Metro extension to boost Greater Noida’s realty market
Have you invested in Greater Noida? If yes, here is a reason to celebrate. With DMRC giving green signal to the Noida-Greater Noida Metro route, the realty market of the area is all set to get a shot in the arm. Thus, in addition to enhanced connectivity, the traffic snarls on the road will soon come to an end. Since well-built connectivity is the key detriment of development of any area, and hence the capital values, the areas falling under the metro route will definitely get a facelift.
Till now, well-developed infrastructure was the only negative that held buyers from taking a plunge in Greater Noida’s market. “The only thing lacking in Greater Noida was a decent infrastructure. After this approval for metro facility, the real estate market of not only Greater Noida, but entire NCR will be boosted. There are several housing and commercial projects underway in the region, most of which will get completed by the time metro become functional. Therefore, end users will get the benefit as the infrastructure will be in place as well,” informs Rupesh Gupta, director of JM Housing.
With the total cost of Rs 10,000 crore, this expansive metro corridor measures about 86 km and is expected to be on track by 2017.
Besides extending the existing City Centre Metro route connecting Kalindi Kunj and Botanical Garden, a new line from the City Centre Station connecting Sector 32 to Sector 62 and touching NH-24, is also approved.
So, which sectors will benefit the most? Well, this new 6km route will go through Sector 71 crossing and will provide connectivity to sectors 32, 34, 35, Hoshiarpur, Sector 51, 52, 71, Greater Noida Extension Marg, Sarfabad, Sectors 60, 61, 62, 63 and NH-24. Further, a new loop from Sector 71 via Sector 121 will join the Greater Noida route between the City Centre and Bodaki Railway Station in Greater Noida.
Realising the immense potential of the area, realty giants have already started cashing on the upcoming connectivity. Few developers active in Greater Noida include JM Housing, Supertech, Jaypee, Amrapali, Cosmic Group, Ajnara, KVD, ACE, to name a few.
Speaking about the investment potential, Ashok Gupta, CMD Ajnara India Ltd. says, “Greater Noida, at present is the best deal for investment purpose. There is ample of space and scope for improvement and especially with the kind of infrastructure development it has been witnessing; be it metro connectivity, education sector, health, etc., soon Greater Noida will become the first choice of every modern day investor.”
In addition to improving infrastructure, affordability is another edge that Greater Noida has over other regions of NCR. As per data with CommonFloor, more than 60 per cent properties fall under affordable segment, i.e., below Rs 40 lakh, closely followed by economic segment that commands about Rs 40-70 lakh.
Currently, the capital values for a standard 2BHK apartment sized 700-1,000 sq. ft. fall within the brackets of Rs 1,000-3,300 per sq. ft. Thus, a 700 sq. ft. apartment is available for Rs 7 lakh. The average range in Greater Noida is Rs 7-33 lakh. Though, developers are offering apartments, builder floors, villas and independent houses in varied configuration, buyers’ interest is mostly skewed towards 2BHK apartments.
Thus, be it for end-use or investment purpose, Greater Noida evolve as a potential option for all and that too without burning a hole in your pocket!
