Metro connectivity and property rates in the capital goes hand in hand , its just like they run on parallel tracks as right from the announcement of new metro connections , property rates follows an upward swing.
With Delhi metro gearing up for the Phase III construction that will cover areas like Vasant Vihar, Dhaula Kuan, Munirka , Kalka Ji , lajpat Nagar , Botonical Garden (Noida) , real estate prices are expected to see a major rise in the prices. Metro certainly affectes real estate as it is a major factor to provide a safe and comfortable mode of transport. People prefers homes situated near the metro stations. How ever since the prices have already increased so much that it will be difficult to say how much impact the new lines will have now. Consultants further says that properties which are located near the Metro stations will have the maximum increase in the real estate price.
The entire scenario can be explained in terms of a U curve where in right from the announcement of the projects the price tends to go upwards and then it declines when the construction is underway and again goes up when the project is complete. On an average , a property may see 20-30% increase in price over three years. Proximity to the station may also effects an increase of 35-40%. Due to increase in the rates of properties which are near to Metro stations , the Municipal Valuation committee constituted by Delhi Government has also adviced that the residential colonies within half a KM radius of Metro line would be upgraded by one level since they have witnessed the maximum amount of Infrastructure development.