News: Dwarka Expressway Re-Emerges As A Promising Real Estate Hub-23.01.2017
Dwarka Expressway re-emerges as a promising real estate hub
Over the last few years, Dwarka Expressway has suffered on account of land litigation issues, resulting in an incessant delay in the completion of the project. However, government initiatives to provide alternative sites to the oustees for expedited completion of the project has once again instilled positive sentiments among end-users and investors. 99acres.com analyses a few factors that have re-positioned Dwarka Expressway as a promising real estate hub. Conceived in 2006, the National Peripheral Road (NPR) commonly known as Dwarka Expressway or NH8A was planned to bring Delhi and industrial town of Manesar closer, linking Dwarka to Kherki Daula. Unfortunately, the completion of this six-lane expressway got delayed by seven years due to various reasons. Real estate projects along this stretch suffered this delay. End-users felt burdened with dual liabilities of paying Equated monthly instalment (EMI) and rent. Many of them were even unable to shift in a possession ready flat due to incomplete roads and lack of basic infrastructure in the area. However, the new project completion deadline of June this year has brought relief to the potential investors. Clearance of the last hurdle Manohar Lal Khattar, Chief Minister, Haryana has instructed Haryana Urban Development Authority (HUDA) to complete the work on Expressway by June 2017 as the state is also planning to build a Metro line and a parallel bus corridor along the stretch. On August 16, 2016, HUDA conducted the draw of lots, allotting alternative plots to the oustees of the Dwarka Expressway project. The allotment got rid of the last hurdle to complete the project, the construction of which has been stalled in breaks because of several houses falling under the route.
Why invest here? An upcoming business hub: Due to the shortage of office space in Gurgaon, Dwarka-Gurgaon Expressway zone will emerge as one of the prominent destinations for IT/ITeS companies. As per an estimate, the stretch will have nearly 22.3 million sq ft of new office supply by 2017. The area around this link road will evolve with fast track connectivity to IGI airport and Gurgaon's busiest business and commercial districts. Good Return on Investment (ROI): “Due to its proximity to Delhi, Gurgaon and the international airport, a few sectors of NPR region will register the same growth which Golf Course Road and Golf Course Extension Road in Gurgaon witnessed years before,” says Gautam Adhikari from Adhikari Estates. The stretch, at present, is witnessing a mix of commercial and residential developments. Experts believe that rise in housing and commercial demand will further encourage developers to invest in hospitality, educational and healthcare establishments in various sectors, which will improve the overall social infrastructure on the residential belt.
Housing options: Surprisingly, property prices in this area are still affordable in spite of the presence of realty majors (such as DLF, Ansal and Emaar MGF). As per 99acres.com, average property values in the region are Rs 4500 per sq ft onwards. New projects along the corridor are set to offer modern amenities in different budget ranges, which means investors have a great choice in terms of villa, penthouse and low or high-rise apartments. Planned infrastructure projects in the neighbourhood: Various infrastructure initiatives around the expressway are in the pipeline. Expressway will touch Delhi near Dwarka Phase II. The Delhi government has recently cleared the transfer of 34.87 hectares of land for setting up the city’s second diplomatic enclave in Dwarka Phase II. On the other hand, the Haryana government has also proposed sewage disposal system and other public utilities along the stretch.
Where to invest? “The residential properties on Expressway, especially Sectors 103-106 and 109-113 is projected to appreciate exponentially over the next five years,” confirms Adhikari. He also feels that sectors along the expressway, such as 108, 109 and 106, are expected to enjoy up to 50 percent appreciation in the next three to five years. Experts believe that such appreciation prospects will soon attract a lot more Non-Resident Indian (NRI) investors
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