NEW DELHI: Improving occupancy and traffic jams in Greater Noida West have led to the approval of new metro link from Sector 71 to Knowledge Park 5. This project was stalled in 2017 as it was not economically viable due to the low population in the areas located along the proposed route.
Greater Noida West Metro is expected to bring a relief to more than 5 lakh home buyers who are going to occupy their houses in next few years. The total budget of this metro phase is Rs 2,602 crore and the work on the first phase is expected to begin in 2019.
The phase-1 with five stations is expected to complete by 2021 with an estimated cost of Rs 1,521 crore. Initially known as Noida Extension, Greater Noida West comprises of 16 villages and are collectively a part of Great Noida whose population, according to 2011 Census, was 1,07,676 people.
Rough estimates indicate that the area will be occupied by more than 2 lakh buyers in next few years. The area could witness a population of 5-6 lakh. This locality houses around 3.5 lakh units in various stages of construction. It also witnesses a strong demand for affordable and mid income housing. Around 40,000 housing units are currently occupied and the area is facing acute shortage of public transportation.
How will metro impact?
The approval of metro phase 2 extension is set to bring some cheer to the real estate market in Greater Noida West, particularly because connectivity was a major concern which invariably dampened the realty prospects here.
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants, says, “Currently, Greater Noida West sectors have very minimal public transportation facilities with hardly 1-2 major roads that have limited public bus services. As a result, it is difficult for residents to live. Alternate facilities like shared autos and private vehicles are the only available modes of transport. Hence, this enhanced metro connectivity (slated to complete by 2020-2021) will be a major boost for the people living here. More and more people will come forward to reside here as there will be enhanced connectivity from other prominent areas of NCR including Noida.”
According to ANAROCK data, more than 1.04 lakh units have been launched in Greater Noida West since 2013 till Q3 2018. A whopping 66% new supply entered this market in 2013 & 2014 collectively, thereafter declining y-o-y. First three quarters of 2018 saw merely 2,850 new unit supply. Interestingly, out of the total launches since 2013, only 18% are ready-to-move-in while remaining are still in various stages of construction. “The fact that only 37% of the total stock since 2013 is currently unsold means that even while demand was significantly high in the region, the pace of physical infra development has been extremely slow over the years,” explains Kumar.
Metro is likely to have a positive impact on real estate prices across Sectors 1-4, 10, 12, 16B, Eco-tech 12 and Knowledge Park V. These sectors fall are within 1-3km radius of upcoming metro routes. The fact that Greater Noida West has ample supply will in some way keep prices under check. One can expect prices to appreciate largely between 5-7% over the next one year while the better executed projects with respect to timeline may see 10% price appreciation in the coming year.
Auto rickshaws & buses
Residents of Greater Noida West area are most dependent on autos and buses which are currently not ample to support the rising population. People are mostly commuting using their own vehicles which is causing the traffic jams during office hours. Amit Yadav, a resident of Panchsheel Greens-1 in Greater Noida West, welcomes the decision, “Greater Noida West Metro will definitely bring a major relief for home owners here. Currently, residents are only dependent on their own vehicles which causes traffic jams during office hours. It is not easy to commute right now from here if you do not have a car or a bike. We welcome this decision and expect it to be completed before the deadline.”
Also, the much-awaited Delhi Metro’s Blue Line extension from Noida City Centre to Noida Sector 62 is expected to be ready by December this year. It comprises six stations at Sector 34, Sector 52, Sector 61, Sector 59, Sector 62 and Electronic City. This will further enhance the connectivity for people living in Greater Noida West who have to commute to Noida, Delhi, Gurgaon, Faridabad and other parts of NCR.