New Metro Links To Boost Noida Property Market
Noida has been always been a buyer’s market with an oversupply of properties that clearly impacted the property values. When the Noida-Greater Noida Metro Rail project was still in the planning stage, commuting to and from the inner pockets of these twin cities was a challenge for the residents. Several homebuyers had to reconsider their decision of moving to their new houses, even after getting the possession. Many chose to live in rented accommodations elsewhere, close to their workplace, all due to lack of public transportation and infrastructure in their city.
Putting an end to all the connectivity woes, the Metro project will soon pave way into some of the far-flung areas of both Noida and Greater Noida. After the first trial run that was conducted in April between Greater Noida Depot and Sector 147, the second set of runs began on July 25. The trial run is now being conducted between Noida Sector 83 and Greater Noida Metro Depot.
The project being developed by the Noida Metro Rail Corporation (NMRC) at an estimated cost of Rs 5,503 crore, is expected to become operational in December this year.
About the Noida-Greater Noida Metro link
Originating from Sector 71 in Noida, the Aqua Line will directly link the Blue Line of the Delhi Metro. This existing line in Delhi currently terminates at Noida City Centre in Sector 32, which will be further extended to Sector 62 to develop this link. A total of 21 stations will be constructed, each in sectors 50, 51, 78, 101, 81, Dadri road, 83, 85, 137, 142, 143, 144, 147, 153 and sector 149 in Noida; and Knowledge Park-II, Knowledge Park-I, Pari Chowk, Alpha 1 and Alpha 2 in Greater Noida. The route will finally end at the Delta Depot Station, proposed near the recreational green, Knowledge Park-IV in Greater Noida.
Impact on property prices in Noida
Scheduled to begin in April 2018, the Metro project missed its deadline and is now likely to be inaugurated in the later half of the year. When the Delhi Metro’s Blue line was first extended to Noida in 2009, it brought a lot of cheer among Delhiites who benefited from easy access to their offices in Noida. However, this time, the extension of the Metro is likely to favour Noida residents and facilitate faster commute within the city.
Proximity to any transit infrastructure is likely to boost the prices not only for the commercial and retail spaces, but residential properties, too. As the Noida-Greater Noida Metro link extends deeper into the secluded pockets of the city, residential demand and a corresponding hike in prices are expected.
The Magenta Line, connecting Botanical Garden in Noida with Kalkaji Mandir in south Delhi, was opened recently and augmented connectivity between the two cities. It has also fuelled the rising rental demand around Botanical Garden and other sectors, especially because of the working professionals who travel to Delhi and Gurgaon on the Blue line.
The Aqua Line will cross major business hubs of Noida such as Sector 62 and provide sound connectivity to other business districts and SEZs in Sector 58, 59, 60, 61, 63 as well as offices on the Noida-Greater Noida Expressway. Hence, investment prospects will be higher than ever before.
The complete picture
*The Noida-Greater Noida Metro link is expected to reduce the burden on the infrastructure of Delhi. The national capital is home to a large migrant working population. With the upcoming public transport, Noida will be able to provide better housing opportunities for these temporary residents.
*The development will attract buyers from east Delhi and even far-flung locations. While those who have purchased apartments in Noida will soon realise the value of their new homes and the areas where the Metro comes up will witness price appreciation in future, say experts. Owing to increased liveability, relocation to Noida from Delhi will be on the cards for many aspiring homeowners.
*As travelling becomes easier, several skilled, semi-skilled and unskilled workers will find good employment opportunities in Noida and Greater Noida. Significant rise in indirect employment might be seen during the construction and operation phases.