India’s infrastructure development has taken a big leap forward with the inauguration of the first phase of the Delhi-Mumbai Expressway. This highly anticipated project has the potential to shake up the real estate market in the Delhi National Capital Region (NCR) in many ways. The expressway will reduce the travel distance between the two cities of Delhi and Mumbai by 12 percent, from 1,424 km to 1,242 km, making it easier for people to commute between the two metros. This improved connectivity will make the Delhi NCR region more accessible to a wider demographic, increasing the demand for real estate in the region.
The Delhi-Mumbai Expressway is a 1,386 km-long expressway that will connect Delhi and Mumbai, passing through the capital, Haryana, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra, while seamlessly connecting cities like Jaipur, Kota, Udaipur, Chittorgarh, Ujjain, Indore, Vadodara, Surat and Ahmedabad. Besides cutting short travel time between Delhi and Mumbai, the expressway will also reduce the travel time between Delhi and Jaipur. The project which has been in the works for some time now is expected to drive economic growth in the region, create jobs, and stimulate real estate demand.
Properties located near key economic and commercial hubs in the region could see a significant increase in demand. Take the example of Sohna, a city in Haryana, which is a popular hub for both residential and commercial development. The city has been developing at a steady pace, but the inauguration of the expressway is set to take this development to the next level. The new expressway will unlock the full potential of the sub-city, creating a multi-utility corridor that will create a spurt in real estate developments in the region. It will bring tangible growth to the city by providing a blueprint for developing housing projects, townships, and business hubs in the region.
Sohna which has a wide range of properties including apartments, luxury individual floors, and villas is already seeing an increase in demand. The inauguration of the expressway will give an additional impetus to other economic drivers such as industries, warehousing, and logistics in the region which will in turn generate demand for residential, commercial, and retail sectors.
Typically, the development of expressways leads to the creation of new commercial hubs and residential areas, which can make them more attractive to investors and homebuyers. Properties located around expressways are often seen as prestigious and desirable because of the limited land available in strategic locations near the expressways. The limited supply is likely to push up property prices in these locations. This offers an opportunity to home buyers and investors to buy properties in these areas and benefit from their potential for capital appreciation.
Commercial properties in Delhi-NCR will also be in demand as the improved connectivity will make it easier for companies to set up logistical activities between Delhi and Mumbai. This is likely to make the region an attractive location for businesses to set up operations. The increased demand for commercial properties will drive the growth of the region’s real estate market by creating increased employment opportunities.
When it comes to buying a new home or investing in real estate, location is the key. Home buyers and investors tend to prefer investing in properties that are located in areas that have good connectivity, are close to important economic and commercial centers, and offer a range of amenities. This mammoth six-lane expressway will connect Delhi and Mumbai, cutting travel times and costs, and opening up a whole new world of opportunities for businesses and job seekers alike. As the project nears completion, we can expect to see a surge in demand for properties in the micro and macro regions of Gurgaon, which is great news for home buyers and investors looking for a good deal. In the coming years, the Delhi-Mumbai Expressway will definitely be a game changer for the Delhi-NCR real estate market.
Source : TOI