The forthcoming Metro link has opened up opportunities for new real estate destinations in Greater Noida and Greater Noida West, with prices here going up by 15-20%!
Ten years ago, Rama Krishna was offered a fully furnished 2BHK (1,140 sq ft) house for Rs 28 lakh in Alpha 2 Sector, Greater Noida. But he declined to buy it at that time owing to poor connectivity of the area from the main city.
Today, the same property is priced at around Rs 43 lakh, largely due to improving connectivity and the forthcoming Metro link in close proximity. This is the actual price trend of Greater Noida’s realty market with the Metro link set to become operational soon. And, Rama Krishna is yet to find a property of his dreams.
Limited connectivity kept serious buyers at bay, as commuting was troublesome. This was another reason behind the affordable property prices in these real estate destinations, preferred by investors, seeking to earn rental returns.
But, now, the situation has changed and the real estate market, especially in developing sectors of Greater Noida West, has gone up from affordable to premium in no time.
There’s more! The extension of two lines – Dwarka, Sector 21 to Noida City Centre, Sector 32 and Noida to Greater Noida through the expressway (to be operational by the end of this year) has brought mid-segment homebuyers to this promising real estate market. The Metro corridor from Sector 32 to KP4, Greater Noida through Sectors 71-79 belt, Dadri, the whole of Noida Expressway, Pari Chowk, and Sectors Alpha 1 and 2 strategically covers housing, retail, commercial, institutional, and industrial sectors of Noida and Greater Noida.
With work on the Metro link in full swing, the developing sectors of Greater Noida West and Greater Noida in close proximity to the proposed Metro station have registered appreciation in property prices by at least 15-20%, realtors of the area said.
Newly developing areas like Omicron, Chi-Phi, Swarn Nagari, Eta, Zeta, MU, NRI City – all in Greater Noida – and Sectors 1, 2, 3 etc around Gaur Chowk in Greater Noida West, which used to boast affordable properties, are now offering both affordable and midluxury options.
The route that connects Sector 32 to Sector 64, leading to NH-24, has had major project launches due to Metro connectivity. Many malls and entertainment joints –offering lifestyle choices to homebuyers – are coming up in close proximity to this region.
Once the Metro corridor is operational, the connectivity quotient of Greater Noida will shoot up with the deeper pockets of Delhi easily accessible from here. This would normally drive property prices up by nearly 20%, but, as a major appreciation has already happened in the market, further rise would be marginal.
Property prices fluctuate a lot, depending upon factors like the government’s future plans for the region, which can sometimes dramatically influence rates overnight. Greater Noida is a fast developing city, especially in the past decade when a lot of world-class infrastructure was added to it. Also, as it is a part of the National Capital Region (NCR), prices of properties have been on a constant rise.
Other mega projects are the 1,483km-long Delhi Mumbai Industrial Corridor, which touches base here, branches of major IT companies, educational institutes, while the entry of big brands, construction of shopping malls, and interest from big investors is directly responsible for the rise in property prices here. The trend will continue into the future because of the Metro link to this region.
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