Conceptualised under the Gurugram Master Plan 2021, Dwarka Expressway or the Northern Peripheral Road (NPR) was initially planned to connect Dwarka in Delhi to Palam Vihar in Gurugram. However, it was further extended to the Kherki Daula toll plaza, intercepting NH-48, as per the Master Plan 2025.
Stretching along 18 kms, this eight-lane and 150-metre-wide Expressway aims to provide seamless connectivity between Delhi, Gurugram and Manesar. The Expressway passes through sectors 109, 113, 37D, 88B, 105, 99 and many other sectors, which saw an upsurge in residential real estate activity since its announcement.
With land acquisition issues over the years, the residential real estate market along the region suffered a major setback. However, the recent clearance of all major hurdles here, has given a new ray of hope to prospective buyers and investors focused on Dwarka Expressway’s many transit-oriented benefits.
The major attraction of Dwarka Expressway, is its seamless connectivity between Gurugram and Delhi.
- Road: Sectors along Dwarka Expressway will enjoy excellent connectivity to Delhi and the international airport. It is well-connected to Gurugram Cybercity and other major office hubs via NH-48 and provides good connectivity to the Manesar industrial belt and Maruti Suzuki India Ltd, which is just half an hour’s drive away.
- Metro: The nearest metro station is Huda City Center, which is a 30-minute drive from Dwarka Expressway.
- Air: A fully-operational Dwarka Expressway, will reduce the travel time to Indira Gandhi International Airport. Currently, people who live in the sectors along Dwarka Expressway, take 45 minutes to reach the airport via NH-48.
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- In the last five years, Dwarka Expressway has seen a fresh supply of over 29,100 units. More than 80 per cent of the supply was added during the period 2013-15.
- Various litigation issues created a slump in this region and new supply saw a major decline. In 2016, Dwarka Expressway saw the highest decline in new launches of more than 50 per cent, from 2015.
- The new supply in 2017 was also restricted to a mere 2,500 units, a decline of more than 30 per cent since 2016. The decline in new launches from 2016, was the cumulative effect of delays in land acquisition along the Expressway, demonetisation, RERA and GST, coupled with weak consumer sentiments in the NCR.
- Interestingly, out of the total supply launched since 2013, the region currently has just seven per cent (around 2,000 units) ready-to-move-in units. The land acquisition issues along the Expressway hampered its development, which, in turn, negatively affected the residential growth in the region. Several projects have been delayed over the years.
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- Around 29 per cent (8,500 units) of the total supply is expected to be completed within a year and a significant share of 37 per cent (10,800 units) is likely to be completed in one to two years.
- The total unsold inventory along Dwarka Expressway is close to 13,300 units, of which a massive share of 98 per cent is still in under construction.
Despite all the odds over the last few years, prices have improved in the region. Dwarka Expressway saw a steady rise in capital values, at a CAGR of nearly four per cent, for the period from Q1 2015 to Q1 2018, which shows that the area has immense future potential. Once fully operational, Dwarka Expressway will be a harbinger of change for the NCR’s real estate market. The recent clearance of all land acquisition hurdles, has rekindled hopes for the realty market here.
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With the office space market in most areas in Gurugram saturated, Dwarka Expressway will emerge as one of the prominent destinations for IT/ITeS companies, as it will enjoy seamless connectivity with the international airport and other key office destinations in Gurugram. On the residential front too, there will be increased activity in the coming year, as a significant number of units are slated to be completed.
Moreover, with builders now concentrating heavily on project completion, buyers will have ample options across segments along Dwarka Expressway. Increased commercial and residential activity, will eventually attract various social infrastructure facilities including hospitals, malls and entertainment centres.
(The writer is head – research, ANAROCK Property Consultants)