Noida-Greater Noida metro will boost realty market immensely

The Noida real estate market is poised to see a major revival of sorts with the Noida-Greater metro network set to commence trials on the 15th of April, 2018. The NMRC (Noida Metro Rail Corporation) is planning to start trials on the date mentioned for this line which covers an area of 30 kilometres. The UPPTCL (Uttar Pradesh Power Transmission Corporation Limited) has already commenced the supply of power for the venture.

These trials will cover a stretch of 29.9 kilometres and will have four stations, namely Pari Chowk, Alpha-I, Sector 149 and Knowledge Park-II. This stretch will be developed for Rs. 5, 503 crore by the NMRC and the Aqua Line will be commencing from Noida’s Sector 71 and will link with the Blue Line of the Delhi Metro. The current link of the Delhi Metro till the Noida City Centre will be extended till Sector 62 in order to build this link.

The Aqua Line will commence from Noida City Centre in Sector 32 and will move towards Greater Noida through stations located in the Sectors 51, 50, 81, 78 and 101 along the Dadri Road. It will also pass through Sectors 85, 83, 142, 137, 144, 143, 153 and 147 along with Sector 149 in Noida. It will also venture into Greater Noida via Knowledge Park-II and will shift towards Sectors Alpha 1 and 2 and Pari Chowk. The line will finish at the Depot Station which has been set up near the Knowledge Park-IV situated in Greater Noida.

Greater Noida’s real estate market will witness skyrocketing growth due to this new development. There will be a positive boost to the city’s residential and commercial realty sectors accordingly. Property prices will go up and so will rentals. Noida Extension and Greater Noida will witness this growth in commercial development and real estate investments will be more lucrative in Noida. An SPV (special purpose vehicle) was established in November 2014 for this project but the National Capital Regional Planning Board approved the release of funds to the tune of Rs. 1, 587 crore for the metro corridor at a lowered rate of interest later. The project should finish by April, 2018 as per reports and 70% of civil construction has already been completed.