According to experts, the metro would enhance connectivity and create prospects for the redevelopment of property in the historic Gurugram.
Gurugram’s planned metro line, which will link the ancient and new parts of the city, is expected to drive up the cost of real estate as demand for residential and commercial space soars, according to analysts.
Residential real estate costs are predicted to increase by 15-20%, while commercial real estate costs may increase by 30–50% as demand increases, particularly in the older Gurugram area.
According to Ashim Chowdhury, vice president of research at the ANAROCK Group, “the alignment (of the proposed metro) traverses through the established catchments of Sectors 22 and 23 (old Gurugram), which may see a fillip because developers will see many redevelopment opportunities.”
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On June 7, the Rs 5,452 crore Gurugram Metro project received approval from the Union Cabinet, which is presided over by Prime Minister Narendra Modi. The Delhi Metro Rail Corporation’s HUDA City Centre will serve as the starting point of the projected 28.5-kilometer metro track, which will end at Cyber City. It would be extended to the Dwarka Motorway in close proximity to the upcoming Godrej, BPTP, and Shapoorji Pallonji Group projects in Sectors 101–104.
Poised for a comeback
The area between Sector 1 and Sector 23A (Palam Vihar) in old Gurugram has connectivity problems, according to Shauzab Kazmi, assistant director at Investors Clinic, a real estate consultancy firm, and as a result, people tend to move to newly developed areas along the Dwarka Motorway and Sohna Road.
According to Kazmi, connectivity is the main issue in ancient Gurugram because there is now no metro line; however, the proposed corridor will solve this issue. Old Gurugram is expected to experience a rebirth and additional redevelopment projects in the future to meet the growing demand for housing as connectivity in the area improves.
The introduction of the metro corridor, according to Pradeep Mishra, founder of the real estate consultant Homents, will result in a 15–20% increase in the price of residential property situated along the route, particularly in the Dwarka Motorway areas and old Gurugram. He anticipates a roughly 30% increase in the cost of commercial real estate.
The region’s commercial space will increase as a result of the metro development. Now that corporate offices are expanding throughout Gurugram, the real estate market would benefit, he said.
Experts estimate that the price per square foot of real estate near the Dwarka Motorway is currently approximately Rs. 12,000, while the price per square yard of plots in the Palam Vihar neighborhood and neighboring areas ranges from Rs. 1.25 to Rs. 1.75 lacks. The cost of commercial real estate is between Rs 25,000 and Rs 30,000 per square foot.
According to Mohit Jain, managing director of Krisumi Corporation, a construction company joint venture between the Krishna Group and Sumitomo Corporation of Japan, clearance for the metro holds great potential for areas along the Dwarka Motorway as they are about to receive an infrastructural upgrade.
“The Central Peripheral Road along the Dwarka Motorway has experienced amazing growth over the past few years. The demand for residential properties is anticipated to increase further from both end-users and investors as the Dwarka Motorway construction nears completion and the announcement of the metro link, he said.
The founder of Signature Global (India), Pradeep Aggarwal, asserted that the development of Gurugram’s real estate market will be aided by the creation of numerous investment possibilities and jobs as a result of the metro link.
The envisioned elevated metro line will leave from Huda City Centre, travel via Sector 45, Cyber Park, and Hero Honda Chowk, then over the Delhi–Jaipur motorway to reach Udyog Vihar Phase 6, Basai, the nearby Sector 5 railway station, Palam Vihar Extension, and Sector 23 A. To finish at Cyber City, it will then cross the motorway once more.
The Haryana Mass Rapid Transport Corporation will carry out the project, within a four-year time frame from the date of authorization.
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