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Delhi NCR’s Real Estate Market Post Dwarka Expressway

Real Estate Market Post Completion Of Dwarka Expressway:Ashish Bhalla

by Akhilesh K. Prasad,

The Dwarka Expressway, also known as the Northern Peripheral Road (NPR) is an 8-lane and 29 Kms long highway that connects Dwarka in Delhi with Gurugram in Haryana. It has been developed as an alternative link route to ease traffic on the pre-existing NH-18 and Mehrauli- Gurugram road.

Conceptualised under the Gurugram Master Plan 2021, the expressway was initially planned to connect Dwarka in Delhi to Palam Vihar in Gurugram. However, as per the Master Plan of 2025, it will be further extended to Kherki Daula toll plaza, intercepting NH-48.

The Dwarka Expressway has 360-degree proximity, be it to metro, airport or commercial hubs. Briefly, it is well-connected to Gurugram Cybercity and other major office hubs via NH-48. It connects to Manesar and Maruti Suzuki India Ltd, which is half an hour’s drive away. The nearest metro station is the Huda City Centre, which is a 30-minutes drive from Dwarka Expressway. People who live along the expressway will also be able to reach Indira Gandhi International Airport within an hour’s time.

Ever since the announcement of the expressway, the sectors it passes through saw an upsurge in real estate activity. Sectors like 109, 113, 37D, 88B, 105 and 99 saw a significant increase in the demand for housing units. Over 23,000 units were supplied in the period 2013-15. Thereafter, there was a sudden decline in the supplies owing to difficulties in land acquisition, demonetization, RERA implementation, GST and buyers’ negative sentiments. Only about 6,000 units were supplied in the next three years. Also, there was a major impediment to the completion of the project as the land acquisition issue was raised by people who held properties and houses on Dwarka Expressway. Later, an amount of Rs.1,233 crore was sanctioned by the authorities to the actual landowners as compensation.

Lately, however, the prices have improved considerably in the region. There has been a steady increase in capital values at CAGR of around 4% for the period 2015-2018. The area looks like a promising investment destination for buyers and investors. Now that the difficulties in the land acquisition have been largely overcome, which had proved to be a significant setback to the progress of expressway over the years, Dwarka Expressway has, once again become the talk of the town.

The office space market in most areas of Gurugram is saturated. Dwarka Expressway is therefore expected to emerge as one of the prominent destinations for IT, ITes and tech startup companies. A significant number of residential projects are also likely to be completed this year. The increased commercial and residential activity will eventually attract social infrastructure facilities such as hospitals, educational institutions, malls, and entertainment centers. Moreover, metro rail corridors in Dwarka Expressway, which will facilitate off – road connectivity between Gurgaon and Delhi, has already been approved.

Now that several residential and commercial projects near Dwarka Expressway are in progress, it can safely be said that the expressway has overcome its worst phase and the region it passes through is looking like a good investment destination.

An MBA by qualification, Akhilesh has dabbled into various businesses. He is a keen    debater, data miner and analytically inclined. His blogs tend to present a fresh perspective on any given matter

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