Delhi-NCR realty growth speeds up with entry of metro
Besides offering a fast and reliable transportation, with improved accessibility to the Central Business District, the Delhi Metro has also given way to a realty boom in the city. The sub-markets situated along the metro corridors in the city have experienced extensive growth.
Real Estate in NCR has reached new heights with the metro’s arrival. Along with providing good connectivity, the metro also saves huge travel time. The North and West regions of the nation’s capital have witnessed enormous growth over the past 10 to 15 years.
With the advent of Metro line, a price correction trend started touching all the adjoining areas in the corridors, even much before the Metro started functioning. The impact was seen in the residential rates in far-flung areas as well, but to a lower extent.
North Delhi
North Delhi includes localities such as Ashok Vihar, Azadpur, Kashmere Gate, Inderlok, Model Town, Pitampura and Shalimar Bagh.
Connectivity and infrastructure of any area always have a positive impact on the real estate growth in that area. The areas in North Delhi too kept witnessing growth along which increased in sync with the various stages of the metro lines.
Hike in capital values
The properties in North Delhi have seen significant growth in both capital as well as rental values with increasing number of real estate transactions.
Areas like Azadpur and Model Town recorded an average appreciation of 30 percent in capital values after the arrival of Metro network. Commercial realty too saw good growth in certain pockets of the city. In the residential realty sector, residential units situated within a radius of half kilometre from a Metro station, observed higher appreciation in the values than those located beyond 0.5 km radius. Delhi University’s North Campus recorded over 50 percent appreciation when Delhi Vishwavidyalaya Metro line was started.
West Delhi
Some of the areas in West Delhi include Janakpuri, Vikaspuri, Uttam Nagar, Paschim Vihar, Punjabi Bagh, Rajouri Garden, Moti Nagar, etc.
Properties in West Delhi areas saw an appreciation of around 25 percent in capital and rental values with the triggering of metro rail service. Not only the residential segment, but even the commercial and retail sectors witnessed a boom. All vacant office and commercial spaces were filled up and development of new projects were quickened up.
Transition from little-know to much-known
Dwarka, though located far away from metro corridor, noticed a magical growth after the metro was introduced. The area was thinly populated and lacked many basic facilities and proper accessibility. With the metro rail being operational, commuters from Dwarka to Yamuna Bank, can now cover 32 km in around an hour’s time. This has lead to higher occupancy rate and rise in property transactions in this part.
Areas that were less-known earlier have now turned as popular ones, and the credit goes to metro network. Rithala (North-west Delhi), Narela, Uttam Nagar and Dwarka in West Delhi, etc have seen great development.
Many offices, educational institutes, retail outlets and parking spaces started emerging along the Metro corridors.
Less pressure on road transport
The metro network has also contributed in reducing the burden on roads in Delhi, in the absence of which the number of vehicles which is already at peak would have been multiplied by now. However the national capital is still striving hard to organise the traffic movement on roads. Compared to 7-8 years ago, several stretches in Delhi-NCR such as the Kashmere Gate stretch, have been witnessing smooth traffic.
Upcoming projects in metro corridors
Since buyers and investors are showing more interest in projects near metro lines/stations, reputed developers such as Parsvnath, DLF, Supertech, Omaxe, Uppal, etc are coming up with projects along the metro routes and extension of the existing routes.
Parsvnath has launched two residential projects in North Delhi, near Civil Lines and Subhash Nagar Metro stations. DLF has launched DLF Capital Greens near Moti Nagar Metro station in West Delhi, Uppal Group has announced a project named ‘The Metro Park’ near the Metro station in Dwarka and Omaxe has launched ‘Pearl Omaxe’ at Wazirpur in North Delhi. Omaxe is also planning to develop three new residential projects in Bahadurgarh including- North Avenue, North Avenue II and Omaxe Happy Homes.
