In a welcome development for those residing in Greater Noida West or planning to buy real estate in the area, the GNDIA (Greater Noida Industrial Development Authority) has issued its approval for Phase 2 of the Aqua Line which will be the metro corridor between Sector 71 in Noida and the Knowledge Park 5 in Greater Noida. This development is expected to give a major boost to real estate markets all throughout this stretch.
The extension will have 9 stations and will be built at a cost of Rs. 2, 602 crore as per estimates. The 113th board meeting of the GNIDA saw this decision being taken and NMRC will be the nodal agency handling this project. The first phase of the metro link has 5 stations between Noida Sector 71 and Greater Noida Sector 2 and this will be built at a cost of Rs. 1, 521 approximately.
Out of the 9 new stations, 7 will be located in Greater Noida and 2 will be present in Noida, namely Sectors 123 and 122. The stations in Greater Noida will be Knowledge Park V, Sectors 10, 2, 12 and 3 and also Sector 4 and Ecotech 12. The project was previously put on hold by the authorities who cited aspects like shortage of funds, low ridership and non-viability as reasons behind the same. NMRC (Noida Metro Rail Corporation) was founded in November 2014 and will be building this new metro link. This agency has already built the Noida-Greater Noida Metro Link which will start functioning by the end of this year as per reports.
The new decision has been welcomed with open arms by residents of Greater Noida West which already has more than 30, 000 people living there. More than 50, 000 residents are expected to shift into the area by the time development is completed for the new metro link. More than 3.5 lakh residential units are expected to be developed in this zone. Greater Noida West is already home to several premium residential projects including Rhythm Ccounty, Trident Embassy and Exotica Dreamville to name a few.