News: Dwarka Gets Diplomatic Enclave, Convention Centre; 2-Lane Expressway Likely Soon-08.01.2017
Dwarka gets Diplomatic Enclave, Convention Centre; 2-lane Expressway likely soon
The Union Cabinet today approved the transfer of 34.87 HA land in Dwarka from the Delhi Development Authority (DDA) to LNDO (Land and Development Office) for creating a second Diplomatic Enclave in Delhi. Close on the heels of the Secretary, Economic Affairs, Shaktikanta Das, announcing the Rs 26,000 crore investment to create a massive 12 million sq ft convention centre on 89.7 HA of land adjoining this area, Dwarka’s fortunes are on the rise.
What does this mean for Dwarka Expressway where close to 26,000 units will be available for possession by year end? The Haryana Urban Development Authority (HUDA) is believed to have gone to court to vacate all stays so the process of compensating the 500 occupants can be executed. Even as the remaining 30 litigants are tackled, the Haryana government has decided that a 2-lane Expressway is better than none at all. “From the original 150 m Expressway that has been delayed due to litigation, the government has decided to create a 42 m 2-lane Expressway to begin with,” says land expert and planner Ramesh Menon. Once this is operational, the authorities intend to keep widening the stretch as the litigation eases.
In addition, work on the 2 Rail-Over-Bridges have started and is expected to be completed by the year-end.
Dwarka Expressway buyers today can get 60% returns in 2 years
Current Scenario
Over 7500 units have been delivered on the Dwarka Expressway and at least 45% of the delivered units are occupied. With capital values having fallen by 3% and rental values by 4%, it is unlikely that investors are actively seeking to buy in the area. However, for end users who are seeking to buy, this is a good time to start your search. Cautions Menon, look for those properties that are in the finishing stages and not those that are yet to be constructed. The good news is that the industry expects more cash to be available to developers to complete projects rather than launch new ones.
So should an end-user jump in and start buying? Menon says start searching. Interest rates are expected to soften some more. Some minor notifications are expected to clarify the situation further. So go ahead and search. Find the property that you can move to. The Expressway, in some form is expected to get operational. The economic drivers in Dwarka are falling into place. So this should be a good time to buy on the Dwarka Expressway.
