RRTS corridor from Delhi to Haryana cities: The pace of development in Haryana has now moved beyond Gurugram and Faridabad towards those cities, which till now are being counted as small cities or Tier-2 and Tier-3 cities. Recently, a big decision has been taken regarding two transport schemes that will provide direct connectivity to these cities from Delhi. The Inter-Ministerial Committee of the Central Government has approved two new Namo Bharat (regional rapid transit system) corridors. This will not only reduce the journey from small towns of Haryana to Delhi in minutes instead of hours, but it is also going to prove to be a big boom for the property and real estate market.
Of these two RRTS corridors approved by the committee, the first one will be 93 kilometers long and will be from Sarai Kale Khan to Bawal. Its estimated cost is Rs 32,000 crore, while the second will be the 136 km long Sarai Kale Khan to Karnal corridor. It is estimated that around Rs 33,000 crore will be spent on this. Overall, both these projects are going to cost around Rs 65,000 crore.
Let us tell you that after getting approval from the Public Investment Board (PIB), this project is now being sent to the Cabinet for final approval of the Central Government. As soon as it is approved from there, the work to build these corridors will be started. The most important thing is that more than a dozen cities of Haryana are going to benefit from these two corridors, while cities like Gurugram, Rewari, Sonipat, Panipat and Karnal are going to benefit the most, which will be directly connected to Delhi through this rapid rail after the construction of Namo Bharat Corridor.
According to experts, after the approval of these corridors, there has been a stir in the property market here. Whereas in the coming few months, the scope of real estate investment is expected to increase rapidly in the Delhi-NCR region, apart from Gurugram, in cities like Karnal, Rewari, Bawal, Sonipat and Panipat. Due to the rising prices of land and houses in Gurugram, people are already looking for safe options in these cities and these cities are gradually moving towards becoming housing and industrial hubs, whereas now after being connected to the fast transit system, there is a possibility of a huge increase in the demand and prices of property in these five cities.
What is Transit-Oriented Development (TOD), how will it increase urbanization?
With the approval of RRTS, the Central Government has advised the Governments of Delhi and Haryana to do funding through models like Value Capture Financing (VCF), i.e. a part of the increase in the value of surrounding lands from public infrastructure should be used for investment in public projects.
Not only this, it has also been recommended to promote Transit-Oriented Development (TOD) around these corridors. That is, there will be planned, mixed and high-density development around the railway station, in which housing, commercial space, entertainment and green areas will be developed together. Prime Minister Narendra Modi had recently said that with BJP governments in all the states of NCR, development projects will accelerate. Its effect is likely to be visible soon.
There will be development in Sonipat and Rewari
Saurabh Saharan, Group Managing Director, HCBS Developments, says that the RRTS corridor will prove to be decisive for the real estate sector of Haryana. Superfast and convenient connectivity from Delhi to Karnal and Bawal will not only make travel easier, but will also fulfill the goal of living in NCR at affordable prices and in luxury homes from Gurugram, Delhi. Especially in areas like Sonipat and Rewari, the demand for new housing projects is likely to increase manifold.
‘Work Live Play’ culture will increase
Kushagra Ansal, Director of Ansal Housing, believes that the decision of the government to encourage Transit-Oriented Development (TOD) is very important. There will be planned and high-density development around RRTS stations, promoting the modern urban concept of ‘Work-Live-Play’. In such areas, the demand for housing, retail and office space will increase rapidly, along with increasing dependence on public transport, a sustainable urban model will be created.
There will be a permanent boom in property
Whereas Ashwani Kumar of Pyramid Infratech says that investment in RRTS projects is not just infrastructure development but also a big step towards social and economic transformation. Connecting the small towns of Haryana with the pace and opportunities of Delhi will open up employment for the youth, new markets for investors and new housing possibilities for developers. Property prices along these corridors will see steady and strong growth in the coming years.
