Metro Impact on Realty Sector along Corridors – Part-II
Continuation of : Metro Impact on Realty Sector along Corridors – Part I
Jaipur Metro sees appreciation in proposed corridors:
The Delhi Metro Rail Corporation (DMRC) has already prepared the Detailed Project Report (DPR) for the Jaipur metro rail project in March, 2012. It is proposed to be developed in two phases, covering a total distance of 35 km, with 23 elevated stations and 8 underground stations. The proposed cost of the project is estimated at Rs. 9,732 crore. The project is being planned considering the future urban transport requirements that the city will be subjected to. Phase-I will be developed along two corridors, from Mansarover to Chandpole, and from Chandpole to Badi Chaupar. Phase-II will stretch from Sitapura to Amba Bari. Some of the areas along these corridors which have seen considerable realty appreciation in recent times are Mansarover, Sanganer, Bani Park, Jagatpura, Tonk Road, Sirsi Road etc. Apartments and villas are currently available in the price range between Rs.20 lakh to 50 lakh on an average. Appreciation in these areas is currently in the range between 5-10% annually. It is expected that as the project progresses, there will be further appreciation in realty rates in these as well as other areas along the metro corridor.
Impact of Pune Metro on Realty in corridor areas:
The Detailed Project Report (DPR) for the Pune metro rail project was submitted by the Delhi Metro Rail Corporation (DMRC) in August, 2008. However, due to various stumbling blocks, it was approved by the Maharashtra government only in June, 2012. The Pune Metro Rail Corporation (PMRC) which was formed to execute the project announced that the project would be mostly elevated and partially underground. It would be developed in two phases covering a total distance of about 60 km. Phase-I would consists of two lines between Chinchwad and Swargate, and between Vanaz and Ramwadi. Phase-II would again consist of two lines between Deccan Gymkhana and Bund Garden, and between ASI and Hinjawadi. Some of the areas along these corridors which have seen considerable realty appreciation in recent times are Bhosari, Yerwada, Kalyani Nagar, Hinjewadi, Nigdi etc. Apartments and villas are currently available in the price range between Rs.50 lakh to 80 lakh on an average. Appreciation in these areas is currently in the range between 5-10% annually. It is expected that as the project progresses, there will be further appreciation in realty rates in these as well as other areas along the metro corridor.
Ahmedabad Metro impacts realty due to good connectivity:
Another rapid transit system in the pipeline is the proposed Metro cum Regional Rail Transit System (MRRTS) connecting Gandhinagar with Ahmedabad. Besides the inter-city connectivity, it also connects the eastern and western parts of Ahmedabad city as well as Ahmedabad International Airport. The project is to be developed at an estimated cost of Rs. 19,000 crore, and covers a distance of about 83 km across two phases, of which 19 km is underground. Phase-I extends from APMC to Akshardam along one line and from Kalupur junction to Theltej along the second line, covering a total of 32 km, and Phase-II extends from Vasna to Changodar along the first line, from Sarkhej to Gandhinagar along the second line, and from Vasna 132-ft Ring Road to Sabarmati along the third line. Besides, the regional rail service is proposed along three routes namely from Kalupur to Naroda, from Vasna to Sabarmati and from Sabarmati to Gandhinagar. Some of the areas along these corridors which have seen considerable realty appreciation in recent times are Anand Nagar, Bodakdev, Narol, Naranpura, Vasna etc. Appreciation in these areas is currently in the range between 5-10% annually. It is expected that as the project progresses, there will be further appreciation in realty rates in these as well as other areas along the metro corridor.
Kochi Metro sees appreciation along corridor areas:
The Kochi metro rail project is being planned to be implemented on a Build Operate Transfer (BOT) basis, with a concession period of 30 years. The Kerala government has sought the help of the DMRC for submitting a Detailed Project Report, as well as for implementing the project. It is to be developed as an elevated project, at an estimated cost of Rs. 5181 crore, traversing across 22 stations, from Aluva to Pettah. Some of the areas along these corridors which have seen considerable realty appreciation in recent times are Aluva, Kadavanthra, Kakkanad, Kalamassery, Kaloor, Vytila etc. Appreciation in these areas is currently in the range between 2-5% annually. It is expected that as the project progresses, there will be further appreciation in realty rates in these as well as other areas along the metro corridor.
