While most cities saw double-digit price increases during Q2 2023, Delhi NCR is consistently seeing an uptick in housing prices for the past 12 quarters.
The real estate landscape in the national capital is witnessing a transformative shift, driven by a combination of factors including growing trend of investment-oriented purchases and a significant infrastructural boost. According to a report released by CREDAI and Colliers Liases Foras, Delhi-NCR came second as housing prices in the northern region have risen by 14 per cent YoY in Q2, amid robust housing demand backed by continued positive homebuyer sentiment and stable interest rates.
ET quoting the report said that the during the second quarter of 2023, housing prices experienced the most significant year-on-year increase in Golf Course Road and Dwarka Expressway, rising by 46 per cent and 40 per cent, respectively, at the micro-market level.
One of the primary drivers behind the escalating demand for housing in Delhi is the extensive infrastructural boost that the city is undergoing. The government’s commitment to improving connectivity and urban infrastructure has led to a slew of ambitious projects that promise to redefine the city’s landscape. The ongoing work of the Dwarka Expressway is a prime example.
India’s First Elevated 8-Lane Access Control Expressway
According to a report on PTI which quoted Union Minister Nitin Gadkari said that the Dwarka Expressway, India’s first elevated 8-lane access control urban expressway, being constructed at an estimated cost of Rs 9,000 crore, as part of the Delhi decongestion plan, will be completed by April 2024. Mohit Goel, MD, Omaxe Group
, stated, “We see immense potential in this region. With its excellent connectivity, robust infrastructure, and availability of vital amenities, we envision creating a world-class real estate project that offers a luxurious and comfortable experience to customers and investors.”
Prominent Hub in NCR Region
Dwarka Expressway will have a fully-automated tolling system and the entire project will be equipped with an intelligent transportation system (ITS). The Expressway is likely to be completed in four packages. “There are plenty of shopping centres and multispeciality hospitals making Dwarka a self-sustainable hub. Work has begun in the 25,000 crore International Convention center, which will be one of the largest in Asia. Near the convention center new business parks, IT parks, hotels, and retail arenas will be developed. Meanwhile, work is also going on developing swanky golf courses, diplomatic enclaves, eco-parks, and football stadiums”.
A 3-lane service road is also being constructed on both sides of the expressway. The total length of Dwarka Expressway is 29 km, out of which 18.9 km length falls in Haryana, while the remaining 10.1 km is in Delhi.
While most cities saw double-digit price increases during Q2 2023, Delhi NCR is consistently seeing an uptick in housing prices for the past 12 quarters, as per ET report. The aftermath of the global pandemic has reshaped preferences, with an increased emphasis on owning a home that offers a secure and comfortable environment as well as an investment option to hedge against inflation.