Good news and bad news for residents of Bangalore. Good news is that the stone aged Bangalore Development Authority’s shopping complexes will start to vanish from 2016. Private cozy malls will replace the old complexes. This is a welcome move for builders in bangalore as there will be more appreciation www.mimsbuilders.com for newly built apartments within 3 kilometers radius. Bad news is the residents around these upcoming malls will have the traffic and parking problem.
Five months ago Bangalore Development Authority has called for tender. Auctions held for the private demolishing agencies to bring down the old shopping complexes that are located in Indranagar, Austin Town and RT Nagar. What this mean to the builders in bangalore? Austin Town is a clear winner among these locations. Austin Town belongs to old bangalore and has not seen much improvement lately. This is a revival time for Austin area. Prices of rent will skyrocket. RT Nagar is one more area belongs to the old Bangalore. As most of the people were hesitant towards setting up new houses because of two problems one is it takes time to commute from RT nagar to tech parks and no upgradation in infrastructure from past 10 years. Now will new mall this will also witness the appraisal in the rents. Lastly Indranagar, It will become more costly than ever. As already all retail brands are there in this location, with mall it will be icing on the cake. For watching movies and for other entertainment activities in weekend people of indranagar were going to koramangala. However things will change dramatically.
One of the oldest shopping complexes is Indranagar BDA complex. Very few had set up the shops in the above complexes that largely because of look and the feel of building, no proper security system, mediocre maintenance comparing to the new shopping malls like forum mall that is in Koramangala, Orion Mall that near malleshwaram.
The new project will be done with the help of government and private partnership. 350 crores will be spent on the Indranagar shopping mall alone. 50 crores will be spent on the other two malls of RT Nagar and Austin Town.
