The Delhi Metro Grey Line is projected to be operational by September 2019, bringing improved connectivity to oft-overlooked areas like Najafgarh and Nangli. With this development, the rental and capital markets along the Dwarka-Najafgarh stretch are anticipated to flourish in the near future.
The Delhi metro’s ever-expanding network has worked wonders for the real estate landscapes of the connected locales. Undertaking operations to incorporate more areas into its network, the Delhi Metro Rail Corporation (DMRC), on January 24, 2019, started work on its newest limb between Najafgarh and Dhansa Stand on the Dwarka – Najafgarh – Dhansa Stand corridor. Experts say the project, which is planned to be completed by September 19, 2019, would change the face of these areas. Improved connectivity would augur well for the capital and rental trends of the micro-markets falling along the stretch.
Currently, access to places like Najafgarh and Dhansa stand is limited due to insufficient public transport connectivity. The launch of the Grey Line of the Delhi Metro will not only bring the much-needed respite to the commuters, but would also pave the way to recovery for the previously dormant real estate prices.
Impact of metro on Najafgarh realty
Commenting on the potential of the project to boost capital values in Najafgarh, Balraj Yadav from BR Properties, says, “Land rates in the Najafgarh and surrounding villages have remained stagnant at Rs 4,000-6,000 per sq ft for the last three to four years. The commencement of the Grey Line would give a fillip to the prices. Additionally, with the implementation of the Delhi Master Plan, 2021, the rates are sure to skyrocket.”
A route rationalisation study was conducted in 2018 by the Transport Ministry to gain a deeper insight into the connectivity provided by bus and feeder service in the Najafgarh area. This study was carried out as part of the ‘Connect Delhi’ initiative with a vision to ensure that all residential areas and villages of Delhi are connected with a robust public transport facility within 500 m of walking distance, at a 15-minute frequency. With the final phase of construction of the Grey Line in full swing, residents of Najafgarh and smaller neighbouring villages will have improved access to the rest of Delhi, given that the bus and feeder service connecting them to the station is also implemented in time.
Ramesh Tyagi from Tyagi Real Estate, Nangli reveals, “Land rates along the Najafgarh-Nangli stretch hover between Rs 1200 and Rs 2000 per sq ft. The area is gaining popularity amongst leading builders who are buying land by the dozen to develop township projects. The area is expected to see a possible hike in demand for residential plots, by the end of the year.”
Impact of metro on Dwarka realty
Dwarka is already at the cynosure of all real estate activity in Delhi. With Blue Line metro already serving its population, the region is popular amongst the workforce of Gurgaon and Delhi. The Grey Line would only be an added advantage and help boost housing demand further. With this, Dwarka is set to be an essential node, bounded by Najafgarh Road, Pankha Road, Rewari railway line and the International and Domestic airports.
“The property rates in Dwarka currently hover around Rs 15,000 per sq ft. The readily available configurations, 3 BHK and 4 BHK apartments, are priced at about Rs 17,000 to Rs 27,000 per sq ft. With both Blue and Grey Line augmenting the areas’ connectivity, the property prices are bound to keep going up,” says Sahil Gupta of Gupta Realtors, Dwarka.
It is contemplated that once fully operational, the metro would make the Dwarka sub-city one of the best approachable locations in Delhi. In addition to the metro rail-induced connectivity, the road-based accessibility from Najafgarh, Nangli as well as Dhansa Stand would augment real estate in Dwarka.
Source : 99 Acres