Gurugram’s Real Estate Set for a Major Boost With New Metro Rail Project

Gurugram’s Real Estate Set for a Major Boost With New Metro Rail Project

In a historic move set to redefine Gurugram’s urban landscape and economic prospects, Prime Minister Narendra Modi laid the foundation stone of the Gurugram Metro Rail project today. This momentous event marks the commencement of a visionary project that promises to enhance connectivity, reduce traffic congestion, and significantly boost the real estate sector in Gurugram and surrounding areas.

The Gurugram Metro Rail project, a joint venture between the Haryana government and the Government of India, encompasses a 26.65-km metro extension loop from Huda City Metro station (now Millennium City Centre Metro station) to Cyber Hub. This ambitious ₹5,452-crore initiative is designed to cover the entire old Gurugram region, including a strategic 1.85-km spur to the Dwarka Expressway.

Commenting on the same, Aakash Ohri, Joint Managing Director & Chief Business Officer, DLF Ltd, said, “The modern infrastructure and high-quality living spaces in Gurugram set it apart, making it an appealing destination for those seeking a superior quality of life and investment opportunities. The new Metro route represents significant progress in Gurugram’s infrastructure, enhancing its reputation as an ideal location for living, working, and leisure. With upscale neighbourhoods and a vibrant social scene, Gurugram has long attracted multinational corporations and young professionals. This new metro route not only improves connectivity but also contributes to reshaping Gurugram’s urban landscape, further enhancing its appeal to business leaders, professionals, and investors.”

This project received the Union Cabinet’s approval in June 2023, underlining the Central government’s commitment to providing substantial financial support for Gurugram’s infrastructural enhancement. The Gurugram Metro Rail Ltd (GMRC) has been established to oversee the execution of this transformative project, ensuring efficient fund management and equity in its development.

Sharing his insights, Ravish Kapoor, Managing Director, Elan Group, said, “The foundation stone laying ceremony for the extension of the Gurgaon metro project by the Prime Minister marks a significant milestone in bolstering connectivity and infrastructure in the region. This development is crucial for urban expansion, unlocking immense potential for economic growth. By seamlessly integrating Gurgaon into the wider Delhi NCR (National Capital Region) network, the metro system acts as a dynamic force, propelling the growth and success of commercial real estate development in and around Gurgaon, while simultaneously enhancing the urban experience for residents and visitors alike.”

Sorab Agarwal, Executive Director, ACE, observed, “Gurgaon, the economic hub of the state, attracts 70% of total annual investments in Haryana. This has been the catalyst for major infrastructure investments in Gurgaon to cater to rapid economic and population growth. The new metro link with an investment of over Rs 5k crore will help build an efficient public transportation system to cater to the rapidly- increasing socio economic base in the city. Ace has been at the forefront in building India’s infrastructure for nearly 3 decades and the metro extension in Gurgaon is a welcome step , further in the process of nation building.”

According to recent findings by Anarock, residential property sales in Gurugram surged by 13% to 36,970 units in 2023 from 32,615 units the previous year. The Gurugram Metro Rail is poised to further catalyse this growth, drawing more buyers to hotspot zones like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road, which are already experiencing significant capital value jumps.

Expressing his views, Vivek Singhal, CEO, Smartworld Developers, commented, “The convergence of economic activities, connectivity, and infrastructural development has propelled Gurugram’s rapid growth and urbanization, establishing it as a focal point for national and multinational corporations, industry leaders, retail spaces, and skyscrapers. The Gurugram metro extension, complementing this development, represents a significant milestone in the city’s journey towards becoming a more connected, accessible, and sustainable urban center and will seamlessly integrate various parts of Gurugram with the existing metro network by providing an efficient and environment friendly transport system for commuters in Gurugram. Additionally, the extended metro corridor in Gurugram is poised to redefine urban travel, promote inclusivity and spark demand for residential properties, and revitalizing the commercial and retail sectors especially in the previously underserved sectors in Dwarka Expressway.”

Developers say the Gurugram Metro project is expected to make a substantial contribution to the economic development of the state.

Kunal Rishi, COO, Paras Buildtech, said, “The primary objective of this large-scale infrastructure initiative is not only to enhance connectivity but also to generate new business prospects and investment opportunities. As Haryana becomes a more sought-after destination for real estate investments, we are enthusiastic about the potential for growth and expansion in the region. As developers, we are particularly excited about the impact that the Gurugram Metro will have on the demand for residential properties in the city. With improved connectivity and commercial activity, we anticipate a rise in prices in areas situated close to the metro stations. This presents an excellent opportunity for investors and property owners who have already invested in Gurugram. We strongly believe that the Gurugram Metro will play a crucial role in transforming the region’s infrastructure, creating new employment prospects, and boosting economic growth.”

“The foundation stone laying ceremony for the extension of Gurgaon metro project signifies a momentous step forward in enhancing connectivity and infrastructure in the area. This advancement holds great importance for the expansion of urban development, paving the way for substantial economic progress. With its integration into the broader Delhi NCR network, the metro system serves as a catalyst, driving the prosperity and advancement of commercial real estate ventures in and around Gurgaon. Moreover, it significantly improves the quality of urban life for both residents and tourists, underscoring the vital role of connectivity, especially with regard to the Dwarka Expressway,” said Rahul Singla, Director, Mapsko Group.

As Gurugram stands on the cusp of a new era of growth and prosperity, the Gurugram Metro Rail project is a testament to the government’s dedication to fostering sustainable urban development and enhancing the quality of life for its citizens.

Source : FE

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