The 28-acre hillock, on Kanakapura Road and very close to Konanakunte Cross, will be at the heart of the path-breaking changes the city will witness.
Iskcon, which bought the 28-acre hillock for Rs 23 crore at a public auction, is building what it says is a Disneyland-like 4D technology driven Krishna Lila Park and will transform the tourist potential of Bangalore, Karnataka and India.
The construction work on the theme park is expected to begin mid-2012 and get completed by 2016-17 . The estimated cost is around Rs 350 crores.
Apart from the intrinsic attraction of the theme park, its spin-offs for Bangalore are numerous: a 600-unit Gokulam Apartments has been built right next to the hill and sold off to citizens, while a second block of 1,400 apartments is being built by Mantri Group also adjacent to the hill.
A massive block of 1,000 apartments already exists next to the hillock. Gokulam apartment resident K A Shenoy told TOI: "We purchased the flat not only because JP Nagar, Banashankari and Jayanagar are accessible, but because we will be right next to a world-class social theme park. The neighborhood will be hi-tech and socially alive and engaging."
Vaikunta Hill is expected to spur massive residential apartment projects and villas in the range of 3-10 km.
"Kanakapura Road is set to become the hot destination from 2012 onwards as development is still now concentrated in the Yelahanka, Whitefield, Sarjapura regions. Kanakapura Road and beyond is virgin area in a sense and will see far more residential development than office space development, followed by retail and commercial development," says Farooq Mahmood of Silverline Realty . Owing to the arrival of a massive tourist hub, property prices in and around Kanakapura Road area are bound to shoot up in the next five years. The prices for a square foot of site hover around Rs 3,150 to Rs 3,850, according to magicbricks.com, a property site. While a two-bedroom flat may cost Rs 30-35 lakh, three-bedroom ones will begin around Rs 50-55 lakh.
An acre of land in the area is running at Rs 9-10 crore. Expect a 10% to 15% rise in these prices in the next five years.
The location of Metro Cash and Carry on Kanakapura Road is attributed to the presence of wealthy families in the area and the vastly spread small retail network in the area.
Housing activity along Kanakapura Road is expected to rapidly expand with the arrival of Metro Rail network.
The line will reach Konanakunte, which will be connected to Majestic, which , in turn, is connected to M G Road.
Kanakapura Road originates in the city at Krishna Rao Park in Basavanagudi. Is close to J P Nagar, Banashankari, Jayanagar Is 16-18 kms from M G Road, Vidhana Soudha Metro rail is being built on Kanakapura Road till Konankunte Cross The road cuts through Vasanthapura and Konanakunte ward