Bangalore’s real estate market will be transformed by the Peripheral Ring Road
To impose the Peripheral Ring Road job, a four-year plan has been developed with the help of the Urban Development Department. The State Cabinet has already approved the project the go-ahead, and the entire land acquisition charge may be paid for by utilizing the authority.
In response to a request, the Special Purpose Vehicle has been presented as a business organization by employing Bangalore PRR Development Corporation Ltd to fund, execute, and carry out work. The estimated total value of this project is close to Rs. 17,313 Crore. The quantity is ridiculous. It is, but it is more than adequate for the job.
Let’s see what the government has planned for the Peripheral Ring Road project. The government retains ownership of the land. It will purchase around 1810 acres of land using coins or TDR for land-to-land payback (transferable improvement rights). Nearly 80% of the land may be provided with the help of the government using the method of coins, but the cost of doing so might total Rs. 10, 176 crores.
The cost of building the Peripheral Ring Road project is quite close to Rs. 6,885 Crore. For the investment of a portion of the infrastructure costs, JICA’s (the Japanese International Cooperation Agency) long-term mortgage might be taken into consideration.
With the start of this new project, the Peripheral Road will be significantly broader than the 65-kilometer Outer Ring Road and the 41-kilometer NICE Road. Currently, the ORR has six lanes, while the NICE Road has four. The Peripheral Ring Road will have an eight-lane main road beside four-lane provider roads, as well as a large median for mass transport facilities like the subway.
A street project including hoops has already been announced in Bangalore. The job of the Peripheral Ring Road will soon experience daylight. After the Inner Ring Road and Outer Ring Road, it might be the third ring street to experience heavy traffic. The PRR will serve as a connector between the task street and the NICE Road. It will connect ten important roads, including Hesaraghatta Road, Ballari Road, Sarjapur Road, and Doddaballapura Road, as well as the Hennur-Bagalur Road. With the help of the PRR, a total of five kingdom highways and four national roads will intersect.
Using the information the government provided about their last meeting, we may have a better understanding of the Peripheral Ring Road project. The authorities had a meeting in Vidhana Soudha on February 9, 2022, that was focused on the PRR project. The Peripheral Ring Road (9PRR) project for Bangalore was approved at the meeting of the kingdom cabinet, which was called by Chief Minister Basavaraj Bommai. This is a fantastic indication for the city and might ultimately be extremely useful.
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