MoU signed to extend metro link to G Noida; likely to boost realty sector

With the singing of Memorandum of Understanding (MoU) by Noida and Greater Noida Industrial Development Authority with Delhi Metro Rail Corporation (DMRC) to extend metro connectivity from Delhi to Greater Noida, the realty markets is likely to boost across the region. 

The realty experts have expected increase in the value of properties along Noida-Greater Noida Expressway and Greater Noida West, formerly known as Noida Extension as the proposed metro will cover most parts of the region. The authorities on Saturday had signed MoU of the extension of Existing Blue Line to Bodaki in Greater Noida and extension between City Centre and Sector 62 also.

The 29.7-kilometre-long metro line is estimated to costs around Rs 5,533 crore. The Metro line being extended to several parts of Noida-Greater Noida is expected to cover more than 1.5 lakh homes in coming years. The Noida-Greater Noida Metro line will start from the Noida City Centre in Sector 32 and head to Greater Noida via stations in Sector 50, 51, 78, 101, 82, Dadri Road, 83, 85, 137, 142, 143, 144, 147, 153 and sector 149 in Noida. The proposed 6.67-kilometre extension till Sector 62 will have six elevated stations at Sectors 34, 52, 59, 61, 62 and Electronic City at NH-24. A total of Rs 1,880 crore will be spent on the project. 

‘The expansion of the existing Metro line will not help in clearing doubts in the minds of numerous home buyers but will attract fresh investors,’ said Rakesh Kumar, a reality expert. 

Notably, the property rates had gone down in the region when different courts had either declared some of the projects illegal and had stopped authorities to issue ‘competition certificate’ in recent past.