Phase 3 of Delhi Metro will prove to be a tool to boost commercial property like Phase 1 & 2. There may not be more shopping malls like earlier phases but there will be hike in total number of commercial retail shops. It is estimated that real estate sector will contribute to the 4% of the entire Metro Phase 3 project (costing about Rs. 30,000 crore).
Contribution by Real Estate Development
In the 2nd phase of Delhi Metro, about 7% share was contributed by property development while in the 1st phase, it was 6%. The share, however, seems to be lesser in comparison to the earlier phases but the total amount would be far more.
The total investment of Phase 1 of Delhi Metro was about Rs. 10,857 crore, of which about Rs. 700 crore were contributed by property development. While in Phase 2, the total investment was about Rs. 16,000 crore of which about Rs. 900 crore were contributed by property development. Now in the 3rd Phase, the entire budget is Rs. 30,000 crore (approx.), of which about Rs. 1,200 crore would be generated from property development.
The 3rd Phase of Metro seems to be more important because some of the new Metro lines would go parallel to the older ones. There are more than a dozen points where new stations would be established above, under or close to the older stations. The scope of commercial property would certainly increase at such places. Kashmere Gate and Connaught Place are among such place where we have maximum possibility to develop commercial retail shops.
Metro officials have stated that the demand for commercial shops is still high at those places where these were initially established during Phase 1 & 2. This is the reason why more space is being carved out of already existing Metro stations for commercial retail shops. According to the officials, this trend would definitely be seen on Janakpuri – Noida Metro line too because this is the line that connects Noida as well as South Delhi with West Delhi.
This line will connect to the International Airport too, where we have ample of space for commercial shops. This way, the entire route will witness a boom in commercial real estate of Noida/Delhi.
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