Prospects brighten on Dwarka Eway

Delhi/NCR
The 18km-long Dwarka-Gurgaon Expressway (Dwarka Expressway)–also called Northern Peripheral Road–has emerged as the most sought-after real estate destination for home seekers and potential investors.

Proximity to the NCR regions and IGI airport, planned development, and forthcoming world-class infrastructure gives Dwarka Expressway an edge over other newly developing real estate destinations in the NCR, experts say.

Work on the remaining stretch of Dwarka Expressway picked up after the last bottleneck was removed by Huda (Haryana Urban Development Authority), which announced that it would give alternative plots to over 200 house owners whose property was located on the proposed route of the expressway.

With this news, the completion of Dwarka Expressway is now looking a near certainty by the middle of next year and real estate players have taken a cue to speed up the construction on their projects. Expectedly, the property market of the area has come alive and transactions have gained momentum. Prices are expected to rocket in the area once the construction is complete as the potential of this area to evolve as a residential and commercial hub, backed by its connectivity to Delhi and Gurgaon, is immense.

The NCR wing of the Confederation of Real Estate Developers of India (Credai) has been at the forefront of canvassing for funds for the project and has joined hands with the state government to speed up the construction of this 150-metre-wide and 18km-long expressway.

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 Rs 8,000 crore, are under construction in different sectors along Dwarka Expressway. The realty market along Dwarka Expressway enjoys two major USPs-one, the expressway is expected to be one of the country’s widest roads ever encompassing the largest and most premium real estate hubs surrounding Gurgaon; two, its proximity to Delhi and Gurgaon.

With exactly double the width of the currently operational Delhi-Gurgaon Expressway, which is 75 metres, Dwarka Expressway will pro vide faster connectivity to the Garhi Harsaru dry depot and Pataudi Road in Gurgaon.

The construction of a Metro line on T NPR (Northern Pe ripheral Road) and SPR (Southern Peripheral Road) has been approved by the government and it has been taken up as an early-bird project by Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC), New Delhi. DMICDC has authorised AECOM Ltd to conduct detailed feasibility study for the Metro link.

Arjun Puri, director of Puri Construction, says, “We hope to see the Metro running on the Dwarka Expressway in the next three-four years; this will benefit investors and end users as it would enhance the value of this area as a real estate destination.“

Realty experts say Dwarka Expressway will make a significant impact on the real estate development in the whole region and also areas along the forthcoming Kundli-Manesar-Palwal (KMP) Expressway.

Ajay Aggarwal, MD of Microtek Infrastructure, says: “Despite negative titbits here and there, we are confident of the expressway’s potential. Recently, we drew the attention of the Union minister of highways to the pending work on the expressway and got a positive response. We may see it operational early next year.“

Manish Agarwal, MD of Satya Group, says: “We are going to extend our exposure to the area by launching two projects. `Hermitage’ received tremendous response despite general slowdown in the economy which reaffirmed out faith in the area’s potential. We expect the remaining small chunk of the expressway to be completed soon.“

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/prospects-brighten-on-dwarka-eway/78740.html