Dwarka Expressway is all set to be inaugurated on March 11th by Prime Minister Narendra Modi. This road is expected to improve the traffic flow and ease congestion between Delhi and Gurugram on NH-48. According to the realty experts the Dwarka Expressway has of late emerged as a major residential hub in Gurugram and going forward it is expected to witness the launch of commercial and retail projects, as well as high-quality residential properties.
The Haryana section of Dwarka Expressway has been built with Rs.4,100 crore and includes two packages of 10.2-km Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7-km Basai ROB to Kherki Daula. This road will provide direct connectivity of the IGI Airport in Delhi and the Gurugram Bypass. This will also connect Delhi and Gurugram and help to keep the roads congestion free.
As part of their Development Plan 2031 for the Gurgaon Manesar Urban Complex, this road developing as northern ring road. Due to the rapid increase in traffic between Delhi and Gurgaon on NH 8 and other road networks, there has been a consistent demand to complete the Dwarka Expressway promptly.
Chairman & CEO of India, South-East Asia, Middle East & Africa, CBRE, Anshuman Magazine said, “Dwarka Expressway marks a cornerstone in enhancing the connectivity within the Delhi-Gurugram region. The expressway transcends its role beyond a transportation link, acting as a pivotal force for economic and infrastructural revitalization. It is bound to redefine the real estate landscape in the vicinity. The anticipation surrounding the expressway over the last decade has already ignited a surge in residential development, especially in sectors bridging Gurugram and Delhi. With the expressway now complete, we are witnessing a promising downturn in unsold inventory levels in these sectors.
He further added, “This project, specifically the 15 km inside Gurgaon, around, alongside, or in distant areas, there are many sectors like sector 84, which are towards Gurgaon that have been connected to sectors 109, 110, and 113, which are nearer to Delhi, where a lot of residential projects have been launched in the last 10 years, particularly in anticipation of the Dwarka Expressway.”
This project, specifically the 15 km inside Gurgaon, around, alongside, or in distant areas, there are many sectors like sector 84, which are towards Gurgaon that have been connected to sectors 109, 110, and 113, which are nearer to Delhi, where a lot of residential projects have been launched in the last 10 years, particularly in anticipation of the Dwarka Expressway. The luxury apartments will offer contemporary amenities that include clubhouses, swimming pools, gyms, sports facilities, manicured gardens, and 24-hour security.
New Gurgaon cluster has become the new hotspot for premium launches in Delhi NCR because of the inauguration of Dwarka expressway. In 2023, a total of 11,270 housing units were launched in this submarket, which was 69% of the overall launches in Gurugram. Launches were up by 166% as compared to the previous year as 4,231 units were launched in 2022.
Nearly, 75 acres of land across 17 separate deals valued at over Rs.3,100 crore have been acquired by real estate developers since CY2022 in this submarket.
Santhosh Kumar, Vice Chairman, ANAROCK Group said, “While the project missed many deadlines, its inaugural today will inevitably boost the real estate prospects of the area because of improved infrastructure in and around the region. Moreover, we will see more than 10,515 housing units ready for possession within the next two years in the region”
Anshuman further said, “With the expressway now complete, we are witnessing a promising downturn in unsold inventory levels in these sectors, from a significant 25-30% 8-10 years ago to a mere 7-8% now.”
Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited quoted, "The Delhi-Gurugram has seen tremendous growth after completion of Jaipur Expressway and became a major hub of economic and infrastructure activities. Similarly, completion of Dwarka Expressway is poised to be a transformative event, particularly in the National Capital Region (NCR), with Gurugram set to experience significant benefits. This new expressway promises to alleviate congestion on the Delhi-Gurugram stretch, offering another corridor of growth to Delhi and Gurugram. From a real estate perspective, the completion of the Dwarka Expressway will benefit the numerous homebuyers who have invested in properties in this region. Additionally, this milestone will unlock numerous land parcels for development, presenting fresh opportunities for both Residential and Commercial Projects. Given the already robust demand for properties in Gurugram, the expressway's completion is expected to further stimulate the market, driving up demand and potentially boosting demand of Commercial Real Estate.The overall impact is anticipated to be highly positive, not only for the real estate sector but also for the broader urbanization efforts in Delhi & Gurugram. With improved connectivity and accessibility, the expressway is likely to catalyze further growth and development, setting the stage for a more vibrant and dynamic urban landscape in the region."
Mohit Jain, Managing Director, Krisumi Corporation said, "Major infrastructure projects act as a catalyst for the economy. This is the reason the government prioritizes such developments. Real estate as a sector immensely benefits on improved connectivity. The Gurugram stretch of the Dwarka Expressway is expected to generate a similar positive impact. We anticipate continued robust demand for various types of properties in Gurugram, particularly near the expressway, for the next few years. This growth will likely encompass both residential and commercial sectors. The luxury housing market is also expected to perform well. With a significant decline in unsold inventory Gurugram's real estate market has displayed strong demand in recent years, with. A report by a leading consultant shows a remarkable 27% decrease in unsold housing units in Gurugram during 2023 alone. Looking ahead, the anticipated high demand fueled by the Dwarka Expressway opening is likely to lead to a further reduction in unsold properties. We can expect a surge in new launches, including both residential and commercial projects. In fact, we see a huge possibility of Dwarka Expressway emerging as a major hub for both residential and commercial development not just in Gurugram, but in the entire NCR region."
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