Prime Minister Narendra Modi recently laid the foundation stone for the Gurugram Metro Rail project, a massive undertaking estimated to cost about ₹5,450 crore. The ambitious 28.5 km project’s objectives are to connect Old Gurgaon with New Gurgaon, promote improved connectivity, lessen visitor traffic, and enhance the general quality of life for residents living in the older areas as they commute.
Project Overview
The 28.5 km Gurugram Metro Rail project would connect Udyog Vihar Phase-5 to Millennium City Centre. It will smoothly integrate with the current Rapid Metro Rail Gurugram metro network at Moulsari Avenue station, located close to Cyber City. An essential first step in this revolutionary journey is the Union Cabinet’s approval of metro connectivity from HUDA City Center to Cyber City with a spur to Dwarka Expressway. The task is expected to be finished in four years, and it may be accomplished by the Haryana Mass Rapid Transport Corporation Limited (HMRTC), a 50:50 Special Purpose Vehicle (SPV) that the governments of Haryana and India jointly established.
Metro Route and Stations
The proposed metro path encompasses vital stations consisting of Sector 45, Cyber Park, Udyog Vihar Phase 6, Ashok Vihar, Palam Vihar, and CyberHub, amongst others. This extensive community is poised to beautify connectivity across one-of-a-kind sectors, contributing to the town’s standard improvement.
Impact on Real Estate
Real property experts recommend that while hooked-up markets in Old Gurgaon might not witness a drastic impact, positive sectors may want to go through redevelopment, mirroring the transformation visible in components of Delhi linked by the metro. Notably, the Dwarka Expressway area, with fairly new residential and industrial traits, is anticipated to experience the outcomes of the new metro hall.
According to Ashim Chowdhury, Vice President – Research, ANAROCK Group, the metro’s alignment pursues to decongest current regions in Old Gurgaon with limited infrastructure expansion. While those regions are mature, the creation of metro infrastructure is anticipated to beautify their enchantment and definitely affect real property pricing.
Also Read: Mumbai Metro’s Expansion Plans: BKC to Worli Link to Commence Operations in 2024
Price Trends and Projections
Real estate professionals expect that the effect of the brand new metro connector can be extra said in new and upcoming regions as compared to mounted places. Dwarka Expressway has already witnessed a 15% rate of growth in anticipation of the metro connector and the approaching beginning of the Expressway to the general public.
Pradeep Mishra, the founding father of Homents, notes that Gurgaon’s standard actual estate expenses have surged through 15% to twenty% for the reason of cupboard declaration, with particular projects in Palam Vihar experiencing a fifteen% increase in both primary and secondary markets. As construction progresses, expenses are predicted to upward in addition.
Revitalizing Commercial and Retail Sectors
According to Pradeep Aggarwal, the founder and chairman of Signature Global (India) Ltd., the metro extension from Millennium City Centre to Cyber City is clearly a game-changer for Gurugram. It is projected that the metro link will boost employment growth, create new investment opportunities, and enhance asset values. The capacity regeneration of the corporate and retail sectors is emphasized by Smartworld Developers CEO Vivek Singhal, particularly in the formerly underserved areas surrounding the Dwarka Expressway.
National Perspective
Using data from a 2022 file and JLL, it can be seen that the introduction of metro routes in tier-II cities has caused a rise in land prices of eight to ten percent. This supports the idea that effectively implemented metros have a real influence on tangible assets, such as creating land taxes, altering land use, and promoting densification along the corridor.
Conclusion
The Gurugram Metro Rail project has the capacity to transform the metropolis’s landscape, beautify connectivity, and perhaps affect the dynamics of real belongings. The effect on belongings fees, further to the predicted resurgence of the enterprise and retail domain names, highlights the significance of this infrastructural project in figuring out the destiny of Gurugram. The complete volume of the effect won’t emerge as obvious for a while, however, increase and development appear to be on the right track.
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