Dwarka Expressway, part of Gurgaon-Manesar Urban Complex Plan in the 2021 Master Plan, has made many real estate developers hop on to the profit-making bandwagon. Looking at the best opportunity to make profits, many real estate developers are coming up with the projects in and around that area. This has given a great push to buyers to invest in and around the area.
Dwarka Expressway is becoming the most promising area in terms of investment because of its great connectivity from IGI Airport, NH-8, and upcoming metro. This will ease commution from Delhi and Gurgaon. The property rates in Dwarka Expressway have risen substantially the in last one year. As per Magicbricks rates and trends, multi-storey apartment is ranging from Rs 3,500 to 3,600 per sq ft depending upon the area, location and property attributes.
With the living space becoming scare in the metro cities, several housing projects are coming up along expressways. Construction of residential units along the southern peripheral roads, the Noida-Greater Noida Expressway, the Faridabad-Noida-Ghaziabad Road and the most preferred location DWARKA Expressway is in full swing. Residential projects along expressways are always very attractive to developers due to the linkage, connectivity and infrastructure benefits they provide over the main city area. Their impact on real estate prices, too, is immense.
Projects located along or close to a highway usually see a run-up in prices in the range of 10-15%. Typically the value of a residential project along a highway pays off within 7-10 years. Any investment made in real estate along expressways means mid- to long-term play for both end-users as well as builders, For prices to appreciate tangible progress should be visible on the stretch. Real estate experts point out that property prices usually increase by 5-7% once the construction of the highway or expressway begins and by 10-15% on its completion. Though prices continue to rise as work on the project progresses. The rate of price growth depends on how quickly the highway and the developer’s project are completed, not to mention the overall real estate sentiment. It is a typical case of infrastructure development influencing real estate growth.
In New Gurgaon, focus is on increasing residential space, green areas. commercial space, enhancing the quantum of industrial land and improving connectivity with Delhi. The new suburb, named so to distinguish between planned areas in Gurgaon under the previous Master Plan and the new areas that have been included in the new Guraon-Manesar Master Plan 2021, comprises over 50 new sectors and has exclusive residential and commercial zones. It is located close to Dwarka and the Indira Gandhi International Airport. Both the northern and southern Peripheral roads are expected to decongest traffic on NH-8.
One can easily expect a 30% run-up in prices in the next 12 months along the NPR stretch for a decent location, developer and real progress on the site. Once work on these road linkages and projects nears completion, it is sure to see a conservative appreciation of 10-15% in these areas, says market experts.
– The Writer is a Real Estate Professional