The area called the Dwarka-Gurgaon Expressway is seeing significant buyer and investor interest and is one of the promising realty markets in the National Capital Region (NCR).
Dwarka Expressway,also called the Northern Peripheral Expressway,when complete would be an eight-lane expressway,being developed by the Haryana Urban Development Authority (HUDA) at a cost of R120 crore.
As a part of the Gurgaon-Manesar Master Plan 2021 (Urban Complex Plan),the expressway will connect Dwarka to National Highway 8 and will have 30 metres of green belt on both sides.
The proposed location will stretch 18kms,starting from Dwarka,connecting Palam Vihar and the forthcoming special economic zones in Gurgaon and would join the NH 8 near Kherki Dhaula. It is expected to reduce the travel time from west Delhi by half. Also,the expressway will touch 16 new nearby residential colonies and a commercial corridor.
Before we take up the viability of Dwarka Expressway as a location of interest,let us discuss some of its advantages:
The proposed 18 km expressway is expected to be one of Indias widest roads ever,at 150 meters. As a simple comparison,the current Delhi-Gurgaon expressway is 75 meters wide.
The new Terminal 3 of Indira Gandhi International Airport would be accessible within a few minutes drive and is also close to the new commercial/hotel corridor being developed near the international airport.
It is also close to the 18-hole golf course proposed in Dwarka by the Delhi Development Authority.
Extensive belt reserved for commercial development along the new Dwarka Expressway,which can tap into the population of Dwarka and west Delhi for potential job seekers as well as providing job opportunities in proximity to those living in this area.
This area is a part of New Gurgaon,which is being developed with better infrastructure,to match the standards set by Greater Noida. 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.
There is a decent existing infrastructure of schools,shopping centers,hospitals in Palam Vihar,Gurgaon and Dwarka,which are close to the expressway.
The metro station in Dwarka,Sector 22,is only a few kilometres away from the expressway.
Proximity of the residential and commercial properties to the proposed Diplomatic Enclave with 39 embassies,which is being developed in Dwarka.
As already mentioned earlier,the infrastructure being planned for this area is quite developed. The sector roads would be 90 metres in Dwarka Phase II and 60 meters in new sectors along the Dwarka expressway,relieving hassles of traffic congestion.
Since the expressway is expected to take approximately 1.5-2 years to complete and be fully operational and with the same time required for the entire area to develop,developers have started selling their projects at attractive rates.
The current rate at which reputed developers are selling their residential apartments are in the range of R3,000-4,500 per sq ft for mid-segment projects. The luxury projects are in the range of Rs 5,500-6,500 per sq ft.
These rates are almost half of the rates prevailing in the well developed projects in Gurgaon,and almost one third when compared with the prices prevailing in Dwarka in reasonably good housing societies. The quality of the projects coming up on Dwarka Expressway is much better than the high priced group housing societies in Dwarka with virtually no power back up,club,sports facilities,etc.
All the above factors indicate that the current rates are reasonable and should be sustainable,if the pace of development remains the same and if the promises relating to the infrastructure are delivered on time.
Having spoken to a few major developers who already have projects along the expressway,it seems that a good commercial space would soon be created along side the residential projects,which would almost guarantee a situation similar to the Golf Course Road in Gurgaon.
To conclude,Dwarka Expressway,with all the advantages,certainly makes sense at current prevailing rates. The rates of the plots in this area are also at R40,000-50,000 per sq yard,which are quite decent considering the rates prevailing in Delhi and Gurgaon.
Even as the locational advantages present a good opportunity,it is very important to select the right builder and the location and buy only if the price is reasonable. Finally,if everything goes as per plan,Dwarka Expressway will definitely be a good place to stay in the coming years.
The author is MD,Bajaj Capital