Gurugram Metro set to boost development in the Millennium City

Gurugram, Dec 27 A recent announcement by the Haryana Chief Minister Nayab Singh Saini regarding the construction work of Metro expansion between Millennium City Centre to Cyber City will begin from May 1, 2025, will set to boost development in Gurugram.

The Gurugram Metro Rail project will be developed at a cost of about Rs 5,452.72 crore. The 28.5 km project seeks to connect Old Gurugram with New Gurugram, thereby improving connectivity to the central business districts, reducing traffic congestion and providing ease of commute to the people who reside in the old sectors.

The construction of the new metro corridor is expected to have an impact on projects located along the Dwarka Expressway as both the residential and commercial stock in this area is relatively high.

Post Covid, Dwarka Expressway, has witnessed the highest supply of housing units in the Millennium City, followed by New Gurugram and Sohna, said a report by property consultant Square Yards. Since 2020, the total annual residential new supply in Dwarka Expressway has surpassed 10,000 units as compared to 5,000-7,000 new units launched per year in the pre-pandemic period.

The Dwarka Expressway has also emerged as a hotspot for leading developers for new unit launches post-2020.

“The developer pipeline remains strong, with over 25,000 units slated for delivery in the next three years along Dwarka Expressway, reflecting the region's robust growth trajectory. The supply-side confidence is underscored by the entry of several notable developers,” the report stated.

In terms of property price appreciation too, Dwarka Expressway in 2024 has witnessed a significant increase of 29 per cent in comparison to the previous year. Current average rates range between Rs 12,000 and Rs. 14,000 per sq ft, with numerous new projects by notable developers exceeding this benchmark.

"The expansion of the metro network in Gurugram is set to be a game-changer for the region’s real estate landscape. As Gurugram continues to establish itself as the epicentre of growth in Delhi-NCR, the newly approved metro extension from Millennium City Centre to Cyber City, with a spur to the Dwarka Expressway, is poised to propel the housing market to new heights," Akash Khurana, President and CEO, Krisumi Corporation said.

The market is dominated by 3BHK units, accounting for 54 per cent of the supply, followed by 2BHK units at 23 per cent.

Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd, said, “Location remains the cornerstone for buyers and investors in the housing market. Dwarka Expressway has emerged as a real estate hotspot due to its seamless connectivity across Delhi NCR and Gurugram, coupled with immense growth potential."

"The Gurugram metro expansion is a game-changer for the city’s real estate landscape. Improved connectivity will significantly boost demand for residential and commercial properties along the metro corridor. We anticipate increased investor confidence and higher property values, particularly on Dwarka Expressway, SPR and New Gurugram region," Harinder Dhillon, Senior Vice President of Sales at BPTP said.

“After years of anticipation, the long-overdue Gurugram stretch of the Dwarka Expressway was inaugurated earlier this year, and with the Delhi stretch nearing completion, the region is witnessing a remarkable surge in residential activity. Reflecting this trend, the micro market has posted the highest cumulative new supply post-2020 in Gurugram, with leading developers launching projects to cater to the growing demand," Rajat Likhyani, Principal Partner, Square Yards said.

Source: IANS