Delhi, Jaipur, Chennai and Bangalore are not just prominently known
cities across India but also have one other thing common. They all have a
metro rail system that has been pitched to elevate their status among
the best cities in the world when it comes to smooth transportation. All
four metro systems are currently thriving and are also in the process
of expanding their wings further.
Experts also believe that as of 2015, this is a major positive in the
favour of these four cities vis-à-vis real estate. Dujendra Bhardwaj,
Director, Marina Suits, says, “A huge impact has been witnessed with
respect to real estate in several cities in 2015 as compared to previous
years. Commercial areas have expanded due to enhanced accessibility
whereas residential areas have boosted the realty sector in cities like
Delhi, Bangalore, Jaipur and Chennai. A major advantage of this can be
seen in jobs which results in augmented demand for houses, and makes it
easy for the residents to shuttle to and fro.”
This is of significance as of 2015 because of that the fact that both
Chennai and Jaipur have only recently seen the beginning of their metro
operations. There is a positive sentiment across developers engrossed
in work in these areas. Amit Chaudhary, Managing Director, Rhythm
CCounty, explains, “India is seeing a fast-paced life in big cities as
these cities show a consistently positive change after the
accomplishment of metros along their metro corridors. Metro lines in
these areas have contributed to solve traffic problems. However, it
directly impacts real estate through rise in value of properties.”
Delhi NCR
The Delhi Metro and the Rapid Metro have majorly impacted realty in
the NCR. With the metro connectivity expanding to both Noida and
Gurgaon, several areas in these areas have seen a move north. Among
them, Noida sector 15, Noida sector 16, Noida sector 18, Noida sector
32, Noida sector 37, Noida sector 38, Gurgaon sector 24, Gurgaon sector
25, Gurgaon sector 26, Gurgaon sector 29 and Gurgaon sector 43, have
performed well on ROI charts and occupancy levels too have improved in
these areas.
Meanwhile, looking at future growth in the NCR areas, Noida Sector
34, Noida Sector 52, Noida Sector 59, Noida Sector 61, Noida Sector 62,
Noida Electronic City, Gurgaon sector 42, Gurgaon sector 53, Gurgaon
sector 54, Gurgaon sector 55 and Gurgaon sector 56, are expected to see
an upswing due to two metro projects in the pipeline – Noida-Greater
Noida metro and the metro expansion from Noida Sector 71 to Greater
Noida West.
Bangalore
Thanks to the Namma Metro, there are several areas that have
registered a positive impact in recent years. These areas include
Baiyyappanahalli, Mahatma Gandhi Road,
Mysore Road, Magadi Road, Sampige Road, Yeswanthpur, Peenya Industry
area and Nagasandra. Since the metro rail system is relatively new,
dating back to 2011, one will keep a close eye on multiple other areas
where growth is expected in the near future. These areas include Sampige
Road, Rashtreeya Vidyalaya Road and Puttenahalli.
Chennai
The relatively new Chennai Metro will be closely watched in the real
estate circles of the city. The areas that have already seen a positive
impact, thanks to the metro, include Wimco Nagar, Meenambakkam, Chennai
Central and Ramapuram. Meanwhile, areas that are expected to see growth
in the future include Mogappair, Tiruvanmiyur, Porur, Kamarajar Salai,
Ring Road, Radhakrishnan Salai, Kilpauk and NH5 Road.
Jaipur
Jaipur Metro is in its nascent stage, and one will have to wait and
watch to see major movement across the realty sector in the city. As of
now, Mansarovar, New Aatish Market, Vivek Vihar, Shyam Nagar, Ram Nagar,
Civil Lines, Railway Station area, Sindhi Camp and Chandpole, have seen
realty growth. Chhoti Chaupar and Badi Chaupar are expected to be the
big movers in the coming few months.
These metro projects also result in improved urban real estate values
as buyers are keen to pay more for their convenience. This eventually
results in improving the standard of living for a large segment of the
urban population. Shivakshi Gogia, Chief Executive Officer, Ascent
Group, says, “Strong infrastructure always attracts population, industry
and allied development towards the region, and pushes growth of
positive notes.”
The metro rail has created a big impact on overall transportation and
infrastructure apart from lowering down the load on roads in these
cities. Moreover, it has pushed various regions which were unusable for
common people, several industries and the real estate sector at large.
The retail and commercial areas are also expected to get benefit due
to the accessibility of the metro. It is also expected to restore the
lost prominence of various micro markets in the concerned regions. The
existing developments and infrastructure is likely to see a lot of
commercial redevelopment as a result of the easy access provided by the
metro. All in all, a win-win situation for Indian real estate.