[ecis2016.org] The Noida-Greater Noida Metro Rail is making a strong impact on property prices along its route. By how much and how soon will rates rise? We take a look
In 2009, Manisha Ghai was offered a flat in Greater Noida, for Rs 35 lakhs. She liked the apartment and its cost. However, the interior decorator, who mostly travels in and around Delhi-NCR for business, declined to buy it as she felt that commuting would be difficult. Seven years down the line, she is ready to pay Rs 65 lakhs for a similar apartment. Why? Ghai feels that the commute will no longer be an issue in the next one or two years, owing to the Noida-Greater Noida Metro.
You are reading: Noida-Greater Noida Metro Rail unlocks property potential
“I don’t drive. What bothered me earlier, other than the fuel cost, was the need to depend on a driver. It would have been quite challenging, if the driver did not turn up for the job. Now, with the Metro Rail, this worry is gone. In any case, I like the open spaces that Greater Noida has, for quality living,” Ghai adds.
Connectivity boosts potential
The Noida-Greater Noida Metro Rail has changed the region’s potential. Most of the affordable and mid-segment buyers are now open to buying an apartment in Greater Noida and travelling to other parts of Delhi-NCR once the Metro Rail is operational next year.
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The upcoming Noida-Greater Noida Metro line, will be the longest corridor of the region (30 kms). It will be an extension of two lines – the Dwarka Sector 21 to Noida City Centre line and the Noida Sector 32 to Sector 64 stretch. There will be 21 stations and one depot, with 6 stations falling under Greater Noida. All the stations will have platform screen doors that will run on solar power, while the depot will have rainwater harvesting facilities. The stretch is scheduled to be completed by March 2017.
The construction of the metro rail, has already led to an increase in property prices along the stretch. Many leading developers have launched projects in the premium category, while developers from other markets are either entering the region through joint developments, or are in the process of purchasing land.
From affordable to premium
Local property agents also highlight the fact that the areas closer to metro stations, are suddenly witnessing the launch of premium and luxury houses. Until a couple of years ago, these places only had affordable housing projects.
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The metro route that will extend from Wave City Centre Metro Station, connecting Sector 32 to Sector 64, and touching National Highway 24 up to the Ghaziabad border, has turned into a goldmine for property developments. Even the lifestyle choices in the region are changing, with malls and entertainment options emerging due to the metro connectivity.
Devina Ghildial, managing director-south Asia of RICS, points out that there is a strong focus on infrastructure development in the region, with the authorities concentrating on water, roads, transport and electricity. “In the coming years, we are likely to see a multiplier effect kicking-in, given the focus on developing the extensive metro line, the proposed multi-level transport system and other connectivity corridors that have been planned for the city. Such infrastructure development, will definitely impact property prices and take them higher,” says Ghildial.
(The writer is CEO, Track2Realty)
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