Dwarka Expressway is a catalyst for economic growth, job creation, real estate boom, and a stepping stone towards Gurugram’s transformation into a vibrant urban place.
The recent inauguration of the Haryana section of the Dwarka Expressway by Prime Minister Narendra Modi signifies a stupendous leap towards comprehensive development in Gurugram and its surrounding regions. Spanning 29 kilometres, this expressway is a catalyst for economic growth, job creation, real estate boom, and a stepping stone towards Gurugram’s transformation into a vibrant urban place.
Real estate boom
The Dwarka Expressway has emerged as a magnet for real estate development and investment in the National Capital Region (NCR). The improved infrastructure and connectivity have transformed the area into a highly sought-after residential hub. Esteemed developers have recognized this potential, launching a lot of residential projects accommodating to diverse needs and budgets. This caters to homebuyers seeking a well-connected, modern lifestyle with easy access to Delhi and other key locations.
Data from ANAROCK, a real estate consultancy, reveals the surge in demand. Over 53,000 housing units have been introduced in the Dwarka Expressway region over the past decade, with over 80% already sold. This strong demand has driven up property prices, reflecting the area’s attractiveness and promising prospects for real estate ventures.
Santhosh Kumar, Vice Chairman, ANAROCK Group, says, “Dwarka Expressway has been planned to provide an alternate link between Delhi and Gurgaon and thereby reduce traffic congestion. Since its very inception, developers flocked to grab large land parcels and thereafter launch several housing projects along the Expressway. In fact, investors considered it as one of the most promising and fruitful investments. As anticipated, there has been a spurt in real estate activity over the years.”
“As per ANAROCK Research, nearly 53,030 units have been launched here between 2013 and 2023 across various budget segments. While the project missed many deadlines, it will inevitably boost the real estate prospects of the area because of improved infrastructure in and around the region. We will see more than 10,515 housing units ready for possession within the next two years in the region,” Kumar adds.
As the country surges ahead with progressive infrastructure development, the real estate sector is set to assume a more significant role in the nation’s growth trajectory. Currently valued at USD 477 billion, the sector contributes approximately 7.3 percent to the GDP.
However, it’s crucial to ensure responsible development that complements the expressway’s infrastructure. Integrated townships with essential amenities like schools, hospitals, and shopping centers are essential for creating a sustainable living environment. Prioritizing green spaces and parks within residential areas will further enhance the quality of life for residents.
Economic engine
The Dwarka Expressway heralds a new era of economic prosperity for Gurugram. “As a crucial artery connecting major urban areas like Delhi, Gurugram, and Jaipur, the expressway could stimulate trade, commerce, and investment activities. Its strategic location near the IGI airport facilitates smooth connectivity, making it an attractive destination for businesses and industries. Moreover, the improved accessibility brought about by the expressway is expected to attract new ventures, thereby creating employment opportunities and driving economic growth,” says Pankaj Pal, Managing Director, Whiteland Corporation.
The expressway’s impact extends beyond traditional sectors. Tourism also flourishes with enhanced accessibility. Easier travel attracts visitors, boosting the hospitality industry and generating revenue for local businesses. This ripple effect stimulates economic activity across diverse sectors, propelling Gurugram’s overall economic growth.
Green corridor, sustainable growth
While infrastructure development is crucial, it’s equally important to ensure environmental sustainability. The Dwarka Expressway project prioritizes green development principles. Planting trees and incorporating green belts along the expressway are essential steps towards mitigating pollution and promoting a healthy environment.
“Sustainable urban planning goes beyond just building roads. Efforts to preserve green belts, promote eco-friendly initiatives, and integrate landscaped areas along the corridor contribute to creating a liveable and environmentally-conscious urban environment. The harmonious coexistence of infrastructure with nature not only enhances the aesthetic appeal of the region but also gives a sense of well-being among its residents,” observes Pal.
Understanding the growing demand for sustainable living, particularly among environmentally-conscious millennials, developers are incorporating eco-friendly features into their premium projects along the Dwarka Expressway. This focus on green living translates to a more sustainable future for the area, giving a thrust on greener skyline and creating a healthier environment for residents.
Hub of connectivity
One of the most significant advantages of the Dwarka Expressway is its role in enhancing connectivity within Gurugram and beyond. By providing smooth access to major highways and arterial roads, the expressway reduces travel time and congestion, improving overall efficiency and productivity. Moreover, its linkage with the Delhi-Mumbai Expressway promises to further boost connectivity, facilitating the movement of goods and people across western Bharat. This enhanced connectivity opens up new avenues for trade, tourism, and investment, positioning Gurugram as a vital hub of economic activity.
S K Narvar, Group Chairman, Trident Realty, says, “The Dwarka Expressway has completely transformed the real estate scene in Delhi NCR, turning it into a hub for luxurious housing. Its strategic connectivity has sparked an unprecedented demand for high-end properties as people seek to take advantage of the top-notch convenience and infrastructure it offers. The expressway’s proximity to major business districts, airports, and commercial hubs has only added to this demand, attracting both residents and investors alike. With its modern amenities and utilities, the Dwarka Expressway has redefined urban living, providing a perfect mix of comfort, convenience, and investment opportunities for those seeking a lavish lifestyle.”
Job creation
The Dwarka Expressway’s influence isn’t limited to established businesses. It brings new employment opportunities in various sectors. The development of industrial corridors along the expressway attracts companies seeking well-connected locations. This surge in investment translates to new factories, warehouses, and commercial establishments, all of which require manpower. Construction, transportation, logistics, and hospitality industries experience a rise in demand for skilled and unskilled labour.
Furthermore, “the expressway’s proximity to Delhi opens doors for talent seeking better career prospects in the capital city. This improved connectivity eases commutes, encouraging professionals to reside in Gurugram while working in Delhi. This, in turn, fuels the demand for housing and related services, creating a job multiplier effect across various sectors,” says Pal.
A gateway to future
The Dwarka Expressway is a symbol of progress, real estate boom, and infrastructure development. Its potential extends far beyond just connecting places; it’s about connecting people, businesses, and opportunities.
As per ANAROCK Research, average property prices in the region went up by a significant 41% between 2020 and 2023 – from INR 5,890 per sq ft in 2020 to nearly INR 8,300 per sq ft in 2023. This is likely to further head north with the Expressway now operational.
Abhishek Trehan, Executive Director, Trehan Iris, says, “The Dwarka Expressway has enhanced accessibility and connection, transforming the Delhi-NCR real estate market. According to reports, there has been a 20-40% increase in property prices over the last few years. Moreover, the fact that more than 12,000 homes were sold along the corridor in 2023, highlights the growing demand. Additionally, the Dwarka Expressway has completely changed the real estate landscape in Delhi and the surrounding areas by upgrading its overall connectivity and accessibility creating new opportunities for the residential and commercial sectors. Besides, this area stands out for its promising potential, playing a key role in the region’s economic growth and attracting buyers and investors alike.”
The road ahead, thus, promises exciting possibilities. Gurugram, with its improved infrastructure and growing economic activity, is going to become a benchmark for sustainable urban development and economic success in India.
Source : FE
