Gurugram Metro: With the Gurugram Metro Rail project, for which Prime Minister Narendra Modi laid the foundation on Friday, real estate prices in some areas are expected to shoot up.
Read More: Gurugram’s real estate set for a major boost with new Metro Rail project
Gurugram Metro: Prime Minister Narendra Modi laid the foundation stone of the Rs 5,450 crore Gurugram Metro Rail project on Friday. When developed, the 28.5 km project will connect Old Gurgaon with New Gurgaon. The project will also improve connectivity and will reduce traffic congestion, providing ease of commute to the people. The project will merge the existing metro network of Rapid Metro Rail Gurugram at Moulsari Avenue station near Cyber City and will connect Millennium City Centre to Udyog Vihar Phase-5. The project not only provides ease of commute but also impacts real estate prices in some of the areas that fall on the route.
As per real estate experts, Old Gurgaon’s real estate prices may not witness a major impact due to saturation in these markets, but some sectors could undergo redevelopment activities similar to Delhi metro-connected areas. Notably, the construction of the new metro corridor is expected to impact projects along the Dwarka Expressway, as residential and commercial properties in this area are relatively new.
Gurugram Metro: Old-New Gurgaon Metro Connector
The Union Cabinet on June 7 2023, had approved metro connectivity from HUDA City Centre (Millennium City Centre) to Cyber City in Gurugram with a spur to Dwarka Expressway. The route is expected to have 27 stations. The project is expected to be completed in the next four years.
The metro route is likely to include these stations: – Sector 45, Cyber Park, Sector 46, Sector 47, Sector 48, Technology Park, Udyog Vihar Phase 6, Ashok Vihar, Sector 3, Krishna Chowk, Palam Vihar Extension, Palam Vihar, Sector 23 A, Sector 10, Sector 37, Basai, Sector 9, Sector 7, Sector 4, Sector 5, Sector 22, Udyog Vihar Phase 4, and CyberHub.
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Gurugram Metro: Impact Of Old-New Gurgaon Metro Connector On The Real Estate
Different real estate experts have different opinions, as some real estate experts say that prices in Old Gurgaon sectors may not be impacted because of the metro project as most of them are saturated markets, while others say that some residential sectors in Old Gurgaon may experience redevelopment activity similar to Delhi. It is important to note that the transit-oriented development options from the connector may lead to additional commercial opportunities in the area. This may lead to a rise in commercial rates by around 15 percent to 20 percent.
Gurugram Metro: More Options For Buyers
Notably, the construction of new builder’s floors is expected to come up in these areas, making affordable housing options available to new buyers who usually face budget problems when trying to buy property in newer sectors of Gurgaon.
Gurugram Metro: The Impact On Real Estate
According to real estate experts, the impact of a new metro connector is usually high in new/upcoming areas compared to old locations. In the current case, prices in Dwarka Expressway have already shot up by 15 percent because of the new metro connector and anticipation of the expressway.
Some projects in Palam Vihar have also witnessed an increase in price by 15 percent in both primary and secondary markets.
Retail space is also likely to be launched at approximately Rs 35,000 to 40,000 per sq ft.
In plotted colonies, the current price is around Rs 2 lakh to 2.25 lakh per sq yard which was Rs 1.70 to 1.80 lakh per sq yard until in 2023.
