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When Priyadarshini Mittal bought an apartment in a newly launched project along Dwarka Expressway in 2009, he was ridiculed by his friends, who felt that Mittal had invested his lifetime savings in a place where the future was uncertain and where legal issues could stall development. The property’s price, was probably the only attraction for this Gurgaon-based bank employee, who could not afford a house in any other region in and around Gurgaon.
Today even Mittal’s critics are flocking to the same location, at a much higher price point, as the Dwarka Expressway has enabled first movers in the region to reap benefits of almost three times their investment. Living in this stretch is akin to living in Delhi, along with the robust social infrastructure of Gurgaon, says Mittal. “Connectivity is the biggest traction point of this region and it reflects in the price appreciation,” he adds.
The Northern Peripheral Road, also known as Dwarka Expressway, is an 18-km road that is being developed under the public-private partnership (PPP) model. This stretch will connect Dwarka Phase-2 and Palam Vihar to NH 8, near Kherki Dhaula and pass Pataudi Road. This project has been taken up by the Haryana Urban Development Authority (HUDA). It is hoped that the Dwarka Expressway will decongest the traffic on the Delhi-Gurgaon Expressway.
Advantage over other neighbouring regions
Calling it one of the property hotspots of Delhi-NCR, property consultant DTZ, points out that housing prices have jumped nearly three-fold on Dwarka Expressway in Gurgaon, during the last five years.
In its report ‘Investment Hotspots in Delhi NCR’ it says that average residential capital values on Dwarka Expressway, have risen from Rs 2,426 per sq feet to Rs 7,000 per sq ft now. Nevertheless, slow pace of construction of highways and litigation issues, have become a major hurdle for the growth of this corridor.
DTZ also notes that the approval of the land pooling policy by the Delhi Development Authority (DDA), which has unlocked substantial land for both, housing and commercial use in Delhi, is likely to affect the real estate growth on Dwarka Expressway.
Nevertheless, the consultant admits that Dwarka Expressway has an edge over other upcoming real estate destinations, such as Dharuhera, Bhiwadi, Yamuna Expressway and Noida-Greater Noida Expressway. Dwarka Expressway is expected to receive second-highest number of housing units (about 24,160) between 2013 and 2018.
However, from a home buyers’ perspective, the appreciation in prices and potential of the region are juxtaposed by pending litigation, which has considerably delayed projects and the construction of physical infrastructure such as roads, power and sewage disposal. “Of course, the region’s potential has been delayed, due to controversies over land acquisition. However, the actual performance of the market has only be delayed and not denied,” maintains Nikhil Hawelia, managing director of the Hawelia Group.
According to Hawelia, properties along Dwarka Expressway, provide quality of living that is as good as those in Gurgaon, albeit with a reasonably affordable price tag. Its positioning in Gurgaon’s property market is similar to that of Noida Extension in the Noida market. “Now that the roadblocks have been cleared, the market is shaping up well, despite the overall slowdown,” he sums up.
Highlights of the Dwarka Expressway
- The Northern Peripheral Road (NPR), popularly known as Dwarka Expressway, is an 18-km stretch that is being developed under the public-private partnership (PPP) model.
- This stretch will connect Dwarka Phase-2 and Palam Vihar to NH 8, near Kherki Dhaula and pass Pataudi Road.
- The Dwarka Expressway project, has been undertaken by the Haryana Urban Development Authority (HUDA).
- Dwarka Expressway is expected to receive the second-highest number of housing units (about 24,160) between 2013 and 2018.
(The writer is CEO, Track2Realty)