Impact of Delhi Metro Phase-III Extension on Real Estate
Inter-connectivity by public transport is the backbone of a city, which influences the land value and real estate. Connectivity of the locality by different means of public transportation has become one of the main concern of every individual.
Delhi-NCR has become second most populous city in the world and it serves India’s first modern public transportation system, which provides safe, fast and comfortable means of transportation. It has world’s 13th largest metro system in terms of length. Delhi’s metro system has been divided into four phases. Phase-I and Phase-II are already operational, consisting of six lines spread over the entire city. It is focused on the future growth of the city and it has won the distinction for being a trendsetter for other metros in the South Asia region. Thus, it is natural that real estate values have reached new heights along Metro routes in Delhi. Since last decade, it has been found that property rates have jumped significantly after approval of Metro operations. A study has found, that a Metro station in the locality pushes up prices of residential properties by at least 22 per cent. Price of any commercial/residential property are highest within 500 meters of metro routes. Commercial properties proximity to the metro has been proved more beneficial.
OPERATIONAL STATUS OF DELHI METRO PHASE – 3
Delhi Metro Phase III (Approved)
Jahangirpuri – Badli
Central Secretariat – Kashmiri gate, YMCA chowk and Faridabad
Dwarka – Najafgarh
Mundka – Bahadurgarh
Mukundpur – Shiv Vihar
Janakpuri – Botanical Garden
Delhi Metro Phase III (Extension)
Noida city centre – Noida sec 62
Dwarka sec 21 – IFFCO
Dilshad Garden – New Bus stand Ghaziabad
Rithala – Bawana
At present, Delhi Metro Rail Corporation (DMRC) has initiated Delhi Metro phase III which will connect the metro lines internally and extension of existing metro lines. DMRC has its first trial runs on 30th of December 2013 of Phase III, between Central Secretariat and Mandi House. The construction work for this three kilometer underground stretch which is part of the Central Secretariat –Kashmere Gate Metro Line is almost complete and is expected to be opened for commuter operations by end of March 2014 after trials.
According to DMRC officials, the timeline for the completion of metro corridors is 2016 (Mukundpur to Shiv Vihar and Janakpuri west to Botanical Garden ). For this, corridors has been broken into 4 sections Maujpur to Indraprastha Extension, IP Extension to Nizamuddin, Nizamuddin to Dhaula Kuan and then, Dhaula Kuan to Mukundpur.
The extensions of Jahangirpuri-HUDA City Centre corridor upto badli (extended by 5 KM) and Central Secretariat-Badarpur corridor to Ballabhgarh by adding two more stations (extended by 3.5 KM) are expected to be complete by next year, 2015. Thus, the same phenomenon of increasing land value and demand of property in the surrounding area of new extended lines of metro are expected to boost the real estate market. Especially, the localities around the extended line will experience more impact on land value than the rest of the metro lines. (Badarpur to Ballabgarh and Jahangirpuri to Badli).
