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The <keyword id="6354321" type="General" weightage="20" keywordseo="Bengaluru" source="Orion">Bengaluru</keyword> <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">metro</keyword> <keyword id="6366234" type="General" weightage="20" keywordseo="rail" source="Orion">rail</keyword> project is on track to complete 175 km of commute by June 2025, a top official said here. Addressing a session on the 'future of mobility' at the Bengaluru Tech Summit 2022 on Friday, Anjum Parwez, Managing Director, Bangalore Metro Rail Corporation Ltd (<keyword id="6367448" type="General" weightage="20" keywordseo="BMRCL" source="Orion">BMRCL</keyword>), said as part of the second and third phase of the project, Bengaluru will have 314 km of metro rail connectivity by 2041. He said construction of metro lines is also progressing well on the airport side. He said the biggest challenge in urban mobility is the integration of multi-modal transport systems and moving people to get into public transport from personalised transport modes. Parwez said urban India was the most neglected area until the 1990s, as urban planning was not in sync with connectivity or mobility issues. He said BMRCL is getting a lot of support from startups in mobility to ensure that commuters have last-mile connectivity. He said the corporation is tying up with mobility providers to get people to reach the nodal point and commute to their workplaces. Parwez said the <keyword id="6367447" type="General" weightage="20" keywordseo="Namma-Metro" source="Orion">Namma Metro</keyword> has recently gone digital with its payment options that include the use of QR code scans and UPI-based payment options which has met with good response from commuters. Also, there is no waiting time for passengers who are in a hurry as there is no need to stand in queues to buy tickets or cards now. He said BMRCL is working on a transit-oriented development where commuters live close to the stations and to the workplace. Besides, the BMRCL also intends to integrate all aggregators by bringing out a mobility card for commuters. He said the corporation is in talks with BMTC to have bus stops at metro stations to help commuters hop on and hop off both modes of transport. He said bike taxis and carpooling should be encouraged although the government of Karnataka had put brakes on their operation. The BMRCL is also working on introducing shopping options for commuters inside and outside the metro stations. He said the BMRCL plans to sell office space in metro stations and provide end-to-end solutions to all the stakeholders. Amit Bhatt, Managing Director of the International Council on Clean Transportation (ICCT), said urbanisation in India is 33 per cent while it is about 80-85 per cent in European and American countries. He said about 66 per cent of urban infrastructure is yet to be built in India as the country is set to see a number of cities being built. The biggest challenge is to ensure zero emission, zero exclusion and zero accidents in urban transport, he said. Vadiraj Krishnamurthy, Vice President of Technology and Innovation, Bosch Global Software Technologies, said the future is software-defined fully programmable vehicles. "The key enablers of urban transport are personalised multi-modal mobility, automated mobility, electrified and connected mobility. Connecting vehicles using technology is an engineering challenge of the future," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/alstom-bags-rs-2643-crore-order-to-design-manufacture-312-metro-cars-for-delhi-metro-phase-iv/articleshow/95582764.cms">Alstom bags Rs 2,643 crore order to design, manufacture 312 metro cars for Delhi Metro Phase IV</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/2022-jeep-grand-cherokee-is-a-luxury-4x4-adventurer-at-77-5-lakh-heres-all-you-need-to-know/slidelist/95595383.cms">2022 Jeep Grand Cherokee is a luxury 4x4 adventurer at ₹77.5 lakh</a>

Bengaluru metro rail on track to complete 175 km of commute by June 2025: BMRCL MD

