New Delhi, September 08, 2018: The Real Estate Regulation Act (RERA), has been a hero for real estate buyers since it was rolled out in mid-2016. With RERA as a watchdog, Indian real estate has transformed gracefully. The smaller real estate developers who fell short in delivery and quality were ousted, so were realty companies that made false promises.
Nitin Agrawal Bhopal’s real estate tycoon happened to sail through RERA smoothly with consumer-centric policies, says that there’s more to come. The introduction of the metro as a rapid transit option will surely become a boon for Bhopal city.
According to contractor Varinder Singh, realty agent Arjun Meena, and Nitin Agrawal, Bhopal Metro’s development will be a game changer. Varinder Singh reveals, “It will change the face of the city, usher in prosperity with direct or indirect jobs for thousands and spur real estate growth.” Arjun Meena adds that the presence of a fast metro may lead to hike in property rates.
Residents are the most excited lot. Although property rates may increase, the commute time will decrease. Furthermore, people will prefer traveling with flexibility, rather than worrying about their vehicle or a parking spot. As a corollary, metro will reduce pollution as well.
According to the preliminary report, 3% of Bhopal residents use the bus, 20% use mini buses, 3% use their own car, 25% use two-wheelers, 4% use cycles, and 1% use the IPT. The rest (44%) commute to their destinations on foot.
Current plans dictate that Bhopal Metro will have five lines. Line 1 will extend from Bairagarh in the West to Awadhpuri in the East. Line 2 will start from Karond Circle to AIIMS. Line 3 supposedly covers several stops between VasantKunj and Bhauri Bypass/NH12 Junction. Line 4 makes way from Mother Teresa School to Ashoka Garden Auto Stand. Finally, Line 5connects Bhadbhada Square and RatnagiriTiraha. There’s also Line 6, which is basically and extension from Line 2’s Habibganj Naka to Mandideep.
On August 21, highway developer Dilip Buildcon (DBL) stated that they bagged the Bhopal Metro rail project worth Rs 247.06 crore. DBL is now an L-1 bidder for Bhopal Metro rail project, as declared by Urban Administration and Development Department Madhya Pradesh, in a Bombay Stock Exchange filing.
People are hopeful for this project and looking to buy properties before their prices jump. Thankfully, for projects like Swadesh Builder’s Premier Orchard, Globus Coral Casa, and Elixir Greens, there may not be any differences as RERA is overlooking the change.