METRO MANTRA

The announcement of the decision to extend the Delhi Metro to Greater Noida has come as a shot in the arm for developers who are eyeing a quantum jump in revenues by developing residential complexes as well as an immense sigh of relief for the growing numbers of daily commuters.

After the opening of the expressway linking Noida to tourist hub Agra and other infrastructural upgrade, once again, the residents of Noida and Greater Noida have reasons to cheer. The much-awaited proposal to extend the Delhi Metro Rail to Greater Noida — which has already been approved by the Uttar Pradesh cabinet and is awaiting the Union urban development ministry’s nod — would come as a boon not only for thousands of people working in the NCR, but also to developers who are eyeing mega projects to tab prospective buyers in the region.

It is but a truism that travelling to workplaces would become much easier for those who have already booked houses or have plans to book homes in the sectors along the Noida-Greater Noida Expressway through which the Metro line would pass.

A new Metro rail link measuring 29.707 km between Noida and Greater Noida, which is expected to be commissioned by 2017, will be developed at an estimated cost of `5,064 crore. The detailed project  report (DPR) has already been prepared by Delhi Metro Rail Corporation and the Infrastructure and Industrial Development Department (IIDD) and is being forwarded to the urban development ministry for further action.

According to IIDD estimates, there will be a creation of 3.8 lakh jobs in Noida and 2.4 lakh in Greater Noida region due to this Metro project.

In view of enormous pressure of traffic on the Delhi-Noida route and projected population of over 15 lakh in Noida and 12 lakh in Greater Noida by 2031, a clean and smooth public transport facility matching the transport infrastructure of Delhi is required urgently in the area, says Surya Pratap Singh, Principal Secy, IIDD

Increased accessibility through a swift and efficient transport system that caters to and connects Greater Noida with other parts of Delhi-NCR will help in creating more opportunities for developers along the proposed Metro route and areas bordering them.
Harinder Singh Hora, Chairman, Realistic Realtors Pvt Ltd

Advent of the Metro which will enhance the connectivity might result in marginal price Increase.
Sushant Muttreja, MD, Cosmic Group

“In view of the enormous pressure of traffic on the Delhi- Noida route and a projected population of over 15 lakh in Noida and 12 lakh in Greater Noida by 2031, a clean and smooth public transport facility matching the transport infrastructure of Delhi is required urgently in the area,” said Surya Pratap Singh, principal secretary, IIDD.

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“Moreover, with major industrial and business houses increasingly preferring Noida and Greater Noida for investment, the Metro rail system will efficiently cater to the employees in this region,” he added.

According to the DPR, 22 stations have been proposed, of which 13 will be constructed on ground-level while seven stations will be elevated.Two stations at Knowledge Park-I and sector Delta-1 in Greater Noida are being planned for future expansion. As far as the financial management is concerned, both the Centre and the state will have a stake share of 50:50. According to Rama Raman, chief executive officer (CEO) of the Noida and Greater Noida Authorities, the Noida and Greater Noida authorities will have a 70:30 per cent
stake in the NMRC and the metro link.

Metro connectivity is a major boost to any property destination. And this particular line will be quite important in terms of real estate development as this will connect all the major areas in Noida, Noida Expressway till Greater Noida. And as connectivity plays a major role in property hence we expect that this increase demand but prices may or may not increase.
Prashant Tiwari, MD, Prateek Group

“With the UP cabinet’s approval in October, these two important projects have been put on the fast track. Once the Centre approves the proposal to form the NMRC, the Noida authority will make it functional very soon. Work on the 29-km metro link is likely to start by March-end,” said Raman, adding that the city authorities have already approved a budget of `1000 crore for the NMRC project.
Infrastructure experts feel that with growing population in the residential areas of Noida and Greater Noida set to increase over the next few years even as Delhi wouldwitness a huge shortage of dwelling units, the Noida- Greater Noida region would witness a spurt in demand.

With a projected population growth of about 1.5 million in Noida and about 1.2 million in Greater Noida by 2031 and with an indicated shortage of about 2.4 million dwelling units in Delhi by 2021, Noida and Greater Noida are poised to grow as the residential hubs
due to its connectivity to the national capital.

Many real estate developers feel that several projects which are under various stages of development along the Expressway are being timed for completion to coincide with the opening of the Metro corridor in 2017.

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With the UP cabinet’s approval in October, these two important projects have been put on the fast track. Once the Centre approves the proposal to form the NMRC, the Noida authority will make it functional very soon. Work on the 29-km metro link is likely to start by March-end.
Rama Raman, CEO,Noida & Greater Noida Authorities

“Increased accessibility through a swift and efficient transport system that caters to and connects Greater Noida with other parts of Delhi-NCR will help in creating more opportunities for developers along the proposed Metro route and areas bordering them,” said Harinder Singh Hora, chairman, Realistic Realtors Pvt Ltd.

Asked about the impact on the property prices of the region, many developers, who have many projects in the route, have expressed a mixed response in this regard.

Prashant Tiwari, managing director, Prateek Group said: “Metro connectivity is a major boost to any property destination. And this particular line will be quite important in terms of real estate development as this will connect all the major areas in Noida, Noida Expressway till Greater Noida. We expect an increased demand for property in the area but prices may or may not increase.”

Prices are governed by three major factors—connectivity, location and the quality of the product. The Metro will definitely bring in more demand which at the end might result in price increase, and this will surely bring cheer to people who already have invested in property in these locations as now they will get better returns on their invested capital. Ashok Gupta, MD, Ajnara India Ltd

However, Ashok Gupta, managing director, Ajnara India Ltd said: “Prices are governed by three major factors—connectivity, location and the quality of the product. The Metro will definitely bring in more demand which at the end might result in price increase, and this
will surely bring cheer to people who already have invested in property in these locations as now they will get better returns on their invested capital.”

Metro Math
22: Stations planned to provide world class transport facility between Noida and Greater Noida
2017: The year in which the project is expected to be commissioned
29KM: Stretch of the Metro rail link between Noida and Greater Noida
`5K CR: To be spent as the estimated project cost
27L: Projected population in Noida and Greater Noida by 2031

Starting from Noida City Center in Sector 32, the proposed corridor will go towards Greater Noida via stations in Sectors 50, 51, 78, 101, 81, Dadri Road, 83, 85, 137, 142, 143, 144, 147, 153 and Sector 149 in Noida, entering Greater Noida through Knowledge Park-II and traversing Pari Chowk, Sector – Alpha 1 & 2, terminating at Depot station proposed near Recreational Green, Knowledge Park-IV in Greater Noida.

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“Advent of the Metro which will enhance the connectivity might result in marginal price increase,”  said Sushant Muttreja, managing director, Cosmic Group.

“This long-awaited Metro connectivity will not only boost the property market along the route but it also has a huge potential to establish Greater Noida as an alternative job market,” said Taran Deep, general manager, marketing & corporate communications,
Paras Buildtech.

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