Greater Noida Authority has finally given a green signal to the second phase of the Metro link from Noida Sector 71 to Knowledge Park 5 in Greater Noida. The news has understandably brought a cheer among the home buyers as well as investors of the residential projects in the region as the metro connectivity will surely have a positive impact on Greater Noida real estate.
The extension of Metro’s Aqua Line will have a total of nine metro stations out of which two will be in Noida (sectors 122 and 123) and seven will be in Greater Noida (sector 4, Ecotech 12, sectors 2, 3, 10, 12 and Knowledge Park V).
The news comes as the biggest blessing for Greater Noida real estate market that is well-known for providing affordable options to homebuyers of the national capital region. However, daily commute and connectivity was a key reason why property values in the satellite city did not grow as expected.
In fact, end users with possessions of their homes in hand were hesitant to move to this region due to connectivity issues, lack of public transport and law-and-order. Now that the region will soon be connected with Metro, the sentiment in the market is likely to change now.
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, as per Prop Tiger. However, improved metro connectivity will definitely raise prices and rental yields in Greater Noida and Noida extension.
Some of the Geater Noida properties that will be benefitted from the extension of Metro Aqua Line are as follows:
- Spring Meadows, Tech Zone IV
- Eros Sampoornam
- ATS Rhapsody
- Gaur City
- ATS Homekraft Happy Trails
- Mahagun Mantra