Delhi Metro's Blue Line Extension Will Work Its Magic On Noida Realty
Soon, people working in Noida Sector 62 won’t have to rely on auto-rickshaws and hired cabs for commuting as the Cabinet on May 16 approved the extension of the Delhi Metro’s Blue Line from Noida City Centre to Noida Sector 62 and Electronic City. At present, only Delhi Transport Corporation-run buses and private autos are available for public transit in the area. The same is true of several areas of Ghaziabad that lie close to Sector 62.
Apart from easing connectivity in the two cities, the arrival of the Metro is also expected to further boost the demand for office and residential space in areas it touches.
The approved route will be an extension of the Delhi Metro’s Blue Line that starts from Dwarka and connects important hubs of Janakpuri, Karol Bagh, Connaught Place, Akshardham to Noida City Centre. Now, five news stations ─ Sector 52, Sector 61, Sector 59, Sector 62 and Noida Electronic City ─ will be added on this route. The elevated route is expected to be completed by September.
Sector 52 will come be an interchange station for the Noida-Greater Noida Corridor (Aqua Line) that is also expected to start operations in September.
The total length of the route will be 6.6 kilometre, and it is planned to connect other areas in Sahibabad and Ghaziabad via Indirapuram, Mohan Nagar, etc.
Of the Rs 1,967 crore that is needed to extend the route, Rs 340 crore will be provided by the Centre.
The realty factor
Noida Sector 62 is already huge when it comes to commercial real estate. Backed by good connectivity and infrastructure, the area already houses offices of leading multinational and software companies. A Metro connectivity would make the area picture perfect, boosting commercial as well as rental real estate.
While the nearby residential areas are primarily dotted with independent houses and bungalows, it has a flourishing rental real estate market. Lying not far from here is Indirapuram, which is a popular residential hub.
Apart from this, with upcoming connectivity, residential real estate in sectors 50, 51 and 52 will further gain momentum. These areas offer buyers large and spacious residential options.
It is worth mentioning here that average property rate at Noida Sector 62 currently stands at Rs 5,500 per sqft (psf). At Indirapuram, average property price is Rs 4,400 psf. Property values at Sector 50 range between Rs 9,000 and Rs 11,000 psf.