DELHI: Construction on Dwarka Expressway is going on in full swing and it is likely that it will be completed in 2014-15, giving a big boost to residential and commercial real estate projects in the region.
With an increasing number of MNCs and top Indian corporates operating out of Gurgaon, coupled with the limited availability of mid-segment residences in Gurgaon and Delhi, Dwarka Expressway has emerged as an attractive alternative for investors and end users.
Dwarka-Gurgaon Expressway, also known NPR (Northern Peripheral Road), is a Huda (Haryana Urban Development Authority) project designed to ease traffic rush on the operational Delhi-Gurgaon Expressway (Delhi-Jaipur Highway). Out of the total 18km stretch of the expressway, black-top work on nearly 15km has been completed.
Dwarka Expressway is the state government’s widest ever—150 metre—expressway project that connects NH-8 at Kherki Daula to Dwarka. Of the 630 acres needed to construct the expressway, 600 acres have already been acquired and the rest is expected to be acquired soon. More than 33,000 houses, with an approximate sale value of 8,000 crore, are under construction in different sectors along Dwarka Expressway.
Traditionally, construction of major roads is the responsibility of government. However, in the case of Dwarka Expressway, developers under the umbrella of Credai-NCR have joined hands with the state government to speed up the construction of this major infrastructural project.
As Dwarka Expressway is close to Gurgaon there is a huge demand for quality residential space. A number of high-quality developers have entered the market.
If we look around, properties that have come up near highways or expressways have always seen tremendous response. A number of top realty players like Chintels Group, Emaar MGF, ATS, Vatika, Puri Constructions, Assotech Ltd, Antriksh Godrej Properties, Adani, Tata Housing, Sobha Developers, Raheja Developers, CHD Developers, Microtek, BPTP, Satya Group, Spaze, Paras, Ansal Housing, etc, are developing projects here.
Sandeep Bedi, director of BPTP, says: “Development work on and near Dwarka Expressway is moving in the right direction. Like any other big-ticket infrastructural project, it also faced some delays, but thanks to the combined efforts of all the stakeholders, work has picked up momentum lately. In the near future, property market around Dwarka Expressway will be one of the most popular destinations in the NCR.”
“Recently, a major issue in the way of Dwarka-Gurgaon Expressway was settled by Huda, it decided to give alternative plots to over 200 house owners whose property was located on the proposed route. This positive development will infuse a fresh spell of energy for the development of the area,” Ajay Aggarwal, MD of Microtek Infrastructure, said.
“Gurgaon is going to see a slew of developmental activities with pockets like Dwarka Expressway chock-a-block with developers. In such a situation the need is to create highly differentiated products which are worthy to be considered by discerning buyers,” Manoj Shrivastava, COO Homestead (Asia Pacific), said.