In the current NCR real estate scenario, Greater Noida (West) has emerged as a booming real estate market that is equipped with a sound infrastructure and many well-developed as well as proposed residential and commercial projects. Moreover, recent initiatives by the Government have made this area favourable amongst many prospective home buyers.
However, amongst all the major infrastructural development, better connectivity is the major focus area of the state Govt. To enhance this, the state government has given their approval for the extension of the aqua line corridor that will link Noida Sector 71 to Knowledge Park 5 (Greater Noida). This extension will not only improve connectivity between Noida, Greater Noida (West) and Greater Noida but will also make Greater Noida (West) real estate, a buyer-friendly market.
Take a look at how this corridor will boost the Surrounding Realty Market:
Greater Noida (West) Metro: The complete corridor
Noida Metro Rail Corporation (NMRC) will develop the complete stretch of 15 km. The total budget allocated for this corridor is Rs 2602 crore and the construction work will start next year. The corridor will have a total of 9 stations that include Noida sector 122 and 123, Gr. Noida sector 4, Ecotech 12, sectors 2, 3, 10, 12 and Knowledge Park V.
Expert predicts that with its operation, Greater Noida ((West)) will call on more home buyers who are yet to move into their new homes or are thinking to invest here.
Impact on surrounding Realty Market
At present, Greater Noida (West) houses around 40000 residential units and with over lakhs of more such units in various stages of construction which is to be acquired by many home buyers in next few years. Also, the government is working hard to develop this area as an affordable housing Hubspot. So, better connectivity will certainly play a major role here.
Currently, the area has limited number of transportation facilities like shared autos or private cabs. Most of the people rely on their own vehicles and this leads to massive traffic jams, especially during peak hours. So, this metro extension will further improve the connectivity in this complete area with other surrounding areas like Noida and Greater Noida.
Apart from this, another extension on blue line corridor from Noida City Centre to Noida Sector 62 will provide more relief to the daily commuters of Greater Noida (West).
Impact in Real Estate Price
The average property rates in Greater Noida (West) are Rs 3,548 per sq.ft. However, the same month last year, the average property price here was 3,429 per sq.ft. which shows an appreciation in the property price of the area. The area is also expecting a further increase in prices by 5-7% in the coming few years, when the extended corridor will start its operations, predicts expert.