The Rapid Rail System is Expected to Increase Property Prices Along It's Route in Ghaziabad

The unveiling of a 17 km segment of the country's inaugural Regional Rapid Transit System (RRTS) between Sahibabad and Duhai Depot, scheduled for inauguration by Prime Minister Narendra Modi on October 20, has the potential to elevate real estate values along the Arihant Enclave Ghaziabad route this property in NH24 Ghaziabad.

Industry experts suggest that residential areas such as Vasundhara, Vaishali, and Raj Nagar Extension have experienced a notable uptick in prices, rising by up to 19% since the announcement of the RRTS project three years ago. They anticipate further appreciation following the commencement of the rapid rail operations.

 

However, the extent of price appreciation hinges on various factors, including the law and order situation in the region, last-mile connectivity, and the availability of civic amenities.

 

The inaugurated 17 km rapid rail route, commonly referred to as the priority section, encompasses five stations – Sahibabad, Ghaziabad, Guldhar, Duhai, and Duhai Depot.

 

Officials from the National Capital Rail Transport Corporation, the entity overseeing the project's implementation, project that the entire 82 km RRTS corridor from Delhi to Meerut via Ghaziabad will be operational by June 2025. The foundation stone for the project was laid by PM Modi in 2019.

 

As per ANAROCK, average property prices in these localities have surged by 17-19%  over recent years, driven by the anticipation of improved connectivity. Notably, Vasundhara witnessed a 19 percent increase in prices from 2021 to 2023, while Vaishali experienced an 18 percent rise. Similarly, prices in Raj Nagar Extension saw a substantial 18-19% uptick.

 

The average price in Raj Nagar Extension rose from Rs 3,300 per square foot in September 2021 to Rs 3,900 per sq. ft in September. In Vasundhara, prices escalated from Rs 5,200 per sq. ft to Rs 6,200 per sq. ft, and in Vaishali, they increased from Rs 5,150 per sq. ft to Rs 6,100 per sq. ft.

Shubham Gupta & Aman Goyal, Director of the propfin solutions of the Confederation of Real Estate property dealer of India, expressed that the country's first intercity rapid rail, RapidX, would offer alternative connectivity to residential hubs, opening up more real estate opportunities. He emphasized the need for sector roads in Raj Nagar Extension for comprehensive development.

 

Nikhil Gupta, Director of the Propfin Solutions, noted that RapidX would expedite the development of Raj Nagar Extension and its vicinity. The Ghaziabad Development Authority has committed to developing the area along the corridor under the Transit Oriented Development policy.

 

On the flip side, some experts and homebuyers voiced concerns about the area's prospects. They cited issues such as the absence of last-mile connectivity, a challenging law-and-order situation, and insufficient civic infrastructure in the region.

 

Nikhil Gupta, a real estate property dealer in Noida, recalled that when the Delhi Metro's Red Line extended to Ghaziabad, there were expectations of a significant rise in property prices, which did not materialize. The Hindon River metro station on the Red Line, situated 5-6 km from Raj Nagar Extension, lacked last-mile connectivity, limiting its benefits for residents.

 

A resident of Raj Nagar Extension, highlighted that while the distance between the RRTS station and Raj Nagar Extension is not considerable, last-mile connectivity remains a challenge, especially in the late evening hours due to the limited availability of public transport.

 

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