August 5, 2024 |
How Gurugram Metro Will Impact Real Estate In Nearby Areas-Key Details
The Gurugram Metro is expected to not only improve commuting but also elevate real estate prospects in these burgeoning neighbourhoods.
The Gurugram Metro project, managed by Gurugram Metro Rail Limited (GMRL), a joint venture between the Central Government and the Government of Haryana, is set to transform the city’s transport infrastructure. GMRL, which will oversee current and future metro projects in the city, is also a key player in the Haryana Mass Transport Corporation (HMRTC) initiative.
The metro line, spanning approximately 28.5 kilometres, will connect Huda City Centre to Gurgaon Cyber City via Old Gurgaon. The Union Cabinet’s approval marks the end of a lengthy delay, paving the way for a significant upgrade in urban connectivity. The line includes a 26.65 km main stretch and a 1.85 km spur linking Basai village to the Dwarka Expressway.
The metro is expected to benefit over 2.5 million people and significantly boost economic development in the region. Authorities project that the line will serve around 540,000 passengers daily by 2026, with ridership increasing to 726,000 by 2031.
Real Estate Impact
The development of the Gurugram Metro is anticipated to drive economic growth and enhance property values in areas along the route. Key localities poised for investment include:
Sector 4, Gurugram
An emerging locality, Sector 4, is strategically located near major employment hubs. The area, featuring a mix of builder floors and independent houses, boasts substantial social infrastructure and amenities. Prices for residential units range from Rs 4,600 to Rs 7,600 per square foot for purchasing and Rs 9 to Rs 15 per square foot for renting, as per a Magic Bricks report.
Palam Vihar
One of Gurugram’s older neighbourhoods, Palam Vihar offers excellent connectivity to both Delhi and Gurugram and is close to NH 48. The locality is well-equipped with educational institutions, hospitals, and entertainment facilities. Property prices here range from Rs 7,700 to Rs 12,000 per square foot for buying and Rs 13 to Rs 21 per square foot for renting.
Sector 9, Gurugram
Known for its affordability, Sector 9 offers residential units typically priced between Rs 40 to 60 lakhs. The area is popular for 3 BHK configurations and is conveniently located near Basai Road. The price range for buying residential units is Rs 5,993 to Rs 6,351 per square foot.
Ashok Vihar
Ashok Vihar, one of the most budget-friendly areas in Gurugram, is situated near Old Railway Road and Sheetla Mata Mandir. It features builder floors, independent homes, and low-rise apartments. The locality benefits from proximity to commercial hubs and essential services. Residential units here are priced between Rs 6,027 and Rs 6,112 per square foot.
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