The Metro rail network is going to be expanded by at least 120 kms in 2018. With this, the metro rail services network in the National Capital Region (NCR) will become the fourth largest network after Shanghai, Beijing and London. The total length covered by the Delhi Metro will be over 350 kms.
The availability of metro rail services work wonders for the real estate markets of the localities that are covered under the network. On an average, the property prices in the areas covered by metro rail services witness an increase of 5-10 percent in the short term, which extends to 10-40 percent in a period of 2-4 years. Metro rail is seen as the biggest driver of growth in the real estate market, and it gives a clear direction to the market.
In fact, an extension of metro rail services in an area gives property buyers an opportunity to enter a market that is bound to grow.
Currently it covers 230 km, and is touted as the ninth largest metro railway network in the world. After the addition of 120 kms, Delhi will bounce up to become the fourth largest metro rail network in the world. Recently on December 25, 2017, Prime Minister Narendra Modi inaugurated the Botanical Garden – Kalkhaji Mandir section of the Phase III of the metro rail expansion project. The section falls under the much-awaited Magenta line.
Until now, Delhi and Gurgaon have secured the most growth triggered by the provision of metro rail services. Noida has somehow remained a laggard as a large part of the city was not covered by the service.
In 2018, the Noida and Greater Noida real estate markets are expected to be the biggest beneficiaries of the metro rail. The construction of the metro infrastructure is almost over. As per media reports, more than 90 percent construction work has already been done and only 10 percent work comprising of finishing is left. It is clearly evident when you visit any metro station over this line, that the work is progressing at a very fast pace and the deadline of launching the services by April 2018 is quite possible.
The Magenta line will bring Noida more close to New Delhi and Gurgaon. Though it is currently well-connected to both the cities, reaching Gurgaon requires a long detour via Rajeev Chowk, that makes the journey a time taking matter.
Once the new line is launched, the residents of Noida and Greater Noida will be able to reach out Gurgaon via Hauz Khas itself. This will cut down the travel time by several notches.
There is no second thought that this closer connection between the two fastest growing cities in the NCR will open up a new chapter of growth and development. The economic activities are going to escalate and there will be more business and employment opportunities for people.
Meanwhile, the residential properties in Noida and Greater Noida are going to be under the limelight. The approval for international airport in Jewar has already given an impetus to both commercial and residential properties in Noida and Greater Noida.