DELHI: The Rapid Metro in Gurgaon will be a boon for the residents of MG Road, DLF Phase II and III. It will also add sheen to the commercial properties in DLF Cyber City.
According to a consultant with Cushman and Wakefield, since the start of construction of Rapid Metro in 2010, the residential properties on MG Road, DLF Phase II and III witnessed an appreciation between 35% and over 100%. In fact, the prices in Belvedere Tower, which is on the route of Rapid Metro, have appreciated from around Rs 7,000 per sq ft in 2010 to around Rs 13,500 per sq ft at present. Other projects such as Belvedere Park and Garden Estate also witnessed similar appreciation.
Similarly, the consultant with C&W said the office lease rents in DLF Cyber City appreciated around 40% in the last three years, given the increasing prominence of the location, due to expected enhanced connectivity through Rapid Metro and Delhi Metro. According to a broking house, Axiom, the commercial rentals of DLF Cyber City increased from around Rs 80 per sq ft per month to Rs 140 per sq ft per month at present.
According to the C&W consultant, going forward, the price escalation is expected to continue in these locations although at a moderate rate due to enhanced connectivity to other parts of the city and demand-supply dynamics.
According to another consultant, the Rapid Metro will not only provide the convenience to travel to these office spaces, but will also lead to huge savings. According to one calculation, now as the companies operating from Cyber City would give their employees Metro Travel card in which the company will save around Rs 2,500 to Rs 3,000 per employee per month. That means the total hiring cost per workstation will come down by around Rs 20 per sq ft per month. (Space occupied per employee is around 130 sq ft to 150 sq ft). This will add to the value of commercial space in the area.
A senior broker of the region, Rajesh Saraf of Axiom Landbase Pct Ltd, said that all the residential and office space that falls on the route of Rapid Metro has become premium property. This has given the residents of the area a new mode of travel which is free from traffic jams and congestion. He said that the Rapid Metro rail not only eases connectivity but also gives direct connectivity to the Delhi Metro through skywalks, which will increase accessibility to the location. Also the synced token/card and the timings of the Delhi Metro with the Rapid Metro will aid hassle-free and quick connectivity.
The C&W consultant said that the direct connectivity of a couple of stations to the office buildings will reduce the number of shared autos and rickshaws on the road. A feeder bus service connecting the Rapid Metro stations to Dwarka and Udyog Vihar is likely in the coming months, which will further enhance connectivity to the commercial district resulting in escalations in lease rentals and capital values of the said locations. The 5.1km track is estimated to have ridership of around 50,000 people per day with six stations located mainly in Cyber City and Sikanderpur.