Impact of rapid metro on Gurgaon real estate
The first phase of Gurgaon Rapid Metro connecting Cyber City with Sikanderpur covering a distance of 5.1 km has now become operational in the city. The new means of public transport is going to benefit lakhs of employees working in MNCs in the Cyber City. Besides providing better connectivity and convenience to the commuters, the rapid metro network is likely to prove beneficial to the real estate market of the city as well.
Gurgaon Rapid Metro is the first privately funded and operated Rapid Metro service in India. Under the first phase, it connects six major areas of the city, covered in a loop of 5.1 km which connects DLF Cyber City with Sikandarpur Metro Station. Phase II and Phase III of Rapid Metro service have also been planned.
Excellent connectivity and infrastructure attract investors
Connectivity and infrastructure are among the major growth drivers for real estate segment of any market. With the entry of rapid metro, both the criteria has got enhanced which surely influences the realty market. The influence has already been witnessed in the real estate segment of many localities along located close to the rapid metro corridor.
The residential properties of Gurgaon have always been in demand. But congestion and conveyance were always a problem to the residents. With better connectivity and improved infrastructure, the quality of life will improve, which attracts more and more investors, mainly from the upper middle-class and high-income segments.
|
Areas |
Average price per sq ft (in Rs) |
|
|
Nov-12 |
Oct-13 |
|
| MG Road |
11,585 |
12,200 |
| DLF II |
12,475 |
12,800 |
| DLF III |
10,950 |
11,650 |
| NH-8 |
5,850 |
6,870 |
| DLF V |
12,710 |
13,220 |
| Sushant Lok |
4,420 |
5,700 |
| Sector 54 |
6,960 |
8,260 |
| Sector 55 |
6,220 |
7,070 |
| Sector 56 |
7,100 |
26,000 |
Commercial activities will not be disturbed
It has been observed that the leasing activities in Cyber City have gradually started rising with the metro starting operations. In the last few months, many existing commercial establishments had started moving out of the area owing to traffic congestion at the toll plazas and the highway. But now, as the rapid metro is ready, the congestion on roads is expected to reduce significantly. And the commercial set ups are not forced to leave anymore.
Reduced travel time and low fares are other factors which make rapid metro loved by all. It is useful to everyone including office-goers, students, families, tourists, etc.
Phased development
Real estate experts believe that Gurgaon real estate has been witnessing rapid growth with the rapid metro phase I that has newly started operations. Also the Phase II project which will be taken up in the near future is enhancing the real estate activities along its proposed route. While Phase I connects Cyber City with Sikanderpur Metro Station, the Phase II will connect the Sikanderpur Metro Station with the densely populated sector 55, sector 56 and also a prime stretch in the city, the Golf Course Road.
The second and third phases of Rapid Metro will largely increase the property demand as Phase II will pass through DLF City Phase 1, 4 and 5, independent homes, builder plots in DLF I and gated communities in sectors 27, 28, 51, 52, 53, 54, 55, 56 and 57. The network also covers Golf Course Road, Central park and other localities.
Residential realty around Cyber City
The market watchers are doubtful that the rapid metro may not remarkably enhance the capital values of the residential units located close to the Cyber City. They are relatively age-old developments and have been largely facing issues regarding water-logging. When there are many other residential options available in other parts of the city, people may not be keen to invest in this part and get into troubles.
