Dwarka Expressway Sets Real Estate Market Soaring In NCR
Prime Minister Narendra Modi's inauguration of the Haryana section of the Dwarka Expressway today marks a pivotal moment for the real estate market in the National Capital Region (NCR). The operationalization of the expressway is poised to usher in a new era of growth and development in the region's real estate sector, according to industry experts.
With the aim to alleviate traffic congestion and enhance connectivity between Delhi and Gurugram on NH-48, the inauguration of the Haryana section of the Dwarka Expressway is a significant step forward. Stretching 19 kilometres with 8 lanes, this expressway, built at a cost of approximately Rs. 4,100 crore, includes crucial infrastructure such as the Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and Basai ROB to Kherki Daula sections. Its strategic connectivity to the Indira Gandhi International Airport in Delhi and the Gurugram Bypass further adds to its significance.
Industry leaders view the opening of the Dwarka Expressway as a game-changer for the real estate landscape in NCR. Vishal Raheja, Founder & MD of InvestoXpert.com, expressed his optimism about the impact on property prices, stating, "The inauguration of the Dwarka Expressway marks a significant milestone in enhancing connectivity between Delhi and Gurugram via NH-8."
Raheja further elaborated on the anticipated growth, citing a steady appreciation in land and property prices in the vicinity of Dwarka Expressway in Gurugram. Recent data suggests a rise of up to 20-25% in land prices and a positive trend in property prices over the past few years. This trend is expected to continue, driven by increased demand fueled by improved connectivity and infrastructure development.
Sunil Sisodiya, Founder of Geetanjali Homestate, echoed Raheja's sentiments, highlighting the expressway's potential to catalyse growth across residential, commercial, and industrial sectors. Data from Geetanjali Homestate's report underscores a notable increase in property prices along the Dwarka Expressway, with a quarter-on-quarter growth of 6.5 per cent and a year-on-year growth of 14.3 per cent.
“Projects like these unlock immense potential for the economy by reducing travel time and making new developments feasible. With the inventory overhang in NCR at their lowest levels in years, this is a much needed breather for those looking to buy homes at a reasonable price. Add to this the trust deficit which RERA, RBI guidelines and tech enabled home loan financiers help to bridge, we are super excited about building a business in the real estate finance sector,” said Raghuveer Malik, Co-Founder, Ambak Home Finance.
Experts anticipate that the expressway's opening will lead to further appreciation in property prices, making it an attractive destination for real estate investment. Improved accessibility to key commercial hubs, educational institutions, and healthcare facilities is expected to drive heightened demand and bolster rental rates, further fueling the region's real estate market.
In conclusion, the operationalisation of the Dwarka Expressway signifies a significant milestone for the NCR's real estate sector, promising increased investment opportunities and economic growth in the region. With improved connectivity and infrastructure, the expressway is poised to transform the real estate landscape and contribute to the region's overall development.
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