NOIDA: The rental property inventory in Noida, both in residential and commercial spaces, could see accelerated occupancy in the next few months as the
Delhi Metro Railway Corporation (DMRC) is set to launch a stretch of the Magenta Line from
Botanical Garden on December 25.
The line will improve the connectivity between Noida and South Delhi, making the commute between the two areas easier. Hence, it will make staying in Noida apartments and working in
South Delhi a viable option.
Residential rental prices in the newly constructed and delivered apartments in Noida range from Rs 10,000 for a twobedroom apartment to Rs 15,000 for a three-bedroom apartment.
"The Metro connectivity is expected to usher in a shift in occupancy and augurs well for the rental market. Rent in Noida is less than half of South Delhi apartments. Easily, people can live in Noida and work in South Delhi and beyond," Pankaj Bajaj, president, Credai NCR, said.
The new metro line will give a big push to the largely available residential real estate inventory in Noida.
"Apartments which were handed over in the past few years are largely available on the rental market as the buyers have not moved in. Eventually as the line expands, it will make living in Noida and working in Gurgaon a possibility,"
Surabhi Arora, senior associate director, research, Colliers International, told TOI.
The bridge on the distance gap would increase buyers' interest in upcoming residential projects, opined other Credai members. "The Magenta Line is going to provide direct connectivity to a major part of Delhi's commercial area, besides the final connectivity to the airport domestic terminal. So, Noida looks like a good spot for people looking for future residences," Amit Modi, vice-president, Credai Western UP, said.
