Real estate developers are hopeful that the announcement of the ‘Gurugram Metro’ during the Haryana Budget will result in strong surge in demand for housing and commercial space.
The proposed 28.8 km-long corridor will connect the Huda City Centre to Cyber City via Old Gurgaon and is expected to have 27 stations including a stoppage at the Dwarka expressway.
“Gurugram has seen remarkable growth in its properties during 2022. The metro project is expected to improve the connectivity of the area, leading to a rise in demand for residential and commercial properties,” said Ravish Kapoor, Managing Director, ELAN group.
The improved connectivity is likely to increase the attractiveness of the region for both homebuyers and businesses.
“This will lead to an increase in property prices, particularly in areas close to the proposed metro stations. Real estate projects that are already under construction or in the planning phase in these areas are likely to benefit from the increased demand and could see an appreciation in their value,” Kapoor said.
Some of the prominent areas in Gurgaon, including Cyber Park, Subhash Chowk, Hero Honda Chowk and Udyog Vihar, will be connected by the proposed network.
“The prospective Gurgaon Metro project is expected to make a substantial contribution to the economic development of the state. 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,” said Kunal Rishi, COO, Paras Buildtech.
With improved connectivity and commercial activity, developers 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 Gurgaon,” Rishi said.
Gurgaon has witnessed rapid growth in the domain of housing for both luxury and affordable complexes. The availability of convenient transportation in close proximity to residential and corporate complexes is a significant driver of sales for real estate developers and attracts potential buyers.
The issue that has been hindering Gurgaon’s progress was the heavy traffic flow, which deterred daily commuters and prospective buyers from investing and residing in Gurgaon.
“Gurugram metro extension, grading up this development would provide an efficient and environment-friendly transport system to the commuters of Gurugram and Dwarka. Gurugram metro would definitely improve the connectivity and facilitate the buyers who have also invested in the areas near Dwarka Expressway to make commuting more feasible,” said Vivek Singhal, CEO, Smartworld Developers.
Source : ET