Realty gets a boost with three new metro lines
The Uttar Pradesh government has approved three new Metro routes which would be the extension of the existing Dwarka-Noida Metro line to Electronic City in Noida, Kalindi Kunj in Delhi and to Greater Noida. The expansion is expected to enhance the demand for housing projects in the corridors of Metro line along Noida and Delhi.
Once the project gets clearance from the Urban Development Ministry, the construction of the new metro lines will begin soon.
As per the proposed new routes, the ‘Blue line’ will divert at Noida City Centre to connect Sector 62 at one end and Greater Noida on the other. And on the same line, a new route would also be created between Botanical Garden and Kalindi Kunj.
If the project gets completed, the new routes will provide an easy and faster connectivity to South Delhi and other industrial and commercial sectors of Noida and Greater Noida. This will further increase the demand for housing by people who regularly commute between Delhi and Noida. Along with the rise in demand, it is likely that the prices of properties along these pockets of Delhi and Noida are also expected to rise further.
It is expected that the metro route from Botanical Garden to Kalindi Kunj is projected to be completed in the next three years. There will be a station at Okhla Pakshi Vihar as well. Along with providing easy access from Noida to South Delhi, this will also benefit the commuters to Faridabad.
A total of six stations have been planned for the route passing along sectors 52, 59, 61 going up to Sector 62 and the line would terminate at Electronic City. The metro route going to Greater Noida would cover sectors such as 76, 78, 100, 137 and 143 which are located on the Noida Expressway and this route would terminate at Pari Chowk.
Real estate experts believe that the new metro lines would increase the developments happening in Greater Noida as many industries have already started setting up their bases in this developing part of Noida.
As many people who had bought properties in some of the pockets of Greater Noida, had kept them at bay since there was no good development and proper connectivity in this part of NCR. But in the recent times and in the upcoming years, proximity to Delhi and Noida, and the new Metro lines would certainly boost up such development. Many homebuyers who had decided to stay away from living in Greater Noida due to insufficient connectivity are expected to get back and start living there. Apart from the owners, rental demand for the properties in Greater Noida is also expected to rise sharply.
The new Metro lines will also give easy access to Electronic City. As of now, National Highway-24 is the preferred route for many commuters to reach Electronic City from Delhi, which is full of traffic issues. The Metro is believed to ease out the these issues along this route thus cutting down the travel time for the commuters.
These proposed routes will be a boost to the commercial sector in Electronic City and the residential realty sector in Noida. As it happened in many cases so far, the Metro is likely to influence the rental and selling rates of properties in the proposed Metro corridors. Experts are looking forward to around 20 to 55 percent hike in the property values in the metro corridors.
