Dwarka Expressway to Pave Way for Startups and Unicorns to Gurugram-NPR, says Pankaj Bansal
The Dwarka Expressway Project which is worth Rs 9000 crore is an access controlled expressway that aligns routes connecting Mahipalpur in Delhi with Kherki Dhaula via New Gurgaon in Haryana. The project will have 20+ flyovers and bridges, 2 underpasses, 11 vehicular underpasses, 20 underground pedestrian crossings, and a 2.5m broad cycle and bike path.
It is anticipated that the project will be completed by the end of the year 2022. Delhi Metro Rail Corporation (DMRC) also has a metro line planned along Dwarka Expressway. Plus, construction of a 5-km long tunnel to Terminal-3 is also expected to be built at Delhi’s Indira Gandhi International (IGI) Airport.
As stated by the Director of M3M India, Pankaj Bansal, the Dwarka Expressway is going to be a game-changer in the real estate sector which would entice more than 61,400 startups and 83 unicorns to invest in residential as well as commercial properties in NCR-Gurugram and NPR.
If we look at the report published by Orios Ventures Partners, it is seen that Indian startups have raised $42 billion in the previous year, which was more than $11.5 billion from 2020. There are around 14,000 new startups in 2021 as found by the Indian government. India has 83 unicorns by January 2022 with a total valuation of $277 billion.
As per Economic Survey 2021-22, Delhi-NCR has replaced Bangalore to be called as the new startup capital of India. It is found that more than 5,000 recognised startups were added in Delhi-NCR where as 4,514 startups got added in Bengaluru in the previoua two years. Though, Maharashtra registers 11,308 start-ups which is the highest recognised startups till date in the city.
Delhi-NCR region has registered growth of 50 per cent year-on-year for office space in 2021, due to strong absorptions by tech firms and startups. In 2021, the office space absorption was 6.3 million square feet where in startups absorbed 1 million square feet of office space. By 2022, Grade-A office space absorption is anticipated to exceed 700 million square feet, with Delhi-NCR registering the majority of this demand. Delhi-NCR has seemed rise in demand by 35 per cent Y-o-Y, from 3.88 million square feet to 5.23 million square feet. This demand is further going to increase with the development of the Dwarka Expressway.
Pankaj Bansal, Director – M3M India, says “India has become the third largest startup ecosystem in the world after the US and China. India has added 33 Unicorns in a single year. India’s 61,400 startups and 83 unicorns are all set to give a booster dose to the Indian commercial real-estate market in the coming years. Startups have leased about 2.2 million square feet office space in 2021 in the top three metros of India-Delhi-NCR, Mumbai and Bengaluru-marking a 56 per cent rise from 2020 in tandem with a spate of $1 billion-plus valuations. Many reports now suggest that India may add another 50 fresh unicorns soon. These startups and unicorns would need office and residential space with most-modern amenities & facilities with good connectivity, and NCR-Gurugram and NPR is expected to be their first choice,”.
He further adds, “Gurugram also has the third highest per-capita income in India and has contributed significantly to the Indian entrepreneurial ecosystem. Not just startups and unicorns, even the NRIs are aggressively driving the realty market in India. Keeping the requirements in mind M3M India has recently launched M3M Capital in sector 113 Gurugram, a complete luxury golf residential project, which is on Dwarka Expressway with a top-line of Rs 4,000 crore.
“At present we have launched about 650 apartments of 2.5 and 3.5 accommodation, and the project has exclusive golf-courses, private foyer, green landscape, separate yoga and meditation area, and a 60,000 square feet clubhouse. The project has close proximity to Aerocity and Delhi International Airport, and is part of larger vision for Smart City Delhi Airport. The response has been immense and in the first three days of its launch the project clocked Rs.800 crore booking.”
If we going by industry report, then we find that the NRI investments in India constituted more than $14 billion in FY21. The Indian rupee weakning, all-time low-interest rates along with an increased inclination towards owning a property has motivated NRIs to invest in Indian real estate market. Being closely located near Indira Gandhi International (IGI) Airport, Gurugram is known as the preferred investment destination for people belonging to North India. NRI investments are also expected to include region’s commercial property.
Delhi NCR’s employment hub, Gurgaon has over 250 Fortune-500 companies and more than 1500 startups such as Oyo Rooms, Urban Company, ShopClues, Zomato, Delhivery, Yepme, Ixigo and MakemyTrip.
You can find rapidly rising office space and industrial developments along the Sohna-Manesar belt. In 2021, US-based Syneos Health leased huge space sprawled over 2.1 lakh square feet. Microsoft and Dr. Morepen Laboratories also leased space on land sprawling over 1.8 lakh square feet and 40,000 square feet in Gurugram, respectively. Recently, PVR cinemas has signed an agreement to open 8-screen multiplex in M3M 65th Avenue, a prominent opulent retail project in the region.
Recently, our honorable Prime Minister Narendra Modi, has declared 16th January as the National Startup Day which has infused enthusiasm to startups. Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship, has said that in the coming 25 years, the growth and expansion of Indian Economy along with the employment creation and investment hike, will be affected by India’s startup and entrepreneurial ecosystem. Investors will see NCR-Gurugram and NPR as the perfect spots for investment after the commencement of Dwarka Expressway. Resultantly, the residential and commercial property demand is expected to increas exorbitantly.