GR Exclusive: Dwarka Expressway A Big Boon To Real Estate, Homebuyers, Office Spaces

Real estate is all set to bolster from the Dwarka Expressway, a 19-km-long, eight-lane expressway, connecting the Delhi-Haryana Border to Kherki Daula, along with the 10-km-long, six-lane Urban Extension Road-II connecting Nangloi-Najafgarh Road to Sector 24 Dwarka. Prime Minister Narendra Modi launched this infrastructural milestone on March 11 which was constructed at an estimated cost of Rs 4,100 crore. This is going to be a boon for India's real estate market, as property prices have appreciated impressively across various sectors along the Dwarka Expressway, marking a pivotal shift in Gurgaon's real estate dynamics.

Data compiled by Geetanjali Homestate, the expressway has catalysed a significant upswing in property prices, indicating a bullish trend in Gurgaon's real estate landscape. In the fourth quarter of 2023, the average property price on the Dwarka Expressway ranged between Rs 11,300 and Rs 11,700 per square foot, representing a substantial increase from the Q4 2022 figures of Rs 9,600 to Rs 10,000 per sqft. This growth not only showcases a quarter-on-quarter increase of 6.5% but also a remarkable year-on-year growth of 14.3%.

Here are some insights sought by GoodReturns.In from industry leaders to get a better understanding of how the real estate market is in for a treat with Dwarka Expressway:

According to Vivek Singhal, CEO, of Smartworld Developers, the highly anticipated inauguration of Dwarka Expressway marks a monumental shift in the region's real estate dynamics. This corridor not only enhances connectivity but elevates the entire living experience, attracting discerning buyers and savvy investors to the forefront of modern living. The steady ascent in property values, particularly in Sector 113 with impressive price growth in the last quarters, underscores the burgeoning demand for spaces that blend luxury with functionality.

Singhal added, "Today's homebuyers seek more than just a residence; they seek a lifestyle that encompasses exclusive amenities like expansive leisure areas, fitness facilities, and more. As disposable incomes rise and the cohort of high-net-worth individuals expands, these trends are poised to define the real estate landscape in 2024."

Further, Vineet Dawar, Sr VP, of sales & strategy, Elan Group, another prominent developer in the region, pointed out that Dwarka Expressway has emerged as one of the most promising areas, with its strategic positioning, exceptional connectivity, and flourishing corporate landscape significantly bolstering its allure for real estate investments.

Dawar highlights, "The expressway's promise of unparalleled connectivity and convenience has already sparked a remarkable surge in demand, particularly in Sector 84 & 106, where we've witnessed an impressive 27% and 12.5% year-on-year growth in the previous quarter respectively. This trend is a clear testament to the foresight of those who seek not just a home but a sanctuary that mirrors their ambitions and lifestyle. At Elan, we are committed to delivering luxury spaces to fulfil the aspirations and rising demands of new-age buyers."

Meanwhile, Aman Nagar, JMD, Paras Buildtech expressed enthusiasm about the potential impact. He said, "The region's improved connectivity and infrastructure are expected to draw businesses and investors, leading to an increase in the demand for commercial real estate. The shortened travel time between Delhi and Gurgaon is anticipated to facilitate access to both markets, generating fresh prospects for growth and expansion."

Consequently, Nagar added the demand for office and retail space is expected to escalate, with businesses vying to establish a foothold in the area. As the local economy burgeons, a corresponding rise in the demand for amenities and services is projected to create openings for investors and developers to construct retail and hospitality projects.

However, Rahul Singla, Director, of Mapsko Group said, in recent years, the residential market in Gurgaon has witnessed exponential growth. Regions in and around Dwarka Expressway have emerged as residential real estate hotspots, and the most coveted land parcels across the entire NCR. This is due to a myriad of factors such as sustained economic growth in the region, favourable movement in interest rates, positive consumer sentiment, as well as a focused push toward urbanization. Extrapolating current market trends, along with growing demand across both luxury and affordable housing segments, it can be forecasted with reasonable certainty that this accelerated growth in the residential market in the region will continue in the near perceivable future.

Apart from this, PM Modi has also laid the foundation stone of 112 National Highway projects spread across the country worth about Rs 1 lakh crore. This is going to be a major boost for real estate, infra, and the economy as a whole.

On March 11, the Prime Minister said that in less than three months of 2024, projects worth more than Rs 10 lakh crore have been either dedicated to the nation or a foundation stone has been laid for them. Meanwhile, the latest more than 100 projects worth more than Rs one lakh crore include development projects from Karnataka, Kerala and Andhra Pradesh in the South, from the North, Uttar Pradesh and Haryana-related development works there, East is represented by projects from Bengal and Bihar whereas, from West, major projects from Maharashtra, Punjab and Rajasthan are there. Also, projects include an increase of 540 kilometres in Amritsar Bhatinda Jamnagar Corridor and the development of the Bengaluru Ring Road.

Dwarka Expressway:

To help improve traffic flow and ease congestion between Delhi and Gurugram on NH-48, the Prime Minister inaugurated the Haryana section of the landmark Dwarka Expressway. The 19 km long Haryana section of the 8-lane Dwarka Expressway has been built at a cost of around Rs. 4,100 crore and includes two packages of 10.2 km long Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7 km long Basai ROB to Kherki Daula. It will also provide direct connectivity to the IGI Airport in Delhi and Gurugram Bypass.