From being the hotspot of Gurugram’s realty market till 2012 to being one of the most sluggish and uncertain markets, with a plethora of projects with dwindling fortunes till about a couple of years back, Dwarka Expressway has witnessed it all. On the one hand, the prime driver of the micro market, the Northern Peripheral Road (NH 248BB), is being constructed at a good pace, while on the other hand, owing to subdued capital values for a prolonged period, the micro-market offers much better value proposition in the context of Gurugram.
In fact, 29-km-long, 8 lanes, and 150-meter-wide Dwarka Expressway aims to improve connectivity between Delhi, Gurugram, and Manesar. The expressway is still under development as the land acquisition issues over the years hindered its construction progress. However, as per more recent market developments, the clouds of uncertainty may clear, and the project is likely to be completed soon.
“Once the expressway is fully constructed and operational, residential real estate activity here is likely to increase further. The location has already seen massive residential real estate development and as per ANAROCK Research, more than 25,000 units have been launched in the past 6 years, with Dwarka Expressway accounting for 27% of the total supply in Gurugram over this period. As a result, this micro-market has plenty of options available for homebuyers, and the expressway completion will further spur the growth momentum,” says Santhosh Kumar, Vice Chairman, ANAROCK Group.
Thus, as this market at present has many lucrative options both in primary as well as secondary markets, buyers and real estate developers alike view Dwarka Expressway as the most lucrative residential and investment option.
In a recent statement, Union Minister for Road Transport and Highways Nitin Gadkari said that Dwarka Expressway, which is being developed as the first elevated urban expressway in India, will be operational in 2023. This has further added an impetus to the growth of this area.
“The upcoming Dwarka Expressway is set to be one of the finest infrastructure stories that NCR has ever witnessed. The government is developing a state-of-the-art business, transport, and recreational hub near Sector 113 and Sector 111, Gurgaon. These developments will enhance the ease of accessibility to world-class facilities and amenities for micro-markets of West Delhi and Dwarka. Further, looking at the growth potential in the next few years, this will be the most lucrative micro-market, both from an investment and end-use perspective,” said Vivek Singhal, CEO, Smartworld Developers.
The highway comprises four multi-level interchanges, spanning 29 km on NH8 as a signal-free highway. The area has emerged as one of the prime micro markets in Gurgaon, NCR, with seamless connectivity to Gurgaon and Delhi airport terminals.
“Once operational, Dwarka Expressway will significantly reduce the traffic load on Delhi – Gurugram Expressway. Besides, Sohna Road and Golf Course Road will also be relieved with the ease of traffic movement. The realty market of Dwarka Expressway and its surrounding areas have been witnessing great traction lately. The expressway has direct connectivity to the industrial zones in Manesar, Gurgaon, Dharuhera, and Bhiwadi, which will influence the realty demand in the area. Besides the strategic location, the seamless connectivity and mega infrastructural developments have been playing a key role in enhancing the potential of the realty market of Dwarka Expressway and other areas in the vicinity like New Gurgaon which have been the preferred neighborhood for investors and end-consumers in the last few years,” said Aman Trehan, Executive Director, Trehan Iris.
Residential demand is also set to spike, with more commercialisation and urbanisation in and around Dwarka. In fact, the region has already witnessed a value appropriation at a CAGR of around 4% during the period between 2015 and 2018 and has been growing ever since.
“The high-growth stretch is witnessing the launches of both commercial and residential projects. With greater connectivity and newer investment opportunities, both builders and investors have a positive affinity for the corridor. It is surely attracting end users as they will be far from the overly crowded areas of Delhi NCR, benefiting from the given range of homes (2,3,4 BHK) being developed by renowned builders,” said Shashank Vashishtha, Executive Director, eXp India.
Dwarka Expressway already has a slew of top-line luxury and premium residential projects. The Delhi-Haryana Western corridor is also gearing up for multi-sector development with Dwarka Expressway. The Dwarka sub-city project has also been commissioned to urbanise the entire west Delhi region, as other parts in the city are overcrowded and laden with high property rates.
“Owning to the exceptional connectivity, presence of excellent social infrastructure and improved liveability index, Dwarka Expressway is now one of the most sought-after real estate destinations. The latest announcement on commencement of vehicular operations in 2023 will bring cheer to the developers, investors and end-users alike, with a promise of better living and higher return on investments. The seamless connectivity to Delhi, bypassing traffic decongestion on Delhi – Gurgaon expressway, and its proximity to Southern Peripheral Road, National Highway 8 & KMP Expressway are bound to have a multiplier effect on real estate value, making the region the best investment choice for homebuyers,” said Santosh Agarwal, CFO, and Executive Director, Alpha Corp.
Another factor it is attracting eyeballs is because it is India’s first expressway to have an urban forest cover, 30 times denser than a traditional city green plantation. One could imagine how this facelift will drive more interest in the region’s overall growth. Slated as one of the largest highway projects in the country, Dwarka Expressway is said to be a promising investment for homebuyers and commercial investors alike.
Source : FE