Noida-Greater Noida Real Estate Market To Get Boost By Metro In Noida

Metro In Noida To Boost Noida Real Estate Market

Noida and Greater Noida authorities have recently approved the much-awaited proposal for extension of the Metro line to Greater Noida. This project will accord fast connectivity between Noida and Greater Noida, and connect these places to Delhi and Gurgaon on this rapid access corridor.
The proposed Metro line is to be funded by both the authorities and will be built by the Delhi Metro Rail Corporation (DMRC). The proposed Metro line will have 22 stations connecting some of the busiest spots across Noida and Greater Noida.
The detailed project report (DPR) for the line has been prepared by the DMRC. The project, estimated to cost around Rs 5,000 crore, will commence soon and is expected to be complete by 2016. The Noida authority will pitch in with the funds; earlier the authorities had mooted a public-private partnership model to raise funds.

Metro In Noida To Boost Noida Real Estate Market

             Metro In Noida To Boost Noida Real Estate Market

The Metro line will run along the expressway, from City Center, Sector 32 and end at Bodaki, Greater Noida. The proposed stations on the route will be located 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, Greater Noida.
According to the DMRC and the authority’s estimates, nearly 65,000 passengers are expected to use this new Metro line every day. The Noida-Greater Noida authorities also gave their nod to extend the City Center Metro line by 6.67km to Sector 62, touching NH-24.
The DPR for this much-delayed project has been forwarded to the state government now. In addition, the Noida-Greater authorities have also decided to go ahead with the civil work on the Metro link between Noida and Greater Noida West (Noida Extension), which was proposed early last year. The DPR for the project, too, will be prepared by the DMRC.

Raising Funds
The authority will increase the floor-are ratio (FAR) from existing 2.75 to 3.5 in certain areas to raise the funds through builders and developers. For this, the authority will develop 1km special corridors along Noida-Greater Noida Expressway. The FAR would be sold for group-housing projects dotting the expressway.

Network of New Metro Line in Noida
The 30km-long Metro line will directly connect Noida City Center in Sector 32 to Greater Noida. The Noida-Greater Noida Metro track via expressway is estimated to costs around Rs 150-200 crore per km.
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. Areas like Noida-Greater Noida expressway sectors, Greater Noida West, Noida’s Sectors 71, 72, 78, 62, etc, are still not covered in this scheme. This service would entail another 50km of Metro network. The existing Sector 32 Metro line will be extended up to Noida Extension via Sector 72.
The 7km-long stretch will cost around Rs 1,400 crore of which Rs 1,100 crore would be shared by the Noida and Greater Noida authorities, depending on the territory falling under their jurisdiction. At least two stations are proposed to be built on this line. The City Center Metro station, which is proposed to link Sector 62, would branch out at Sector 71 to take the line till Noida Extension (Greater Noida West).
A senior officer of the Noida authority said: “The project could not take off on the time due to several reasons. 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 3.9km line between Kalindi Kunj and Botanical Garden in Noida will be constructed at a cost of Rs 845 crore. The Noida authority will pay Rs 492 crore for this. Another extension will also be made on the line from Sector 32 to Sector 62 at a cost of Rs 1,816 crore. This will be 6.6km long.
The Noida authority has sent both these proposals to the UP government for approval. The sanction on Botanical Garden-Kalindi Kunj line is expected to come early. Once the proposal for the Botanical Garden-Kalindi Kunj line gets the nod, the Noida authority will sign a MoU with the DMRC and work is expected to commence within three months.
Rama Raman, the CEO of GNIDA, says: “We recognize the need for connectivity between the Noida and Greater Noida areas, but the project cost is too high for us to bear. So we have decided to increase the FAR of group-housing projects falling within 1km on either side of the rail tracks. The Noida-Greater Noida Metro project will be undertaken in such a manner that these twin cities do not face any traffic problems.”

Impact of new Metro line on Noida and Greater Noida Real Estate Market
The announcement of the extension of the Metro line to Greater Noida will boost the real estate markets of Noida and Greater Noida. This will also increase the value of properties on the Noida Expressway and Noida Extension, where several reputed developers have their projects coming up. Some experts have pegged this appreciation at around 30-35%.
The expansion of the existing Metro line will also help in clearing any uncertainty or doubts in the minds of numerous home buyers and investors who were counting upon this decision, which to them means a secure investment. Also, the recent positive developments in Noida Extension will encourage the entire real estate industry to continue with the good work in the region.
Just as the Noida-Greater Noida Expressway enhanced the prospects of real estate here, the Metro connectivity, too, has done exactly the same and enhanced the value of realty estate across segments here. Another factor that has worked for Noida, since the time it came up, was the confidence of the investors and buyers about the infrastructural developments here.
If all goes well, the recent spate of Metro approvals will bring a lot of cheer among the buyers here. At the same time, it will also bring back the confidence of the investors and end users in this place and lift the uncertainty that was looming over this region not long ago.
Source-News bulletins

Alok Kumar Upadhayay
Real Estate Professional


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