Prime Minister Narendra Modi today unveiled multiple metro projects in Kolkata, Agra, Pune, Kochi and the Duhai-Modi Nagar (North) section of the Delhi-Meerut RRTS corridor. Experts say these infrastructure projects are expected to spur rapid urbanization while helping to ease congestion in metropolitan areas. These may also have an impact on property prices in these areas, depending on location, land use and the overall potential of the micro market.
Real estate experts say these infrastructure projects herald high-growth cities while easing congestion and unlocking the potential for residential, commercial and industrial growth in new transportation corridors.
Infrastructure projects starting today
The Prime Minister today inaugurated the Howrah Maidan – Esplanade Metro section, Kavi Subhash – Hemanta Mukhopadhyay Metro section and Taratala – Majerhat Metro section (part of the Joka-Esplanade line) of the Kolkata Metro.
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He also inaugurated the Pune Metro Rail from Ruby Hall Clinic to Ramwadi section. He laid the foundation stone for the first phase expansion of the Pune Metro Rail Project between Pimpri Chinchwad Metro-Nigdi.
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The first phase of Kochi Metro expansion project (Phase IB) from SN Junction metro station to Tripunithura metro station has also been opened.
He inaugurated the section of Agra Metro from the East Gate of Taj Mahal to Mankarmeshwar.
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The Duhai-Modi Nagar (North) section of the Delhi-Meerut RRTS corridor was also inaugurated today.
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The impact of metro connections on the property market
The implementation and expansion of metro rail or RRTS has a significant positive impact on real estate development along the corridor. Due to changes in land use, land prices have also increased due to higher land densities due to improved last mile connectivity to the local area.
“It has been observed that in many cities, the launch of metros has led to an increase in house prices of more than 50%, depending on factors such as location, land use and the overall potential of the micro market. It is encouraging to see that between first-tier cities, metros and second-tier cities Increasing connectivity spurs overall urban development and attracts talent from far-flung locations.” India, JLL.
The opening of a new metro line will have an impact on the real estate market both within and outside the area it affects. “Metro connectivity increases an area’s attractiveness to residential and commercial developers and investors by increasing its accessibility and attractiveness. Property values typically increase in line with this growing demand for existing owners Significant capital appreciation and attracting real estate expansion projects,” said Santhosh Kumar, Vice Chairman, ANAROCK Group.
Real estate experts say the Kolkata Metro line will not only enhance connectivity to previously undeveloped areas but also spur diversified economic growth.
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The Howrah-Meydan Esplanade underwater metro section, located between the suburbs of Howrah and central Kolkata, is expected to spark inclusive development and strengthen the economic base of the region. Abhijit Das, Senior Director, Eastern, Knight Frank India, said: “Alongside numerous prestigious infrastructure projects across the globe, this metro line is expected to not only improve access to previously unexplored areas The transportation convenience will also stimulate diversified economic growth.”
He added that Kolkata, as the gateway market of the Northeast, will benefit a lot from the rapid development of logistics, warehousing and industrial sectors and the booming tourism industry.
Vimal Nadar said the seamless connectivity between key locations in the city, including the booming IT hub of Salt Lake City’s Sector 5 and the residential sub-markets of Howrah and Silda, will surely accelerate the nearby Regional commercial and residential real estate demand. Senior Director and Head of Research, Colliers India.
Given the price arbitrage Kolkata offers in terms of office rentals, multinational companies looking to tap into the talent base in the region can opt for city-specific expansion. Developers may also identify future office hotspots and inject high-quality supply into specific areas within cities, he said.
Ease metro city congestion
“This will have a huge impact on rapid urbanization while decongesting metros. Environment-friendly infrastructure will further give a huge boost to the development of affordable housing projects in these peripheral areas,” said Ravi Shankar Singh, Managing Director, Residential Transaction Services, Colliers India .
The government should further take more steps to acquire large tracts of land in these areas and develop affordable housing projects. He added that this connectivity will further increase economic and social opportunities for people living in these areas, thereby having a positive impact on GDP.
Better metro connections can reduce travel times and costs for commuters outside the local impact area, allowing people to live further from work and still have easy access to the city.
“This promotes balanced growth in the city and reduces pressure on overcrowded city centers due to property development and investment in these newly connected areas and expands urban sprawl,” Kumar added.