Gurugram's Real Estate Sector poised for expansion with Metro extension

Gurugram: Prime Minister Narendra Modi recently initiated the Gurugram Metro Rail project, marking a significant development for Gurugram's urban and economic landscape. This initiative aims to enhance connectivity and stimulate growth for the city and its real estate sector. Bizz Buzz spoke with various real estate developers to gather their perspectives. Ravish Kapoor, Managing Director of Elan Group, stated, “The metro system will integrate Gurgaon into the wider Delhi NCR network, driving growth in commercial real estate development while improving urban mobility".

The project, a collaboration between the Haryana government and the Government of India, comprises a 26.65-km metro extension loop connecting Huda City Metro station (now Millennium City Centre Metro station) with Cyber Hub, including a 1.85-km spur to the Dwarka Expressway, with an investment of Rs 5,452 crore.

Vivek Singhal, CEO of Smartworld Developers, commented, “The Gurugram metro extension is a milestone in the city's journey towards becoming a more connected and sustainable urban centre, enhancing accessibility for commuters.”

Approved by the Union Cabinet in June 2023, the project reflects the government's commitment to bolstering infrastructure and supporting Gurugram's urbanization. Gurugram Metro Rail Ltd (GMRC) will oversee the project's execution, contributing to sustainable urban development.

Rahul Singla, Director of Mapsko Group, noted, “The metro system will drive prosperity for commercial real estate ventures in Gurgaon.”

Anarock's recent report shows a 13 per cent increase in residential property sales in Gurugram in 2023, with 36,970 units sold. The metro is expected to further boost sales in key areas like New Gurugram, Dwarka Expressway, and Southern Peripheral Road.

Kunal Rishi, COO of Paras Buildtech, stated, “The Gurugram Metro project will contribute to the state's economic development.”

Daily ridership is projected to reach 5,34,000 by 2026 and 7,26,000 by 2031, with further growth to 8,81,000-10,70,000 by 2051.

Sorab Agarwal, Executive Director of ACE, emphasized, “The metro link will provide efficient public transportation, supporting the city's socio-economic growth.”

With the foundation stone laid, Gurugram anticipates enhanced connectivity and real estate growth with the Gurugram Metro Rail project