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Rentals are expected to see a jump with the newly launched Aqua metro rail line linking the twin cities of Noida and Greater Noida. However, there may not be an immediate impact on the property prices in these areas at least for a year, say industry experts.
“With the new line coming in, there is expected a rise of 15 per cent in the residential rental. The capital value can also see a hike of 10 per cent, but it will take some months,” said Pankaj Bajaj, President, Credai-NCR.
The Noida-Greater Noida metro corridor consists of 21 elevated stations, 15 in Noida and six in Greater Noida region, with a route length of 29.2 km.
“There is a large section of people who work and stay in these two cities, so this is going to be a boon for them. It will also increase the demand for office space and property,” said Mudassir Zaidi, Executive Director, North, Knight Frank.
Right now, the focus of the developers will be to clear the unsold inventory. As far as increase in the property prices is concerned, both in primary and secondary market, it might take a year to happen, Zaidi added. The biggest drawback of the line, which will run between Noida Sector 137 till Depot metro station in Greater Noida, is that it is currently not connected to Delhi. “Increase in the prices of property happens over a period of time, and since the line is only between Noida and Greater Noida, there’s a disadvantage for those travelling to Delhi on a daily basis,” said Ramanjit Ahluwalia, a real estate broker.
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