Realty developers believe once the Metro rail starts, prices of commercial properties will witness a hike
Realty developers believe once the Metro rail starts, prices of commercial properties will witness a hikeIf real estate developers are to be believed, MG Road and its surrounding areas will witness a further boom in property prices. Developers attribute this to the Metro rail project that is expected to be operational next year.
Confederation of Real Estate Developers' Associations of India (CREDAI) believes that the Metro will open up business in the district as it has done in other cities.
Faisal Rizvi, joint secretary of CREDAI and MD of Canopy Developers, said, "People avoid coming to this part of the city following traffic congestion caused by the ongoing Metro work.
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However, once the work gets over and Metro rail starts, the rental and capital value of property will go up by at least 15 per cent."u00a0
Mathew Abraham, head of communications at the Brigade Group, said, "The area witnessed the negative impact of the Metro construction work. But after the work will get completed, the area is expected to see a rise in real estate prices."
