DELHI: Work on the much awaited extension of the Metro line to Greater Noida is set to start soon, after approval from the authorities concerned.
With this, work on the new Metro link to Kalindi Kunj and Greater Noida West (formerly Noida Extension) will also gather speed.
The extension of the Metro link to these new areas will improve connectivity and reduce travel time to Delhi, which in turn will help boost the property market prospect of these areas.
Rama Raman, chairman and CEO of Greater Noida Industrial Development Authority (Gnida), says: “The New Year will herald a period of rapid development for Greater Noida, as the foundation stone for the new Metro line and other infrastructural projects are in the offing. Noida authority has 70% stake in the project while Gnida has 30%. The Noida authority has already approved a budget of Rs 1,000 crore for the 29km-long Metro line, which is expected to cost Rs 5,000 crore—we expect the whole project, linking Noida and Greater Noida via Noida-Greater Noida Expressway to be ready in the next three years.”
According to the plan, the authorities of Noida and Greater Noida have already started work to raise the fund for the project. The authorities will raise 50% of the total fund. The remaining 50% is expected to come from the central government.
A review meeting of the Metro project also gave its nod to the proposal to extend the City Center Metro line by 6.67km to Sector 62, touching NH-24. The detailed project report (DPR) for this much-delayed project has been forwarded to the UP state government.
“We will commence the civil work on the Metro link between Noida and Greater Noida West soon, as we now have a green signal from the NCR Planning Board. This project was proposed last year, keeping in mind the expansion of the newly-developing residential sectors of Greater Noida West.
“A DPR for the project will be prepared by the Delhi Metro Rail Corporation (DMRC),” Rama Raman said.
The proposed Metro line is to be funded by both the authorities and built by the DMRC. The proposed Metro line will have 22 stations connecting some of the busiest spots across Noida and Greater Noida.
Work on the 29km-long line will start soon, as the UP government has given approval to the recently-formed Noida Metro Rail Corporation (NMRC).
With work on the new Metro project put on a fast track, the realty prices in Noida-Greater Noida Expressway’s areas like Sectors 149, 142, 147, 150, 145, 137, etc, will now become costlier. Property prices are expected to appreciate by a sizable amount.
Earlier, the project was estimated to cost around Rs 5,000 crore, but a recent review of the cost and construction of extension of Metro line from City Centre, Sector 32 to Bodaki (Greater Noida) has pegged it at around Rs 6,000 crore, including land cost. The authorities are planning to raise the enhanced cost through selling extra FAR.
Of the proposed 22 stations, two are future stations. While 15 Metro stations will come under Noida’s jurisdiction, seven would be in Greater Noida.
According to the DPR prepared by the DMRC, work on this project will be completed in four years (by 2017). The Metro train will run along Noida-Greater Noida Expressway with the line extending from City Center in Sector 32 and terminate at Depot Station (Bodaki).
The proposed stations on the route will include Sector 51, Sector 50, Sector 78, Sector 101, Sector 81, Dadri Road, Sector 83, Sector 137, Sector 142, Sector 143, Sector 144, Sector 147, Sector 153, and Sector 149, Noida and Knowledge Park 2, Knowledge Park (future), Pari Chowk, Alpha 1, Alpha 2, Delta 1 (future), Knowledge Park 4, and Depot Station Bodaki in Greater Noida.
According to DMRC’s estimates, nearly 65,000 passengers are expected to use the Metro every day.
The authorities will raise the enhanced cost through real estate development by increasing the FAR from existing 2.75 to 3.5 in certain areas. For this, the authorities will develop 1km of special corridors along Noida-Greater Noida Expressway. The FAR would be sold in group-housing projects dotting the expressway.
The development authorities have approved a major detailed extension plan of the existing Metro route by 50km at an estimated cost of Rs 12,000 crore. The Noida-Greater Noida Metro track via the expressway will cost around Rs 125-150 crore per km.
To improve connectivity, the existing Sector 32-based Noida City Centre Metro line will be extended up to Noida Extension via Sector 72.
The 7km-long stretch will cost around Rs 1,400 crore, of which Rs 1,100 crore would be shared by Noida and Greater Noida authorities, depending on the territory falling under their jurisdiction.
At least two stations are proposed to be built on this line. The City Centre Metro station, which is proposed to link Sector 62, would branch out at Sector 71 to take the line till Greater Noida West. The Noida authority also reviewed the detailed project reports (DPR) for the extension of existing DMRC services.
According to the plan, a 3.9km line between Kalindi Kunj and Botanical Garden in Noida will be constructed at a cost of Rs 845 crore, of which the Noida authority will pay Rs 492 crore. Another extension will also be made on the line from Sector 32 to Sector 62 at a cost of Rs 1,816 crore. This will be 6.6km long—the Noida authority will pay Rs 1,923 crore for this project.
The authority has sent both these proposals to the UP state government for approval. The sanction on Botanical Garden-Kalindi Kunj line is expected to come early. Once the proposal on the Botanical Garden-Kalindi Kunj line gets the nod from the government, the Noida authority will sign a MoU with DMRC and work will start within three months.
Impact of the Metro extension
With extension of the Metro line between Noida-Greater Noida, the realty market of Noida-Greater Noida will receive a big boost. This will increase the values of properties on Noida Expressway and Greater Noida West; property prices of reputed developers here have already seen a 30-35% appreciation.
Realty players say that the importance of any residential area around Delhi depends on its connectivity to Delhi and the travel time taken to a particular location to capital city. The extension of the Metro network would improve the connectivity of these areas and reduce the travel time to Delhi, which in turn would helps boost the market prospect of this region.
Expansion of the existing Metro line will also help in clearing any uncertainty or doubts in the minds of numerous homebuyers and investors who were counting upon this decision, which to them means secure investment. Also, the positive developments in Greater Noida West will encourage the entire industry to continue with the good work in the region.
Anil Sharma, president of Credai and CMD of Amrapali Group, says: “The recent positive developments on the new alignment of Metro will encourage the entire real estate industry to continue with the good work in the region and collectively build dream homes for aspiring homebuyers.”
Rakesh Yadav, MD of Antriksh Group, says: “The approval brings a ray of hope for fast connectivity between Noida-Greater Noida and the NCR’s sub-regions. The decision to extend of the Metro line up to Greater Noida will certainly improve the connectivity and reduce the travel time to Delhi which in turn will help boost the prospects of realty market of regions like Noida Expressway.”
Manoj Gaur, MD of Gaursons Ltd, says: “If all goes well, work on the extension of the Metro line will bring a lot of cheer among property buyers and restore confidence in the area’s market. Under the new extension plan, the Metro line will pass through Gaur Green City.”