India's 'Silicon Valley,' also known as the 'Garden City,' was once called a pensioner’s paradise. The slow and laid-back nature of daily life in the city was also complemented by the low cost of living and a better standard of life. However, over the last two decades, things have changed fast! And there is no better sector to reflect this change than the real estate market. According to the <keyword id="22291375" type="General" weightage="20" keywordseo="ANAROCK-report" source="keywords">ANAROCK report</keyword> 'Bengaluru’s Real Estate - Your Gateway to Opportunity,' the city’s <keyword id="22199035" type="General" weightage="20" keywordseo="average-residential-prices" source="keywords">average residential prices</keyword> have surged by 32% from H1 2023 to H1 2024. <h2>Unprecedented rise in home prices </h2>As of the end of the first half of 2024, average residential prices in Bengaluru stood at INR 7,800 per sq. ft., a notable increase from INR 5,900 per sq. ft. at the end of H1 2023. Dr Prashant Thakur, Regional Director &amp; Head of Research at ANAROCK Group, highlighted the city's impressive year-over-year growth: "Average residential prices in the city stood at INR 7,800 per sq. ft. by H1 2024-end against INR 4,960 per sq. ft. at H1 2019-end. Bengaluru also saw the highest Y-o-Y jump of 32% – from INR 5,900 sq. ft. by H1 2023-end to INR 7,800 per sq. ft. by H1 2024-end." This sharp rise can be attributed to soaring construction costs and increased demand from both investors and buyers. Following a period of stagnation during the pandemic and subsequent structural reforms, the post-COVID-19 market has seen a significant uptick in demand, prompting developers to raise prices, as per the statement from ANAROCK. <h2>Premium and luxury segments drive growth</h2>With such a sharp rise in prices, one would expect that the residents must be settling for affordable, low-range housing units. But, on the contrary, most residents are rushing to buy the premium and luxury units, according to the report. The increase in average prices has been propelled mainly by a surge in new launches in Bengaluru's premium and luxury segments. In H1 2024, approximately 32,500 units were launched, marking a 30% increase compared to H1 2023. The premium segment (INR 80 lakh – 1.5 crore) accounted for 39% of these new launches, while the luxury segment (&gt;INR 1.5 crore) comprised 36%. "Increased new launches in Bengaluru's premium and luxury segments in H1 2024 also contributed to the rise in average prices. Interestingly, out of the total new supply of approx. 32,500 units in H1 2024 in the city, nearly 75% were in the premium and the luxury segments altogether," says Dr Thakur. <h2>More positive signs </h2>Bengaluru’s real estate market also witnessed a significant reduction in inventory overhang. By the end of H1 2024, the city’s inventory overhang fell to a record low of 8 months, down from 15 months in H2 2019. The available stock stood at approximately 45,420 units, a 30% decline from the 64,680 units available at the end of H1 2019. This reduction is particularly notable given the robust new supply added to the market since 2019, indicating a strong absorption rate and positive market sentiment. Bengaluru's office space demand has also been on an upward trajectory since 2020, recently reaching an all-time high. The city's thriving business environment continues to attract significant interest, although the dominance of the IT-ITeS sector has marginally decreased year-over-year. Coworking space providers and manufacturing/industrial occupiers have expanded their presence by 3% and 2%, respectively, suggesting diversification of the tenant base and a maturing business ecosystem. <h2>The trajectory for coming years</h2>Despite its growth, Bengaluru faces several urban challenges, including traffic congestion, water scarcity, air pollution, waste management deficits, and increasing urban sprawl leading to flooding. However, the city is actively addressing these issues through various infrastructure projects, such as the Multimodal Logistics Park (MMLP), Bengaluru Suburban Rail Project (BSRP), Namma Metro Phase 2 and 3, Bengaluru Satellite Ring Road, and multiple expressways and corridors. Looking ahead, the ANAROCK report expects residential launches and sales in Bengaluru to rise by 10-15% by the end of 2024 compared to 2023. Average capital values are projected to witness a moderate appreciation of 10%, with prime locations and established tech corridors potentially experiencing steeper growth. Emerging trends, such as co-living spaces and eco-friendly homes, are likely to play key roles in market expansion. In the office market, new supply may see a slight decline of 4% in 2024 compared to 2023, but net office absorption is expected to increase by 10%. Average office space rentals are projected to rise marginally by 1% across the city. Despite how the social media memes portray, Bengaluru seem to be on an unprecedented upward trajectory. At least, the city's real estate market is on a robust growth path, driven by significant price appreciation, reduced inventory overhang, and strong demand across residential and commercial segments. One can only hope that the city's strategic infrastructure projects and ongoing efforts to address urban challenges bear fruit to enhance the quality of life for its residents. <h4>Recommended Stories</h4> <div type="Article" hostid="261" msid="111451011" title="Indian real estate rebounds as institutional investment touches a three-year high of $2.5 billion in three months" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="111457653" title="Brace yourself, Bengaluru! Traffic could get a whole lot worse as BBMP announces major roadwork in many key areas" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Bengaluru's residential real estate market soars as prices shoot up by 32% year on year

