In a commendable initiative set to redefine the real estate landscape and economic prospects of Gurgaon, Indian Prime Minister Narendra Modi recently laid the foundation stone of Gurugram Metro Rail project. It is a joint venture between the Haryana government and the Indian government, encompassing a 28.5 km long metro extension loop from Millennium City Centre (formerly known as Huda City Centre) to Cyber Hub.
The union cabinet had approved this project last year, stating that it is a significant step towards fulfilling PM Modi’s remarkable vision of providing everyone with a world-class and eco-friendly mass rapid transport system. The visionary project is expected to boost property prices in Gurgaon as it will further improve the connectivity of the city to other neighboring areas. The project is estimated to cost around Rs 5,450 crore.
Impact Of New Gurugram Metro Rail Project on Real Estate Market
Several realty experts believe that the new metro project will highly improve Gurugram’s infrastructure and its reputation as an ideal place for living, working, and leisure. According to several realty experts, while property prices in Old Gurgaon may not witness a major impact in the upcoming years as these are primarily saturated markets, a few sectors in New Gurgaon are likely to see redevelopment activity just like the areas connected by Delhi Metro. Having said that, the construction of this metro corridor is anticipated to increase the prices of the projects located along the Dwarka Expressway.
Furthermore, as per the recent research report by ANAROCK, sales of residential properties in Gurugram surged by 13% to 36,970 units in 2023 from 32,615 units in 2022. The new rail project is poised to catalyse this growth momentum, attracting more buyers to hotspot zones like New Gurugram and the Southern Peripheral Road, which are already experiencing big jumps in the capital values.
Speaking of the property rates, the average prices for a residential property at Dwarka Expressway have now shot up to ₹18,000 to 20,000 per sq ft as compared to the last year when it was between Rs 14,000-15,000 per square feet. The new metro line alignment is also intended to decongest the areas of old Gurgaon where widening of roads and flyovers has a limited scope.
Everything About The Old-New Gurgaon Metro Corridor
The new project will connect the Millennium City Centre to Udyog Vihar Phase 5, merging with the existing lines of Rapid Metro Rail at Moulsari Avenue station near Cyber City. This network will comprise total 27 stations, including Millennium City Centre, Sector 45, Cyber Park, Sector 47, Subhash Chowk, Sector 48, Sector 72A, Hero Honda Chowk, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai Village, Sector 9, Sector 7, Sector 4, Sector 5, Sector 3, Ashok Vihar, Palam Vihar Extension, Palam Vihar, Bajghera Road, Sector 23A, Sector 22, Udyog Vihar Phase 4, Udyog Vihar Phase 5, and at last Cyber City.
The deadline of completion of this project is within four years from the date of sanction and the implementation will be carried out by Haryana Mass Rapid Transport Corporation Limited (HMRTC).
Conclusion
As Gurugram is standing on the verge of a new modern era which reflects growth and prosperity, this Metro project will prove to be a testament to government’s dedication to fostering sustainable development in the city and enhancing the standard of living for its residents.
Notably, the launch of any metro corridor always has a direct impact on real estate as it leads to an increase in land value. It can be evident from the fact that the property prices in Tier 2 cities such as Lucknow, Jaipur, Ahmedabad, Pune, Kochi, Patna and Coimbatore had gone up by almost 8 to 10% following the introduction of a metro corridor in these areas.