Realty To Get Wings As Noida-Greater Noida Metro Project Gets Cabinet Nod
Those who bought properties in Noida and Greater Noida based on the fact that they would soon enjoy easy commute through a Metro network now have a reason to cheer. The Union Cabinet on Wednesday (May 24) gave its approval to the Noida-Greater Noida Metro Rail project that would cover a length of 29.707 kilometres (kms).
To be built by the Noida Metro Rail Corporation (NMRC) at an estimated cost of Rs 5,503 crore, the Aqua Line would start at Sector 71 in Noida and will have a connect with the Delhi Metro’s Blue Line. The existing link of the Delhi Metro till Noida City Centre will be further stretched till Sector 62 to create this connection. This comes as the biggest blessing for Greater Noida, a real estate market well-known for providing affordable options to homebuyers of the national capital region. Connectivity was a key reason why property values in the satellite city did not grow as expected. This is likely to change now — commercial and residential real estate in the region just got a blessing to thrive.
While proximity to transportation networks will raise home prices and rents in Noida, Noida Extension and Greater Noida, accessibility to offices and other parts of the National Capital Region of Delhi will also rise, making property in Noida a lucrative investment option. As it stands today, average property rate in Greater Noida is Rs 2,500 per square foot (sqft) while a buyer has to pay an average Rs 3,000 for the same measurement at Noida Extension.
Apart from acting as a facilitator for real estate growth, the Aqua Line would also solve many a problem.
As more and more people move to Noida and Greater Noida with increased mobility, national capital Delhi can heave a sigh of relief, where housing options are limited and expensive while migrant population numbers rise year after year. Congestion on Delhi roads would decrease, too, as more and more people take a Metro ride to work. It is worth mentioning here that authorities have been struggling to decongest Delhi roads, but the desired results have yet to be achieved. A case in point is the odd-even road space rationing formula that was introduced by the Chief Minister Arvind Kejriwal for the first time in December 2016.
According to a joint study by atmospheric scientists of India's top engineering and management institutes, the IITs (Indian Institute of Technology) and the IIMs (Indian Institute of Management), the odd-even formula could reduce pollution level by only around two to three per cent. The scientists are also of the opinion that such measures might fail to generate any significant results.
With a Metro network in place, vehicular traffic on roads would recede —commute will be easier, time spent on roads will be less and pollution levels will come down.
The project is likely to generate significant direct and indirect employment of skilled, semi-skilled and unskilled workforce. Substantial indirect employment will also be generated during the construction and operation phases.
The road ahead
- In November 2014, a special purpose vehicle was set up to execute the project. However, it was in January this year that the National Capital Regional Planning Board approved the release of Rs 1,587 crore to the Metro corridor at a subsidised interest rate.
- Now, the project will be implemented by converting the Noida Metro Rail Corporation Limited into a 50:50 jointly owned company of the Central government and the government of Uttar Pradesh.
- The project is scheduled to be completed by April, 2018. According to a release by the Press Information Bureau, "about 70 per cent progress of civil work and 40 per cent of overall financial progress of the project have been achieved".
- Project will be covered under the legal framework of Central Metro Acts, the Metro Railways (Construction of Works) Act, 1978, and the Metro Railways (Operation and Maintenance) Act, 2002.