While transportation and connectivity to the city is set to become easier, the impact on the Ghaziabad realty market is expected to be even more pronounced.
Infrastructure development – and particularly one related to transportation – always brings positive impact to the capital value of the property market. This time, it’s happening to Ghaziabad and the city’s realty market is set to ride on metro rail connectivity. The demand for both residential and commercial properties in the city is likely to increase.
The under-construction 9.41-km long metro route from Dilshad Garden to New bus stand has spread cheer in the realty market. The construction work is likely to be completed by December 2017. Mohan Nagar has been proposed as a major hub to connect various metro stations in the city.
Recently, the Ghaziabad Development Authority (GDA) has cleared a proposal for extending Noida’s under-construction sector 62 Metro line to Indirapuram in Ghaziabad.
The proposed Indirapuram metro line will be further stretched towards Kanawani, Vasundhara and Mohan Nagar. Similarly, the GDA has proposed extension of 2.57 km Anand Vihar to Vaishali metro line over Link Road towards Vasundhara.
“The proposal to extend the metro route is a blessing for the commuters as well as real estate market where new metro stations are being planned. In areas close to metro the most visible effect is better demand for properties. Constant rise in value is seen in properties lying close to metro corridors. Population density also increases in all the areas lying near the metro routes. Areas nearby metro corridors enjoy an edge over other areas both in terms of better demand for properties and travelling time & cost advantages. Metro extension to NCR regions has made these real estate markets more attractive for home buyers and investors”, says Manoj Gaur, managing director of Gaursons India, & president, CREDAI NCR.
Experts are of the opinion that prices of the property may boost up which are lying in proximity to the metro corridor.
“In terms of social and life style amenities, Ghaziabad scores high as the place boasts of good infrastructure, residential and commercial spaces, townships, skyscrappers, shopping malls, road and rail networks etc. The expansion of metro will be big cheer for the realty market here. Though completion may take some time, lakhs of daily commuters will be benefited once it is completed. Property prices are already booming in Ghaziabad and with the coming of metro the areas nearby the metro corridors will see a skyrocketing shift in property prices”, says Gaur.
According to Gaurav Gupta, general secretary of CREDAI-RNE chapter, “The extension of metro line to regions like Mohan Nagar, Indirapuram and Noida Sector-62 will have a direct and powerful impact on the real estate of all the regions lying near these metro corridors. Not just residential but demand for commercial spaces also increases around the metro stations. As per the proposals, Mohan Nagar would be the biggest change over junction. Region like Raj Nagar Extension would greatly benefit with this as people can commute to different routes from here. Another area like Vasundhra will enjoy metro connectivity via metro station which will be coming up at Indirapuram and Sector-62. Convenience of commuting to different routes and reduced travel costs are some of the advantages which will have a positive impact on the real estate growth of these regions”.
Indirapuram, which is already developed area is likely to see some new launches. You could observe a massive increase in prices over last couple of years. Presently the residential properties are available in the price range of Rs 4,300 sq ft to Rs 6,600 sq ft.
“It is proven fact that good transit systems and connectivity options directly impact the real estate of any region. Land values increase and high demand for residential as well as commercial spaces is witnessed at places which are nearby metro stations. Regions like Siddhartha Vihar which are situated next to Indirapuram, even few kilometers away from metro stations will eventually see increased urban real estate values. The biggest benefit is ease of commuting and better connectivity to region. Moreover there is increased demand for retail and office spaces around the metro stations due to connectivity and ease of travelling”, says Prashant Tiwari, chairman of Prateek Group.
The average price of 3 BHK property varies from Rs 31 lakh (for 1125 sq ft unit) to Rs 1.02 crore (for 1873 sq ft unit). For a 2 BHK apartment, the average price ranges between Rs 25 lakh to Rs 60 lakh for about 925 sq ft to 1190 sq ft area.
“Residential as well as commercial markets are set to take off in all such areas which are in close proximity to metro corridors”, says Tiwari.