Dwarka Expressway - Time for Investors to Cheer?

The last 4 km of the ongoing construction of the 18 km Dwarka Expressway has had most buyers and realtors excited and concerned. Real Estate advisors & trend watchers believe that this infrastructural development, set to connect Delhi and Gurgaon in an hour, is decisive when it comes to real estate.

Why Dwarka Expressway?

Barely 10 km from Gurgaon is Dwarka Expressway which is nearest to Delhi. The area’s proximity to suburban business districts of Sohna, Cyber City, Golf Course Road and even to the peripheral business districts of Manesar can be decisive for the growth potential of the property market along the Expressway.

Reputed realty players like Ansal, SS Group have launched their projects and in the absence of pocket-friendly choices anywhere else, Dwarka Expressway is a promising deal. Sectors closer to Delhi command a 30 per cent premium, while properties towards the end of NH-8 are relatively affordable.

For frequent fliers, the area is barely a few minutes from the international airport. All these amenities plus a proposed metro are what the upper-middle class Delhi buyers know as ‘affordability’ today.

The impact of all these facilities reflects on the prices in the area, Prices have also appreciated quickly, from Rs 2,500-3,500 per sq ft a few years back to around Rs 5,000 per sq ft in terms of re-sale and anywhere up to Rs 11,000 per sq ft for new property.

Sectors near the Dwarka expressway are Sectors 99 to 113, 83 to 86. The Gurgaon-Manesar Master Plan-2012 has given a boost to the Expressway. The total stretch covered by the expressway is around 18km including a wide road, which is around 150 meters wide, starting from Dwarka and connecting to Palam Vihar. The main objective of the expressway is to reduce the travel time of people commuting from West Delhi to Gurgaon.

Sectors on the expressway, like Sectors 110A, 111, 112 and 113, which are near Delhi, are likely to see higher appreciation in the future. Sectors near the expressway are Sectors 37D, 83, 84, 88, 99, 100, 101, to 110 are being developed as residential and commercial, with the maximum area dedicated for residential development.

Concerns

The last leg of construction of the expressway is very crucial, almost like a beginning when it comes to unfolding the real estate chapter of the area. If the expressway project gets delayed, there would be genuinely low interest in the area, less re-sale units transacted in the market and therefore, there wouldn’t be any fresh money in the local real estate economics. In the long term, however, the market is sure to pick up

Development is continuous but prospective buyers are few owing to the slowdown in the market in general as well as that of the expressway project. Majority of the properties is under construction and developers seem to be knowingly delaying their projects.

Caution

Projects like the Faridabad-Noida-Ghaziabad Expressway (FNG) have got so delayed that they have just given way to a lot of construction activities coming up and realtors trying to market their projects owing to proximity to the FNG. 

Online discussion forums, consisting of prospective buyers and those who have already put in their money banking on future prospects of FNG, reveal that such project delays have disillusioned prospective buyers. Similarly, Dwarka Expressway where work started in 2011 and was scheduled to be operational by 2012. 

Further delays because of litigations and land acquisition have pushed the deadline to the year 2017. Buyers have taken the cue and therefore there is a lull in the market. Undoubtedly in the long-term, the Dwarka Expressway is a practical investment.

Property in Gurgaon