Bengaluru, <keyword id="6354780" type="LOCATION" weightage="20" keywordseo="Karnataka">Karnataka</keyword> Chief Minister B.S. Yediyurappa declared on Saturday that the US-based electric vehicle and clean energy company <keyword id="107096" type="COMPANY" weightage="20" keywordseo="Tesla">Tesla</keyword> will set up its <keyword id="396318" type="ORGANIZATION" weightage="20" keywordseo="production-unit">production unit</keyword> here. "American car company Tesla will set up its <keyword id="10759466" type="UNKNOWN" weightage="20" keywordseo="electric-car-division">electric car division</keyword> in Karnataka," Yediyurappa said in a statement, which mainly aimed at appreciating the Union Budget that was presented by Finance Minister Nirmala Sitharaman on February 1. On January 12, Yediyurappa had tweeted from his official handle that Tesla would start its operations in India with an R&amp;D unit in Bengaluru. But the Tweet was deleted after a couple of hours by which time it had garnered more than 8,500 likes and 1,800 retweets. Breaking his silence after the news broke that Tesla has finally entered India by registering it as a company in Bengaluru, its CEO <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> said on January 13 that he is on the way to fulfil his promise to let electric cars run on the roads of India. Reacting to his 41.2 million followers, Musk tweeted on making India his next destination: "As promised". The world's richest man was replying to a tweet linked to a blog post on the Tesla fan site, Tesmanian, which noted that Tesla cars will be expensive for Indians but the cars will become more affordable for the country's middle class when the company starts production within India. In the statement released in appreciation of the Union Budget, Yediyurappa said that the state would get Rs 10.904 crore for 33 national highway projects spanning 1,197 km. In north Karnataka, 13 highway projects worth Rs 21,000 crore have been cleared. These projects were announced much before the Union government tabled its budget. The CM said an industrial corridor is coming up at Tumakuru at a cost of ₹7,725 crore that would generate 2.8 lakh jobs. He added that the state will get basic infrastructure updates worth ₹1.16 lakh crore in the 2021-22 fiscal year. "Bengaluru will receive ₹14,788 crore for Phase 2 of the Namma Metro project and ₹23,093 crore for the suburban rail project. For other railway projects, the state will get ₹4,870 crore," he said. Describing it as a historic budget, he said that the tunnel project at Shiradi Ghat connecting Bengaluru and Mangaluru has been approved. "₹10,000 crore will be released for the 13 km tunnel," the CM said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/comparison-between-realme-x7-pro-5g-and-xiaomi-mi-10i-mobile-phones-with-price-and-specifications/articleshow/80873224.cms">Realme X7 Pro 5G vs Xiaomi Mi 10i – best mid-range device under ₹30,000 in India</a> <a href="https://www.businessinsider.in/defense/news/experts-say-india-and-china-both-need-to-show-their-voters-that-they-won-in-ladakh-for-the-disengagement-to-be-successful/articleshow/80876036.cms">Experts say India and China both need to show their voters that they won in Ladakh⁠ for the disengagement to be successful</a> <a href="https://www.businessinsider.in/business/ecommerce/news/why-grofers-may-allow-an-american-blank-cheque-firm-to-buy-it-out-instead-of-fighting-ambani-and-bigbasket-for-ipo/articleshow/80874979.cms">Here’s why Grofers may allow an American “blank cheque” firm to buy it out instead of fighting Ambani and BigBasket for IPO</a>

Elon Musk's Tesla cars to set up its production unit in Karnataka, says Karnataka CM

