Dwarka Expressway, the emerging micro real estate market in NCR has offered opportunities for both middle class and upper middle class buyers whose budget is in the range of Rs 3,500-7,500 per sq ft to invest in residential real estate for end use and capital gain in Gurgaon.
Many renowned developers have launched projects and commenced construction in this location. Supertech, Orris, BPTP, Puri Constructions, Raheja Developers, Mahindra Lifespaces, Sobha, Indiabulls, M3M, Emaar MGF, CHD Developers to name a few.
Due to increase in the number of companies operating out of Gurgaon and limited availability of mid-segment residences in Gurgaon and Delhi, Dwarka Expressway is emerging as an attractive alternate location for investment and/or end-use option. Currently, not a single project has been completed along this stretch, but there is still substantial buyer interest with very healthy transaction rate. In current scenario, nearly 19,000 units are in various stages of construction, of which nearly 10 per cent cater to high income buyers with the remaining targeted at mid-income buyers. Most of the projects are expected to be completed in phases by 2015-16, in line with the completion of the Expressway itself wherein there will be proper connectivity / access for residents.
Year 2012 has witnessed an increase in the number of new residential and commercial project launches, especially in the second half with most projects catering to high income earning buyers. As per the past market trends, Dwarka Expressway is expected to witness same growth trajectory as other Gurgaon locations such as Golf Course Road and Golf Course Extension Road have witnessed. With the rise in demand, the property prices on Dwarka Expressway have more than doubled from Rs 2,250 per sq ft to Rs 5,250-7,500 per sq ft during the last couple of years. The amenities provided by most developers are better than that in Dwarka and are at 30-40 per cent cheaper than prominent locations in Gurgaon.
This 18 km long Dwarka Expressway, which is under-construction will connect Dwarka (Delhi) and Delhi-Gurgaon Expressway formally known as NH-8. It will connect western parts of Delhi to Gurgaon and will reduce travel time from Delhi to Gurgaon as well. A metro line has also been proposed, which would run parallel to it. The expressway will pass through Palam Vihar and the planned Special Economic Zones also, thereby connecting the residential and commercial projects to other prominent nodes of the NCR.
The close proximity to IGI Airport, Delhi Aerocity and the upcoming Diplomatic Enclave that will house various embassies, will further boost the investor activity driving the prices further up in the residential asset class in this region. It is expected that future supply in Dwarka expressway will be launched in the price range of Rs 7,000-8,500 per sq ft or even higher with bigger apartment sizes primarily due to higher land cost.
Alok Kumar Upadhayay