Supply of fresh real estate in Bangalore is likely to slow down with the approval of new Comprehensive Development Plan (CDP) for the city. Most of the project-launchings are deferred as the real estate developers are seeking fresh sanctioning of their plans, in compliance with the new Floor Space Index (FSI) defined in the master plan.
Nevertheless, the CDP has all the potential to transform Bangalore into a world class city. For the purpose of effective land use, the city real estate is divided into three broad categories viz. Main Area category, Specific Area category and Constraint Areas category.
The main area category identifies its core as:
Large public and semi public infrastructure including government-owned public sector units;
Large transportation structures-railways and airports;
Dedicated land uses such as operational areas;
Scheme areas earmarked for development schemes and projects;
Heritage conservation areas.
Similarly, the other two categories also identify their core areas, in order to undertake reforms in a systematic and planned manner. Real estate developers, also, find this plan as rational and forward-looking. The industry veterans say that Bangalore properties will be benefited with this initiative in the long run, however some glitches can be seen in the short to mid term, which may impact property values in the affected areas.
Change in FSI, as per the area category, will also ensure effective utilization of real estate, and both builders and buyers will be benefited out of it.
Another boon that new CDP is likely to bring for is spatial data. A whole new Metropolitan Spatial Data Infrastructure (MSDI) would be implemented over Bangalore in order to deal with the growing complexities in the urban development and administration of Bangalore. The system would enable easy access to maps and spatial data on Bangalore properties with satellite-based remote sensing.