The state-run <keyword id="6355033" type="UNKNOWN" weightage="20" keywordseo="bangalore">Bangalore</keyword> <keyword id="6356415" type="UNKNOWN" weightage="20" keywordseo="Metro">Metro</keyword> Rail Corporation Ltd (BMRCL) is ready to resume its services in the tech city amid Covid pandemic, an official said on Wednesday. "We are waiting for the Central government's clearance to resume operations on east-west and north-south routes in compliance with the standard operating procedures (SOPs) of the Union Ministry of Home Affairs and guidelines of the Union Health Ministry to ensure the safety of commuters," the official told IANS. Like other state-run transport firms, Namma Metro too suspended its services since March 25, when the lockdown was suddenly enforced and extended, forcing thousands of commuters to switch over to alternative modes of transport. "Though limited bus, train and plane services were allowed to resume gradually during the three-phases of unlocking, regular express/mail passenger trains and metro rail services remained suspended to prevent crowding in public places and the virus spread," said the official. As the most popular transport mode for its punctual, efficient and cleaner service in air-conditioned coaches, the metro has been ferrying more than four lakh commuters on the twin routes, covering 42.3 km across 44 well-lit stations till pre-Covid days. "As social distancing has to be maintained, the guidelines may limit the number of commuters to one-third of the capacity in a six-coach train, that in normal times carries nearly 1,000 people per trip," the official observed. To ensure the commuters are virus-free, they will be screened at the entrance and advised to keep wearing mask throughout the journey for their safety and that of others. "As most of the commuters use smartphones, they will be advised to download the 'Aarogya Setu' application (app) for contact tracing in the event of any of them getting infected by the virus," the official added. All commuters will be advised to use e-tickets in the form of a smart card for entry and exit from the metro stations to minimise contact with tokens. "We are hoping the government to permit resuming <keyword id="63449" type="ORGANIZATION" weightage="20" keywordseo="Metro-services">metro services</keyword> in a phased manner under the guidelines to ensure the safety of commuters and the staff as restrictions on inter-state and intra-state travel have been lifted across the country," the official said. As a joint venture between the state and Centre, the operator has incurred Rs 300 crore loss over the last five months due to the suspension of its services to contain the pandemic.

Bengaluru is ready to resume metro services but needs clearance from central government

<ul><li>Normal life in Karnataka might be disturbed in the face of a dawn to dusk bandh called for by Pro-Kannada Organizations on February 13, 2020. </li><li>Some political experts say the February 13 bandh might turn as a low impact mission. </li><li>Read on to know what the one-day strike in the Kannada Speaking state could impact. </li></ul>The Pro-Kannada Organizations in the state of Karnataka have called for a day’s bandh in the state in demand of boosting up the reservation of jobs in Karnataka for the Kannadigas. Championed by Karnataka Sanghatanegala Okkoota, the February 13 bandh calls for implementing the Sarojini Mahishi report that advocates job reservations in Karnataka for Kannadigas both in the private and public sectors. Support to the bandh The organizations that have supported the bandh in Karnataka on February 13 are The Karnataka Film Chamber of Commerce (KFCC), Lorry Owners Association, Centre of Indian Trade Unions (CITU). Cabs and taxis will not ply in the state For the bandh that will extend from 6 am to 6 pm on February 13, the app-based cab operating companies like Uber and Ola have extended their support and hence they will not ply on the day. Some drivers association in the state like Jai Bharatha Vehicle Owners and Drivers Association and Adarsha Auto and Taxi Union are also supporting the Bandh. What will be closed in the state Due to the bandh on Thursday, educational institutions including schools and colleges in Karnataka will remain closed. Only emergency services like medical shops, ambulance service, hospitals, medical shops and milk booths will remain open. Since the hotel owners have not extended their support to the bandh, it is expected that most of the eateries in the state of Karnataka will be opened on the day. Namma Metro is expected to function as usual without any break. About Sarojini Mahishi report Sarojini Mahishi was a prominent leader in Janata Party. An MP for four times, she was appointed by the Ramakrishna Hegde Government to chair the panel in 1983 for making recommendations regarding the reservation of jobs in the state. In June 1984, the committee submitted an interim report and later tabled a final report in 1986 that made 56 recommendations. Out of them, 45 recommendations were accepted by the Karnataka Government. Why the bandh in Karnataka Some of the suggestions made in the Sarojini Mahishi report recommend that a certain percentage of jobs must be given to the Kannadigas in private and public sector and multinational firms operating in the state of Karnataka. Some recommendations made by the report urge that all the jobs in Group C and Group D categories in the central government departments and PSUs functioning in Karnataka must be given to Kannadigas while the report also advocates making 80 percent reservations for Kannadigas in Group B and Group A jobs of the abovementioned segments. Several suggestions made by the report are yet to be implemented and the February 13 bandh urges for the same.

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Bengaluru metro rail on track to complete 175 km of commute by June 2025: BMRCL MD

IANS

Bengaluru's residential real estate market soars as prices shoot up by 32% year on year

Deekshith Pinto

Elon Musk's Tesla cars to set up its production unit in Karnataka, says Karnataka CM

IANS

Bengaluru is ready to resume metro services but needs clearance from central government

IANS

One Day Bandh In Karnataka on February 13: What will Remain Closed In The State

BI India Bureau

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