April 4, 2023

Proposed Gurgaon Metro Corridor To Boost Real Estate Sector

Real estate markets in and around these sectors will benefit and the metro line and the metro line will boost demands for residential real estate in the areas. It will also bring upliftment in the retail growth sector. Thus it will boost future growth in Gurgaon and realty players can bring land parcels close to the proposed metro railway line.

The 2.8 Km long corridor converts Huda City to Cybercity via Old Gurgaon. There are 27 stations including a stoppage at the Dwarka Expressway- “Gurugram is going to witness remarkable growth in its properties during 2022.” Real Estate projects are under construction phase or in the planning phase as these areas are going to benefit from the increased demand and planning phase in the areas.”

Besides, some of the prominent areas in Gurgaon, include Subhas Chowk, Hero Honda Chowk, and Udyog Vihar. Real Estate developers are going to announce the ‘Gurugram Metro’ that will be made during the Haryana Budget and will bring an increase in demand for commercial space and housing. The improvement in connectivity will also increase both businesses and homebuyers.

Ravish Kapoor, Managing Director, of ELAN group says: “The metro project is expected to improve the connectivity of the area, leading to a rise in demand for residential and commercial properties.

Rapid growth in the housing sector both for the affordable and luxury complex is being seen as an upsurge in Gurgaon. Near, there is the availability of easy transport facilities and gather the attention of potential buyers. There is a hindrance to Gurgaon’s progress due to heavy traffic flow, commuters, and buyers from residing and investing in Gurgaon.

Kunal Rishi, COO, of Paras Buildtech says that “The prospective Gurgaon Metro project is expected to make an efficient and environment-friendly transport system for the commuters of Gurugram and Dwarka Gurugram. It will also improve connectivity and ensure the facilitation of the buyers who have invested in the areas near Dwarka Expressway.

Real estate markets are witnessing a fall in the last few years and the biggest example is Gurgaon. It is called Millennium city and witnessed one of the highest counts in the unsold inventory. The demand also slowed as there was a delay in its completion. Thus it is believed that the surrounding Gurgaon would subside and there is a delay in the completion of multiple projects. There is improvement in connectivity and commercial activities allowing developers to get acquainted with the rise in prices. Rishi said that this opportunity is excellent when it comes to owners and investors who already contributed to investment.

Therefore, with the introduction of RERA, many efforts have been made by authorities to bring developers and book it while ensuring transparency and accountability. Gurgaon real estate is becoming popular and the main focus of the Central Government is affordable housing, cuts in GST rates, budget measures, and lower interest rates. Infrastructural developments are also making growth in property markets.

Source: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/proposed-gurgaon-metro-corridor-to-help-the-real-estate-sector/articleshow/99120108.cms

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