NOIDA (UP), Jan 28: Housing demand and prices may rise in Noida as well as Greater Noida with the launch of a new metro rail service, linking the twin-cities in western Uttar Pradesh, according to real estate developers and consultants.
The new metro rail service, called Aqua line, runs through 21 stations — 15 of them in Noida and six in Greater Noida — and covers a distance of 29.7 km.
“The upgrading of infrastructure due to metro connectivity is expected to help in spurring the demand for residential units in the region. Also, it is expected to have positive fallout on the commercial and retail segment as well,” says Abhinav Joshi, Head of Research for CBRE India.
In the past also, Joshi said, metro lines have played a crucial role in uplifting the real estate profile of areas that it connects.
Realtors’ body CREDAI said that sectors along the Noida expressway will have better connectivity now.
“Commutation will become easier from places like Noida Extension too. The market works on sentiment, and the sentiment is positive in the real estate sector,” said Prashant Tiwari, President of CREDAI western UP.
With improved infrastructure, he expects demand and rates for properties in Noida and Greater Noida region to get a big boost.
The new metro line has provided a great relief to home-buyers of this area, said Deepak Kapoor, Director, Gulshan Homz.
Dhiraj Jain, Director, Mahagun Group, said the benefit of metro will be shared by both the residents as well as the real estate sector.
“The inauguration of the Aqua Line Metro will also hike the rates of the units by 20 per cent in the area along with its boost in the sales,” Jain said.
Sagar Saxena, Project Head for Spectrum Metro, said several commercial and housing projects are being developed in sectors along the route of the Aqua Line.
“This is a big day for the realty sector of Noida and Greater Noida,” he said.
Around 2006, several projects were launched in 74, 75, 76, 77, 78, 51 and 50 sectors, when the average rates at that time were approximately Rs 2,000 per square foot, said Haris Murshid of the Skydeck Infrastructure, a commercial property consultant.
“Today, the rates in these sectors is approximately around Rs 4,500 per square foot,” Murshid said, adding that there would be no immediate impact on prices.
“Maybe in future, after 1.5 years or 2 years, the impact could be seen. As of now, only rental prices may go up by five or six per cent,” he said. (PTI)
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