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How Noida Metro will impact realty market

delhi-metro-route-noidaThe metro is likely to be completed by June 2017 and experts say investment in property along the route will pay rich dividends with improved connectivity between Noida and Greater Noida thanks to the upcoming metro line, the township’s realty scene, long marred by its distance from Delhi, is expected to change forever.

The Noida Metro is expected to have 21 stations along the 29 km Noida-Greater Noida route. With work already underway, the scheduled time of completion of the project is June 2017.

All civil works for the Noida-Greater Noida track are also planned to be completed by this period. The Metro line will extend from Wave City Centre Metro Station and connect Sector 32 to Sector 62 and touch NH-24. The route will have six elevated stations in Sectors 34, 52, 59, 61, 62 and Electronic City (NH-24, Ghaziabad border). Of these, 15 will be on-road stations while six will be off-road. Off-road stations will be located on one side of the road and will require foot over-bridges for commuters to access them.

  • All the stations will be multi-modal and traffic-integrated.
  • Knowledge Park-II Metro station in Greater Noida will act as an interchange point towards Jewar.
  • Given these plans, properties along all the sectors on the metro route are expected to gain value.

“Though the excavations and re-routing are currently causing issues, the consumer knows this is temporary and investment in property now will give rich dividends later,” says Dhaniram Khanna of DK Khanna and Son, a real estate agent and property dealer in Noida.
Starting from Noida City Centre in Sector 32, the metro corridor will towards Greater Noida via Sectors 50, 51, 61, 62, 78, 101, 81 and on Dadri Road via 81, 83, 85, 137, 142, 143, 151 and Sector 149.

“The advantages these sectors have are dual: better connectivity and better lifestyle amenities with several upcoming malls,” says Rakesh Diwan of Diwan & Son Real Estate Advisors, a property consultancy firm in Noida.

“There are several malls under-construction in Sector 18 like the DLF Mall of India, Logix City Center with PVR Cinemas and the first IMAX in north India and the arrival of supermarket brand HyperCity.”

“There are several upcoming primary, senior and higher secondary schools in and around these localities. Looking at the kind of infrastructure these sectors offer, it is a complete package for an end-user,” says Rakesh Mahajan, a city-based realtor.

According to HappyKeys data, some of the leading developers with projects at various stages of development include Jaypee Group, Lotus Group, Supertech, Wegmans Trustone and Apex Group.

Property between Rs 60-80 lakh continues to be the largest in supply.

“With a more conducive realty market, we expect property values to rise in Noida. A large number of high-quality commercial, residential and retail projects are still being developed in and around these sectors in addition to the Noida Expressway,” says Diwan.
The average price of a 3BHK varies from Rs 60 lakh-Rs 1.4 crore for a 1,000-1,400 square feet property. For a 2BHK flat, the average values range between Rs 35-80 lakh for about 950-1,100 square feet of space. Though a number of projects are relatively new (below five years), 70 per cent of the property in Sector 62, 52, 78, 81 and 34 are old constructions.