PM Modi to launch Gurugram Metro project: A boost to realty of Gurugram & Dwarka Expressway

financialexpress.com:

Prime Minister Narendra Modi will lay the foundation stone of the Gurugram Metro project on February 16. The Haryana government had approved the formation of the Gurugram Metro Rail Ltd, which shall be jointly owned by the Haryana government and the Government of India, to execute the metro extension project early this year.

It was approved by the Union Cabinet in a meeting chaired by PM Modi on June 7, 2023. It includes the Gurugram metro extension project from Huda City Metro station (since renamed Millennium City Centre Metro station) to Cyber Hub in a 26.65-km loop covering the entire old Gurugram region. It also includes a 1.85-km spur to the Dwarka Expressway. The cost of the project has been pegged at ₹5,452 crore.

The Central government will provide vital financial support for the proposed metro expansion in Gurugram. To ensure equity in the project and efficient management of funds, creating GMRC as a separate entity became imperative, necessitating the formation of GMRC.

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“It will no doubt have a long-lasting impact on the city’s development and lead to price appreciation, making investing in this region a highly value-for-money proposition. The proposed metro will provide a transformative boost to its real estate sector. Like the successful models of DMRC and NMRC in Delhi and Noida, Gurugram is set to establish its dedicated entity, GMRC (Gurugram Metro Rail Corporation), which focuses exclusively on the city’s metro projects. The realty sector is enthused by this,” says Nayan Raheja of Raheja Developers.

“Gurugram Metro will provide a crucial link from HUDA City Centre to Cyber City, covering an expansive 28 kilometers and passing through 27