Greater Noida real estate to grow with metro expansion
Delhi-NCR- Noida-Greater Noida real estate sector is expected to cheer up with the proposal for extending Metro line to Greater Noida being approved by the Noida and Greater Noida authorities.
The proposed Metro line project ensures fast connectivity between Noida and Greater Noida. It will also connect these parts to Delhi and Gurgaon on this rapid access corridor.
Fund to the project will be provided by both Noida and Greater Noida Authorities. The metro line will be built by the Delhi Metro Rail Corporation (DMRC), which has already prepared a detailed project report (DPR) for the proposed metro line. According to the plan, the proposed line will have 22 stations connecting some of the busiest spots across Noida and Greater Noida. The route moves along the expressway, from City Center, Sector 32 and ends at Bodaki in Greater Noida.
The metro stations have been planned at Sector 51, Sector 50, Sector 78, Sector 101, Sector 81, Dadri Road, Sector 83, Sector 137, Sector 143, Sector 147, Sector 144, Sector 153, Sector 149, Noida and Knowledge Park 2, Pari Chowk, Alpha 1, Alpha 2, Delta, Knowledge Park 4 and Bodaki.
The total cost estimated for the Noida-Greater Noida Metro track will be around Rs 5,000 crore. Approximate cost per km would be around Rs 150-200 crore. The construction will be started soon and is planned to be completed in the next three years.
As per the estimate, nearly 65,000 passengers can use the new Metro line every day. The Noida-Greater Noida authorities also gave their consent for the extension of the City Center Metro line by 6.67 km to Sector 62, touching NH-24. Currently, the DPR has been sent to the state government for approval.
Along with this, the authorities have also planned to commence the civil work on the Metro link between Noida and Greater Noida West (Noida Extension). This project was proposed nearly an year ago and the DPR for this project is yet to be prepared by the DMRC.
The proposed 30 km long metro line will directly connect Noida City Center in Sector 32 to Greater Noida. Areas like Noida-Greater Noida expressway sectors, Greater Noida West, Noida’s Sectors 71, 72, 78, 62, etc, are still not covered in the proposed route. This would require another new 50 km of Metro network. And the existing Sector 32 Metro line will be extended up to Noida Extension via Sector 72. The Noida-Greater Noida authorities have finally decided to revive the project and have approved it.
The Noida authority also reviewed the detailed project reports (DPR) for the extension of existing DMRC services. A 3.9 km line between Kalindi Kunj and Botanical Garden in Noida will be constructed and another extension will be made on the line (6.6 km) from Sector 32 to Sector 62. The Noida authority has sent both these proposals to the UP government for approval. Once they are approved, the Noida authority will sign a MoU with the DMRC and work is expected to commence within three months.
How does the new metro line impact real estate?
The upcoming metro line is expected to pave way for fast growth of the real estate in Noida and Greater Noida. Since the cost of the project is too high, the authorities have been planning to increase the floor area ratio (FAR) of group-housing projects falling within 1 km on either side of the rail tracks. They have planned to execute the Noida-Greater Noida Metro project in such a way that these twin cities will not face any traffic problems.
The Metro line being extended to several parts of Noida-Greater Noida is expected to cover more than 1.5 lakh homes in the next 1-2 years.
The announcement of the extension of the Metro line to Greater Noida will boost the realty markets of Noida and Greater Noida. It is expected to encourage the buyers of the region, and it will also boost the confidence of the investors. The properties in Noida Expressway and Noida Extension are expected to observe an appreciation of around 30 to 35 percent.
It is expected that the recent positive developments in Noida Extension would be favorable to the entire industry to continue with the good work in the region.
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