How will Dwarka Expressway impact buyers, commuters?

March 11, 2024: Prime Minister Narendra Modi today inaugurated the 19-km Haryana section of the Dwarka Expressway during his visit to Gurgaon, Haryana. Built at a cost of around Rs 4,100 crore, the Haryana stretch of the project encompasses a 10.2-km stretch from the Delhi-Haryana Border to the Basai railway over-bridge and an 8.7-km section from the Basai railway over-bridge to Kherki Daula.

The newly section spans through Dwarka Sector 21, the Gurgaon border, Basai before terminating near Kherki Daula on the national highway.

With the opening of this section, the travel time between Dwarka in Delhi and Gurgaon in Haryana would reduce to 20 minutes. It will also provide direct connectivity to the IGI Airport in Delhi and Gurugram Bypass.

“Today is an important day for connectivity across India… The Haryana Section of Dwarka Expressway will be inaugurated. These projects will boost economic growth and are also in line with our efforts to build next-generation infrastructure,” Modi wrote on X, sharing pictures of the Dwarka expressway just before the inauguration.

Today is an important day for connectivity across India. At around 12 noon today, 112 National Highways, spread across different states, will be dedicated to the nation or their foundation stones would be laid. The Haryana Section of Dwarka Expressway will be inaugurated. These… pic.twitter.com/7uS1ETc8lj

— Narendra Modi (@narendramodi) March 11, 2024

Dwarka Expressway project details

The Dwarka expressway is a 27.6-km road, of which the 19-km Gurgaon section has been opened. The entire road is expected to be operational later this year. The expressway is a 16-lane access-controlled highway running between Shiv Murti in Delhi and Kherki Daula in Gurgaon.

Dwarka Expressway history and background

As part of the Development Plan 2031 for the Gurgaon-Manesar Urban Complex (GMUC), the Dwarka Expressway, also known as the Northern Peripheral Road (NPR), is developed as a northern ring road. This expressway provides additional connectivity between Gurgaon and Delhi, serving as an alternative route to the existing National Highway-48 (NH48).

In 2006, the Haryana Urban Development Authority (now known as the Haryana Shahari Vikas Pradhikaran or HSVP) planned an 18-kilometer stretch between Kherki Dhaula and Najafgarh Road as an alternative to the NH-48.

The project spurred several real estate ventures by the early 2010s. However, by 2014, only 16.6-kilometre of the project had been constructed, with work on critical sections at Kherki Dhaula and Bajghera halted due to legal disputes. Subsequently, in 2017, the project was transferred to a central agency, which decided to extend the Dwarka Expressway all the way to Shiv Murti near Mahipalpur in Delhi.

The eight-lane access-controlled roadway cuts through key residential and commercial hubs.

Dwarka Expressway: Impact on connectivity

The NH-48 sees the passage of over 3 lakh vehicles daily. The Rs Rs 9,000-crore Dwaraka Expressway project aims to alleviate traffic congestion on this busy route, minimise productivity losses caused by traffic jams and reduce vehicular pollution in the NCR region.

The entire road is expected to be operational later this year. Once complete, the Dwarka Expressway will function as the fourth route and the second expressway connecting Delhi and Gurgaon. Anticipated to redirect substantial traffic away from the crowded Delhi-Gurgaon expressway, it is set to decrease the travel duration between south and west Delhi and Gurgaon.

Dwarka Expressway: Impact on real estate prices

Impact of the Dwarka expressway on property pricing have been significant, data show. There is considerable appreciation across residential segments with premium and luxury segments leading.

Residential capital value movement

 Source: CBRE India

“We foresee a notable appreciation in property and land prices in the vicinity, potentially rising in the coming years, offering lucrative returns on investment for early investors,” says Anshuman Magazine, chairman & CEO-India, South-East Asia, Middle East & Africa, CBRE, said,

According to Magazine, the expressway’s proximity to significant developments and the projected extension of the Delhi Metro Magenta Line accentuates its appeal, making it a hotspot for real estate investment. With the improved infrastructure and connectivity, rental properties in the region are also expected to see an upswing in demand. Active real estate segment around the Dwarka Expressway is mainly residential with some retail projects.

According to Aman Sarin, director & chief executive officer, Anant Raj Limited, the completion of the Dwarka Expressway will benefit the numerous homebuyers who have invested in properties in this region.

“Additionally, this milestone will unlock numerous land parcels for development, presenting fresh opportunities for both residential and commercial projects. Given the already robust demand for properties in Gurugram, the expressway’s completion is expected to further stimulate the market, driving up demand and potentially boosting demand of commercial real estate,” says Sarin.

Mohit Jain, managing director, Krisumi Corporation, is of the view that this magnificent boost to connectivity would also help developers in the region reduce unsold inventory.

“The formal inauguration of the Dwarka Expressway will further drive consumer interest in the area. The improved connectivity will see occupancy levels improve as rents are more affordable compared to Delhi and Gurgaon offering a better lifestyle. We can expect more developer interest in this micro market leading to increased housing supply in future,” says Ravi Shankar Singh, managing director, residential transaction services, Colliers India.

(Featured image sourced from the Twitter handle of PM Modi)