[ecis2016.org] Will the Gurugram Rapid MetroRail project impact the real estate market of the region in a way similar way to how Delhi Metro impacted Delhi city? We examine…
First, it was the Delhi Metro, which proved to be one of the successful public transport infrastructure layouts in India, in the 21st century. The success of the Delhi Metro, spurred other similar projects across the country. One such infrastructure project is the Rapid MetroRail of Gurugram, which gave a new life to this part of the National Capital Region.
You are reading: Can Gurugram’s Rapid Metro transform the region’s property market?
Initially, this elevated metro rail project had six stations, connecting Sikanderpur, DLF Phase-2, Belvedere Towers, Cyber City, Moulsari Avenue and Cyber Green Infinity Towers. Now, it connects NH-8 to Delhi Metro and runs through Cyber City and Golf Course Road, as well. It is a fully-privatised project.
Connectivity via Gurugram’s Rapid MetroRail
Harish Arora, proprietor of Wadhwa Associates, maintains that the development of the Rapid Metro, has brought about notable change in the suburban area. “In particular, it has connected Golf Course Road and Golf Course Extension Road to the prime areas of Gurugram, which include the office locations like Cyber City or the mall destinations,” he adds. Nevertheless, several real estate agents in the area, pointed out that people in the area generally do not care about public infrastructure services like Rapid Metro, as most of them use their own vehicles.
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Sudipto Chatterjee, senior business director at Mediacom, who works in Cyber City, however, feels that this may actually prove to be an advantage for the Rapid Metro. “The Rapid Metro has made hop-on and hops-off within the city very convenient. Considering the bad traffic conditions in Gurugram, especially in the evenings, it is easier to use the Rapid Metro to reach a location within Gurugram. I use it to reach my client in Golf Course Road or when I am travelling to Delhi for business meetings. It saves a lot of time and is easily accessible from Sikanderpur,” Chatterjee explains.
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Gurugram Rapid Metro’s impact on property prices
The stations on the metro network also offer modern conveniences, with escalators and ramps in place. Moreover, unlike the Delhi Metro, the Rapid Metro system is built in a way that offers last-mile connectivity to the local residents.
Arora adds that “The biggest advantage of creating an efficient public transport system that connects the far corners of Gurugram, including Golf Course Road, populated city areas like Sectors 55, 56 and 57 and Cyber City, is that it has led to a spurt in demand for properties. Queries for residential properties on Golf Course Road, have increased and so have the prices of land. Plots in the city, which cost Rs 1.5 lakhs per sq yard, now cost up to Rs three lakhs per sq yard, indicating an increase of around 40-50 per cent in land prices. In a way, this has also made the recovery from demonetisation quicker.” Arora attributes the rise in prices to improved connectivity, because of the Rapid Metro and the underpass connecting some sectors like Sector 51 via NH-8 to the airport.
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Gurugram metro: Future plans
Another factor that works to the advantage of the Gurugram Rapid Metro, is that its timings have been deliberately set in-sync with that of the Delhi Metro. This helps commuters from various parts of Gurugram to reach their Delhi offices, without having to depend on the steep auto rickshaw fares or the local loop train. The success of the Rapid Metro, can be gauged by the fact that there are now plans to launch Phase III of the project. Although there has been no official confirmation, this phase is expected to connect Udyog Vihar and Old Gurugram to the heart of the city. Besides providing better connectivity within Gurugram and to other regions, it may also be an effective way to reduce the traffic congestion in the city someday and further fuel real estate growth.
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Source: https://ecis2016.org
Category: Lifestyle
