A 17 km section of the nation’s inaugural Regional Rapid Transit System (RRTS) between Sahibabad and Duhai Depot, set to be inaugurated today by Prime Minister Narendra Modi, is poised to have a positive impact on real estate prices in the Ghaziabad area.
Property experts suggest that real estate prices in residential hubs such as Vasundhara, Vaishali, and Raj Nagar Extension, along the RRTS route, have already experienced an increase of up to 19 percent since the project’s announcement three years ago. The inauguration of the rapid rail is expected to further drive property prices upward in these localities.
Nevertheless, the extent of price appreciation is contingent upon various factors, including the law and order situation in the region, last-mile connectivity, and civic amenities, according to industry experts.
The 17 km section of the rapid rail, referred to as the “priority section,” encompasses five stations: Sahibabad, Ghaziabad, Guldhar, Duhai, and Duhai Depot.
The entire 82 km RRTS corridor, linking Delhi to Meerut via Ghaziabad, is slated to be operational by June 2025, as confirmed by officials from the National Capital Rail Transport Corporation, the agency overseeing the project. The foundation stone for the project was laid by PM Modi in 2019.
Santhosh Kumar, Vice Chairman of ANAROCK Group, a real estate consultancy, expressed optimism about the potential for Raj Nagar Extension, Vasundhara, Vaishali, and NH-24 to benefit significantly from the rapid rail’s operation. “It will immensely boost connectivity, and with improved accessibility, residential demand is expected to surge in these areas. Vasundhara and Vaishali are already well-established locales, and enhanced connectivity is poised to further drive property appreciation,” Kumar stated.
According to ANAROCK, property prices in these areas have seen an increase of 17-19 percent in recent years, driven by the anticipation of improved connectivity. In Vasundhara, prices have surged by 19 percent from 2021 to 2023, with a similar 18 percent increase in Vaishali. Raj Nagar Extension has witnessed an 18-19 percent surge in property prices, with the average price per square foot in the area increasing from Rs 3,300 to Rs 3,900 in September. In Vasundhara, prices have risen from Rs 5,200 to Rs 6,200 per sq. ft, while in Vaishali, they now stand at Rs 6,100 per sq. ft compared to Rs 5,150 per sq. ft.
Gaurav Gupta, Secretary of the National Capital Region chapter of the Confederation of Real Estate Developers Associations of India, noted that the country’s first intercity rapid rail, RapidX, will offer alternative connectivity to the residential hubs and unlock additional real estate opportunities in the region. He stressed the importance of constructing sector roads in Raj Nagar Extension for its holistic development.
Pankaj Kumar Jain, Director of the KW Group, a Noida-based builder, highlighted that RapidX would expedite the development of Raj Nagar Extension and its neighboring areas. The Ghaziabad Development Authority has made plans to develop the corridor area in accordance with the Transit Oriented Development policy.
On the flip side, some experts and homebuyers remain cautious about the area’s prospects. They express concerns that Raj Nagar Extension may not reap substantial benefits from the RRTS due to issues such as inadequate last-mile connectivity, a challenging law-and-order situation, and insufficient civic infrastructure in the region.
Devesh Tyagi, a local real estate broker, pointed to previous experiences with the extension of the Delhi Metro’s Red Line to Ghaziabad, which failed to trigger exponential increases in property prices due to issues like last-mile connectivity. He explained that the Hindon River metro station, an extension of the Red Line, is situated 5-6 km from Raj Nagar Extension and, without improved last-mile connectivity, the metro offered limited benefits to area residents.
Akanki Sharma, a Raj Nagar Extension resident, also emphasized the importance of solving the last-mile connectivity issue, particularly during late evening hours when public transport options are scarce.