Comprising of 16 villages, a sound infrastructure, and well-developed localities, Greater Noida (West) is a booming real estate hotspot of the NCR. In recent times, due to many government initiatives, policy formulation and announcement of infrastructure projects, the area has attracted many home buyers.
However to enhance the connectivity and to make this area more buyer-friendly, the state government has recently given nod to extend the aqua line metro corridor which will link Noida Sector 71 to Knowledge Park 5 (Greater Noida). The total budget allocated for this corridor is Rs 2602 crore and the construction work will start next year. Expert predicts that this corridor will further boost connectivity between Noida, Greater Noida West, and Greater Noida as well as will engross more homebuyers who are yet to move into their new residences.
Greater Noida West Metro: The Route
The complete stretch is of 15 km and will be developed by Noida Metro Rail Corporation (NMRC). This line will have 9 stations, of which 2 will be located in Noida while rest 7 will be in Greater Noida. These stations include Noida sector 122 and 123, Gr. Noida sector 4, Ecotech 12, sectors 2, 3, 10, 12 and Knowledge Park V.
Impact on Real Estate Market
Greater Noida West is currently home to around 40000 housing units and a rough estimate suggests that it will be acquired by over 2 lakh home buyers in another few years. Many developers are developing their projects here which are in various stages of construction. So, obviously, the need for better transportation facilities will be a must.
According to a data revealed by a real estate firm, in last 5 years, Greater Noida West has seen a launch of more than 1.04 lakh units. And the area has just limited number of transportation facilities like shared autos and private vehicles which lead to lots of traffic jams, especially during peak office hours. So, this enhanced extension will improve the connectivity in this complete area to much extent.
Apart from this, the extended blue line metro corridor from Noida City Centre to Noida Sector 62 is also expected to start its operations by the start of next year which will further provide relief to the daily commuters of Greater Noida West.
Property Price and Trend
Currently, the average property price in Greater Noida West is Rs 3,548 per sq.ft. However, it ranges between Rs 2,953-4,144 per sq.ft on whole. The average property price in December 2017 was 3,429 per sq.ft. which means that there is a price appreciation in the area. And with the commencement of this extended metro corridor, it is expected that the price will further increase by 5-7% in the coming few years.