new industries and stimulate the creation of the new industrial corridor underway. A new Innovative Township at Kondasapura will further enhance the location attractiveness of far off peripherals and help in the development of an organised housing market in the surrounding district.