Dwarka Expressway Is Going To Trigger Real Estate Along With Its Path
The Dwarka Expressway which is going to open after a delay, opening the doors to new opportunities for the real estate sector. His expressway is the country’s first eight-lane which is going to elevate the urban expressway, which is between New Delhi and Gurugram.
When it comes to the officials of the National Highways Authority of India (NHAI), this expressway is going to connect the Dwarka sub-city in the National Capital with the Kherki Daula toll plaza on NH-48 in Gurugram. The Union Minister for Highways and Road Transport, Nitin Gadkari. In May 2023 inspected the expressway and the facility would be entirely ready by the end of December. However, the Gurugram section of the expressway is likely to be opened earlier by Prime Minister Narendra Modi, within the next few months.
The 29-km Dwarka Expressway starts from the new Shiv Murti on NH-8 (Delhi-Jaipur-Mumbai highway) and it ends near Kherki Daula Toll Plaza in Gurugram passing through Dwarka Sector 21 border of Gurugram and Baai village.
According to NHAI officials, it has 19 km of the controlled access expressway which falls in Haryana while the remaining 10 km falls in Delhi. The estimated cost of this project is around rs 10,000 crore.
The officials also say that 95 acres of the construction work is on the Gurugram side of the expressway. It is expected to be opened for vehicular movement in a few months. The 29-km Dwarka Expressway starts from near Shiv Murti on NH-8 (Delhi-Jaipur-Mumbai highway). It ends near Kherki Daula Toll Plaza in Gurugram passing via Dwarka Sector 21 border of Gurugram and Basai Village. The official says that about 95 percent of the construction work on the Gurugram side of the expressway is completed. It is also expected to be opened for vehicular movement in a few months.
In Delhi, the expressway is going to pass through Dwarka sector 21 to 28 and it will also offer quick access to Vasant Kunj, IGI Airport, and Urban Extension Road – II (USR-II) in Gurgaon. The expressway passes through new sectors such as 113, 112, 111, 110, 109, 108, 107, 106, 104, 103, 102, 99, 88B, 37D, 36A, 36B, and lots more. The roads come with connecting areas such as Old Gurugram, Golf Course Road, Golf Course Extension Road, Basai, Hero Honda Chowk, and Pataudi Road. In fact, the expressway will also connect various important areas and highways such as NH-8, Rangpuri Bypass, Central Peripheral Road, and the Southern Peripheral Road.
When it comes to the Delhi side, the expressway is also going to offer quick access to the golf course in Dwarka and the new diplomatic enclave. The Union Cabinet has also approved a metro line to connect new and old Gurugram with an extension to the Dwarka Expressway which is near sector 101-104, boosting the connectivity in the region.
Why invest here
Once the entire expressway becomes operational, there will no longer be any traffic signals till Vasant Kunj for people residing in sectors along the Dwarka Expressway. There are over 30 functional schools in the catchment of Dwarka Expressway and a 750-bed hospital that is going to develop in that area.
B K Malagi, COO, of Experion Developers, said that the development of social amenities like schools, hospitals, and shopping centers is going to contribute to the livability of the area. The increased urbanization and economic growth in Delhi and Gurgaon are more likely to fuel housing and commercial demand. After the opening of the Dwarka Expressway. In fact, the area has made one of the most sought-after micro-markets of Delhi NCR as several new projects have come up in the last few years in the region.
Several real estate projects
There are tons of 125-130 approved projects in 2016-17 over the years, this number has almost tripled. Currently, there are around 400 approved projects in sectors located around the Dwarka Expressway. Overall, there are 100 projects inhabited, Sahay told Moneycontrol.
While in Delhi side of the upcoming expressway does nity have new residential project, whereas, the Gurugram side of the corridor is dotted with a number of such projects. Some of these prominent projects include luxury housing Tata La Vida in sector 113, Elan The Presidential (106), Experion Windchants (112), Sobha City (108-109), Adani M2K (102, 102A) Shapoorji Joyville (102), M3M Capital (113) Godrej Meridien (106), Godrej Grandeur (106), Assotech Blith (99), Hero Homes (104), ATS Kocoon (109) and others. some top real estate agents are all set to launch their projects in this micro market soon.
How much do housing units cost?
Sahay says that the current property rates are in the range of rs 7,000 per square foot to r 16,000 per square foot, depending on the project and location. In the last year and a half, there has been a jump of around 10-15 percent in the prices of real estate properties located in the catchment area of the expressway.
Land parcels are also being sold in the range of rs 1.25 lakh to rs 1.75 lakh per square yard. As per the research by Anarocj, gnarly 51,500 units were launched in the Dwarka Expressway micro market between 2013 and Q1 2023 across various budgets.
According to the real estate market, the rental in the area ranges between rs 20,000 per month to rs 80,000 per month depending on the project, location, and size. The rent for standard 2 BHK units is around Rs 20,000-Rs 22,000 while it ranges between Rs 25,000 and Rs 35,000 per month for standard 3 BHK apartments.
Sahay says that the Dwarka Expressway was built in 2006-07 but failed terribly to take off. So, the prices of the land parcel and projects that soared quickly fell as quickly as when work stopped. The prices of the properties around the expressway also started going down, touching a low of rs 5000 psf around 4-5 years back. The prices also started picking up only after 2019, when work on the expressway resumed.