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Gurugram’s New Metro Price Is Going To Encourage Property Price Increase

Gurugram’s New Metro Price Is Going To Encourage Property Price Increase

The new metro corridor which is built in Gurugram, connecting the new and old sections of the city is going to increase the property price. This is due to the demand for housing and commercial spaces, experts said. 

The rates of residential property are going to increase by 15-20 percent while commercial property might rise by 30 to 50 percent as demand revives, especially in old Gurugram. The proposed metro alignment is going to establish a catchment of sectors 22 and 23. It might seem like a fillip as the developers are going to see many redevelopment opportunities, said vice-president of research at the ANAROCK Group. 

Prime Minister Narendra Modi approved the Rs 5,452 crore for the Gurugram metro project on June 7. The proposed 28.5 km metro corridor is going to start at HUDA City Centre, a terminal of the Delhi Metro Rail Corporation, and culminate at Cyber City. The extension to the Dwarka Expressway is near sectors 101-104, where various projects are being developed by Godrej, BPTP, and the Shapoorji Pallonji Group are coming up. 

Assistant director at Investor Clinic, Shauzab Kazmi said the real estate consultancy company. This section is between Sector 1 and Sector 23A (Palam Vihar) in old Gurugram and has connectivity issues due to which people tend to move to newly developed areas along with the Dwarka Expressway and Sohna Road

As most people know that there is no metro line in old Gurugram and connectivity is the major issue here. By improving the old connectivity, the region is ready to witness revival and future redevelopment projects which is going to increase the demand for housing. 

Founder of real estate consultancy, Pradeep Mishra said that the announcement of the metro corridor is going to trigger a 15 to 20 percent hike in residential property. This is located along the stretch, especially the Dwarka Expressway sectors and old Gurugram. There would be an increase of about 30 percent in the prices of commercial property. 

The metro expansion is also going to boost commercial space in this region. Even the corporate office has also spread across other areas of Gurugram, offering a positive push to real estate. 

According to the expert, property around Dwarka Expressway is costing around rs 12,000 per square foot, while plotting rates in Palam Vihar. The nearby areas range from rs 1,25 lakhs to rs 1.75 lakhs per square yard. In fact, the commercial property ranges from 25,000 to rs 30,000 per sq. ft. 

The managing director of Krisumi Corporation, a builder joint venture between Sumitomo Corporation of Japan and the Krishna Group. The approval for the metro holds great promise for areas along with the Dwarka Expressway as they are poised to get an enhancement of infrastructure. 

In the past few years, the Central Peripheral Road and Dwarka Expressway have witnessed mind-blowing growth. The completion of the Dwarka Expressway is in its final stages and the announcement of metro connectivity. The demand for residential properties is also expected to increase further from both end-users and investors.  

The founder of Signature Global, Pradeep Aggarwal said that the metro connectivity is going to create many investment opportunities and it is also going to generate employment opportunities, hence increasing growth of the real estate sector in Gurugram. 

In fact, the proposed elevated metro line is going to start at Huda City Centre and it will pass through Sector 45, Cyber Park, and Hero Honda Chowk before crossing the Delhi-Jaipur expressway to Udyog Vihar Phase 6, Basai, the railway station near Sector 5, Palam Vihar Extension, and Sector 23 A.

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Axiom Landbase

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