To improve connectivity between major areas of Bengaluru, the UDD (Urban Development Department) has prepared a Peripheral Ring Road project plan. The PRR is planned to complete the loop of NICE road that will cover the stretch between Hosur Road and Tumakuru Road.
The State Government has already given their nod to the project and the funding for the land acquisition will also be done by the government. The state govt has also established a special purpose vehicle (SPV) – Bangalore PRR Development Corporation who will look after each and every aspect of the project. To start with, it will invite bids for the project over the next 3-4 months. The estimated cost of the Peripheral Ring Road project will be around Rs. 17, 313 crore.
Execution of the Project
To kick-start the PRR project, firstly the government has to acquire 1810 acres of land. This could be done either by land to land compensation through cash or via TDR (transferable development rights). The cabinet has also decided to take a long-term loan from the Japan International Cooperation Agency (JICA), to complete the infrastructural cost.
Details about the Project
The 8-lane Peripheral Ring Road (PRR) will be 65 km long and will be the third one after inner ring road and outer ring road. On the Northern part, it will connect NICE Road, the southern loop of the road. Apart from it, it will also connect to major highways between Tumakuru Road and Hosur Road that include Hesaraghatta Road, Doddaballapura Road, Ballari Road, Hennur- Bagalur Road, Hoskote-Anekal Road, and Sarjapur Road.
The design of the project has been prepared keeping in mind that in future it may accommodate mass transportation system such as Metro.
Impact on Real estate
Expert suggests that the PRR will further boost the overall real estate market of the Bengaluru city. The localities through which it will pass definitely notice a price appreciation in the coming few years. Apart from this, localities like Electronic City, Sarjapur Road via Bellary Road and KR Puram which are facing traffic congestion during peak hours will also get relief from this project.
The BDA is also planning to provide a twice FAR to the real estate developers who will come up with their projects on either side of the road.