The National Capital Region Transport Corporation (NCRTC) is implementing India’s first 82-km Delhi-Ghaziabad-Meerut rail transit corridor, which is a semi-high-speed train-based transit network. This rail corridor will have 25 stations including 2 depot stations and 2 interchange hub stations where passengers can change trains to end their journey at Delhi or Ghaziabad.
The RRTS corridor will start from Sarai Kale Khan in Delhi and pass through areas such as Anand Vihar, Sahibabad, Ghaziabad, Duhai, Muradnagar, and Meerut before reaching the destination which is Modipuram.
The 17km priority section between Sahibabad and Duhai is likely to open by March this year. The entire corridor is expected to be commissioned by 2025.
The RRTS will cover the 82 km between Delhi and Meerut in 55 minutes.
The local metro stations in Meerut will offer service on the RRTS network. Select stations include Shatabdi Nagar, Brahmpuri, Modipuram, and Meerut North. In total there are 13 metro stations with a distance of about 21 km to cover the needs for public transport downtown.
Metro trains will use the same train tracks as RRTS. The difference is that the trains on those tracks will only stop at the designated station - while metro trains may stop at any of those 13 stations.
All this has a direct bearing on the real estate market.
Vinay Kumar Singh, Managing Director, NCRTC, said, “The construction of this project is bound to have a big impact on the local properties which will benefit in the long-term. Further down the track, commuters will be able to travel in a fast, comfortable, and safe environment which will bring more business and investment opportunities for those located in its vicinity. Creating dense housing near transit stations & major roads will lead to the development of new areas and neighborhoods. This will cause properties to increase in value and new investors will want to jump on board.”
Real estate opportunities along the corridor
Real estate experts say that the RRTS corridor and the Uttar Pradesh government’s recent Transit Oriented Development policy, which seeks to develop areas along the corridor, is a game changers.
Property prices in areas around the RRTS corridor have gone up by 35-40% over the last 2 years. They are between Rs12,000 and Rs 20,000 per square yard now, having been at around Rs 12,000-15,000 earlier.
Unlike cities in some parts of India, where people prefer living near high-rise buildings, people here are more inclined towards building houses as they have a stake in the land.
Coming to Ghaziabad, as most of the area is already filled with commercial and residential projects it will be hard to start a new project which means that the already completed projects in the area will have higher demand leading to an appreciation in value. KW Group’s project KW Delhi 6 Shopping Mall in Ghaziabad falls in the same category meaning people investing today will have a much better value proposition than those who will be investing 2 years or more down the line.
How will TOD policy help?
The Government of Uttar Pradesh in September approved the Transport Oriented Development policy for the Rapid Rail Transit System corridor.
A senior official at the Ghaziabad Development Authority (GDA), who asked not to be identified, said that along the RRTS corridor at Duhai, Guldhar, Muradnagar, and Modi Nagar, the land use is primarily agricultural but with the recently approved TOD policy for this area, it will be changed to accommodate residential living along with commercial retail, etc.
KW Group's Anthem.