Dwarka Expressway: A Fast Emerging Real Estate Market of Delhi NCR
Dwarka Expressway has emerged as lucrative housing market and poised for stupendous growth. The area is also called the Dwarka-Gurgaon Expressway and emerging as a promising real estate market for home buyers and investors in the National Capital Region (NCR). It is also called the Northern Peripheral Expressway, and would be an alternative route from Delhi to Gurgaon.
The Dwarka expressway, being developed by Haryana Urban Development Authority (HUDA), extends to about 18 km with nearly about 14 km has been completed. It would be an eight-lane expressway and connect Dwarka to NH-8 and will have 30 meters of green belt on both sides. This expressway is expected to be one of India’s widest roads ever, at 150 meters. The current Delhi-Gurgaon expressway is 75 meters wide.
The development of this stretch is expected to reduce the travel time between Delhi and Haryana. Also, the expressway will touch 16 new nearby residential colonies and a commercial corridor in the region.
Dwarka Expressway is located in close proximity to the IGI International Airport and Palam Domestic Airport and would be accessible within a few minutes drive. It is also close to the 18-hole golf course proposed in Dwarka by the Delhi Development Authority. The area is close to the proposed Diplomatic Enclave with 39 embassies, which is being developed in Dwarka.
A part of stretch in the 18 km long expressway was under litigation for the last few years as residents had moved court and secured a stay order. The recent judgment by Punjab and Haryana High Court on this issue has cleared the roadblock stalling construction of the road. A major hurdle in completion of the Northern Peripheral Expressway, between Gurgaon and Dwarka in Delhi, has been removed. It has brought relief and joy to investors, developers and thousands of home buyers of nearly 40,000 housing units in the region. And now the region is all set to witness speedy completion of the remaining portion of the projects.
Dwarka Expressway will have adequate infrastructure and facilities such as schools, shopping centres, hospitals, hotels, recreational and entertainment zones etc. Delhi Public School is opening in Sector 84 and Sector 102A. Modern School is starting a school in Sector 91 with a 17 acre campus. One of PVR’s biggest multiplexes is coming up in Sector 84 in the area.
The internal roads being planned in this area are expected to be 60-75 metres wide. Also, the sewage and electricity distribution systems are likely to be better and more modern. The roads would be 90 meters in Dwarka Phase II and 60 meters in new sectors along the Dwarka Expressway, relieving hassles of traffic congestion.
As a part of development plan, the metro line has been proposed along the Northern Peripheral Road, which will connect Dwarka Sector 21 and National Highway-8 at Kherki Dhaula Village. Haryana Government is constructing a 162 acre metro hub at Kherki Daula, along with a Inter State Bus Terminal.
The quality of the projects coming up on Dwarka Expressway is much better than the high priced group housing societies in Dwarka. The location carries good long-term potential and offer a good investment opportunities.
The current rates of the residential apartments of reputed developers ranging between Rs. 5500/- per sq ft to Rs. 13000/- per sq ft depending on the location, projects, amenities, specifications, availability and other variables. The mid segment and luxury projects are in plenty, the availability of both these segments is not very high.
Many real estate players with their projects, including Tata Housing, Raheja Group, Godrej Properties, Tulip, Ramprastha Group with a 500 acre township, Chintels, BPTP, CHD and M3M, have their presence in this area.
There are about 72 upcoming group housing projects, in the Dwarka Expressway region. Most of them have been launched and are under construction stage. The projects launched in this region are spread along the proposed alignment of highway, thus the possession in projects is largely dependent on the early completion of the highway. The developers are promising possession by 2015-2017.
In the last five years, this market has seen price appreciation. Finally, if everything goes well, Dwarka Expressway will definitely be a good place to stay in the years to come. With the large number of corporate operating in Gurgaon area and with limited availability of mid segment residences in Gurgaon and Delhi, Dwarka expressway will emerge out as an attractive alternative for both the home buyers and investors.
Ajay Verma, founder, and writer of The Housing World, a real estate and mortgage news website. He has over fifteen years of rich experience in the above-mentioned industries.