Friday’s groundbreaking ceremony for the Millennium City Centre-Cyber City metro line has already spurred buyer interest in residential and commercial projects along the corridor and will boost growth of the real estate sector in the city, industry experts said on Friday.
Union minister Manohar Lal Khattar and chief minister Nayab Singh Saini on Friday performed the groundbreaking ceremony for the 28.5km metro line, which will connect Millennium City Centre with Cyber City and extend to Dwarka Expressway through 27 stations.
The new line will link old and new Gurgaon with key commercial hubs, including Subhash Chowk, Hero Honda Chowk and Udyog Vihar.
Properties along this route are likely to see a steady increase in capital value and rental yields.
“Metro connectivity has always been the single-biggest catalyst for property growth in NCR. This corridor will unlock tremendous value in micro-markets like Dwarka Expressway, Palam Vihar and Old Gurgaon, while further strengthening Cyber City and Udyog Vihar as commercial hubs,” said Vijay Harsh Jha, founder and CEO of VS Realtors, a city-based property consultancy.
Pradeep Aggarwal, founder and chairman of Signature Global (India) Ltd, said buyer demand for mid-income and premium housing projects will go up.
“Integrated townships and residential projects along Dwarka Expressway and near Hero Honda Chowk are already seeing a rise in enquiries. Over the next three to four years, demand could increase by 20–25%,” he said.
The commercial real estate sector stands to gain substantially, others said.
Vimal Nadar, national director and head of research at Colliers India, which offers commercial real estate and investment services, predicted that Grade A (premium) office space uptake will accelerate along Sohna Road, Southern Peripheral Road, Golf Course Extension Road and Dwarka Expressway.
“Average rentals in key micro-markets could rise by 5-10% annually, while investor appetite in properties near upcoming metro stations is likely to strengthen,” he said.
Scheduled for completion within four years, the entire metro corridor will feature app-based feeder services and dedicated parking facilities to ensure seamless last-mile connectivity. These measures are expected to improve liveability and reduce dependence on private vehicles.
Source : TOI
