Metro transport make Delhi NCR real estate properties more valuable which connects mostly NCR cities to gather. Greater Noida, Noida, Noida extension, Ghaziabad, Faridabad, Gurugaram and all Delhi city connected to gather via metro transport which make Delhi NCR easy transport. Delhi Metro Rail Corporation had a direct impact on Delhi’s real estate values from the time the first line from Tis Hazari to Shahdara was commissioned in 2002. As new lines race across NCR, realtors and users alike are agog, recession notwithstanding, finds Brix Research.
As for Noida, real estate broker Ravi Pundir, says, “Real estate values of Noida are already so high that we are expecting values to remain stable at least for this year. Though Metro will add value to property in Noida, it will take time to revise the city values.” Plots in Yamuna Expressway , Godrej Nurture Sector 150 Noida and Godrej Solitaire Sector 150 Noida are good place to purchase real estate properties.
End users from Delhi and Noida are shifting to Ghaziabad, where active real estate development has led to a glut in affordable residential property. They are in demand because of lower values than neighbouring areas. Many housing projects are coming up in different parts of the city. Values in prime residential localities like Vaishali, Vasundhara, Kaushambi and Indirapuramare high and are expected to rise by 25-30% once Metro has a complete run in the city.
Ravinder Singh, a Ghaziabad based realtor says, “Metro has added value to the city’s real estate sector. Approximately, 70% of working class is now investing in the residential property of Ghaziabad due to affordable property rates. The Commonwealth Games and the Metro are major role players in the booming of the city’s real estate sector.” Singh expects that after commissioning of the Metro, values might rise by 25-30%.
In Gurgaon, the Metro is expected to be operational by June 2010. According to realtor S K Mehta, end users prefer Sushant Lok Phase 1 – Block A, B, C – due to their proximity to Metro. He further adds that there is a spurt in enquiries for rental and capital values in these blocks. The property values are expected to rise by 15-20%, once the Metro is commissioned. He further told Brix Research, “Though Gurgaon is one of the happening places, due to a lack of connectivity, end users preferred to stay in Delhi. Now, with the coming of Metro, Gurgaon real estate market will be targeted by working class and students as well”.
One of the main reasons for high prices in the Delhi NCR reality market may be attributed to the Metro. End users and investors are now putting money in those localities with easy Metro accessibility, with property values that had either dropped or were stable due to the current global recession, expected to rise every time a new Metro line is flagged off from a locality in the Delhi NCR.