Resumed work on Dwarka Expressway to push investments
As disputes of land owners and HUDA are finally settled, construction will once again resume on the Dwarka Expressway. Home buyers and sellers are hopeful of healthy return on investments in the coming time.
In a recent judgement, the Punjab and Haryana High Court has set aside clouds of doubt that were looming over the completion of the 18 km long Dwarka Manesar Expressway. Land acquisition issues between land and home owners and the Haryana Urban Development Authority (HUDA) have now been settled.
The above development means that construction can restart on the 2.5 km stretch in the middle of the Expressway. Vijay Gupta, CMD, Orris Infrastructure says, “Both parties involved in the land acquisition issue on the remaining portion of Dwarka Manesar Expressway have reached a landmark settlement. There will not be any further delay in the resumption of construction work at the remaining 2.5 kilometre stretch of this expressway.”
Owing to this, the industry is hopeful of some positive movement in property prices in the otherwise grim scenario here. Dev Kushwaha of Gurgaon-based Universal Real Estate Pvt Ltd says, “Although the move will resolve land disputes, projects along Dwarka Expressway have seen poor response from buyers. This has been due to weak sentiments and uncertainty over the completion of the expressway,” says Kushwaha.
The price trends of the region indicate that prices have largely been stagnant for a long time. As per the data with 99acres.com, between 2013 and 2014, property prices in this location have inched up by a mere two per cent. However, between Oct-Dec 2014 and Jan-Mar 2015, the prices have moved up by three per cent. Currently, the average price here ranges between Rs 5,300-5,500 per sq ft. Now, with the legal hurdles getting clear, projects along the expressway are expected to witness better response from buyers and faster growth of property prices.
The move is not only expected to benefit prospective buyers, but also home owners who were stuck in the legal battle. Affected home owners have been promised alternative land in Sectors 110A and 37C of Gurgaon. In addition, they will get compensation for re-constructing their homes. Many among these will get larger sized plots as well as additional time to pay for the extra land. About 700 affected people have accepted the Government’s alternate land plan. Out of these, around 300 will get free residential plots. Those who had built houses already will get money for reconstruction.
Here are some outcomes of the court settlement between the land owners and government:
About 11 petitions pertaining to New Palam Vihar have also been settled. Residents of this colony have been asked to vacate their homes by the end of January 2016. They will be given alternative land by the authority during this period. “Since the residents of New Palam Vihar have already agreed upon the settlement plan which states that the home owners will be handed over the alternative plots till January 31, 2016, they will have to vacate their homes before the deadline,” says Vijay Gupta.
Looks like this year is all about getting clarity from the legal hurdles across Delhi NCR. This particular land dispute settlement will positively impact the fate of about 40,000 apartments. What only needs to be seen is how fast buyers will start getting the returns from their investments. Let’s wait and watch.