With the Gurgaon Expressway toll issue f i nally buried, t he l ong r i de f rom t he Millennium City t o t he Capital will be shorter and swifter. Talking about smooth access, there’s also the much- awaited 18.5- km, 150- metrewide Dwarka Expressway or the Northern Peripheral Road (NPR) that is expected to provide an alternative to the NH8. The road is expected to connect Dwarka Phase II to NH8.
While 14 km of the NPR is almost complete, work on the remaining four- km stretch ( mired in litigation issues) is expected to resume soon. Once complete, the region where about 113 projects are currently under construction, is set to emerge as the next major realty hub in Haryana.
The 14-km stretch of the expressway was built at a cost of ` 67 crore by an Indiabulls- led consortium, sources in the company say.
Realty experts say that once the expressway is operational, travel time from Gurgaon to west Delhi would be reduced by half. Currently, there are almost 50,000 units in the area spread across 113 projects under construction in sectors 37C, 37D, 102, 102 A, 103, 104, 105, 106, 107, 108, 109, 110, 110A, 111, 112 and 113. Nearly 3000 units will be ready for possession by the end of this year, a number that will double by next year. These include 2BHK, 3BHK, 4BHK and villas.
The projects in the area currently command prices in the range of ` 5,500 to ` 10,000 per sq ft. Rates have spiralled since 2011. Anything that cost around ` 30 lakh to ` 40 lakh then, is now priced at ` 50 lakh to ` 60 lakh.
The other drivers in the area include its proximity to the Indira Gandhi International airport and the upcoming Diplomatic Enclave in Dwarka.
R a m ap r a s t h a P r o m o t e r s & Developers Pvt Ltd will deliver 336 units in its project The View and 280 units of The Atrium by July this year. The first phase of The Edge Towers will be handed over by July and the second phase by December. A total of 1280 units coming up in this project will be delivered by December. These projects, in the range of ` 2500 per sq ft when they were launched in 2009, today cost twice as much in the secondary market. Projects such as The Rise and The Skyz, launched by the group in the same sectors, will be delivered by the end of next year.
Indiabulls will deliver approximately 450 units of i t s project, Centrum Park Phase I, located in Sector 103 by April/ May this year. Delivery for the group’s other project Enigma, located in Sector 110, will begin in early 2015.
Indiabulls Centrum Park was launched in 2009 at a price of ` 1,950 per sq ft and its current price is ` 5,200 per sq ft. Enigma was l aunched i n 2010 at the rate of ` 4,700 per sq ft and its sale price now is ` 7,500 per sq ft.
This area of f ers great options both in the medium and i n t he l ong r un i nn residential and com-mm e r c i a l s e g m e n t ss .. Connectivity l ooksks promising with easysy access to the airport,rt, pl anned i nfrastr uc-ucture development andnd proximity to Delhi andnd Gurgaon. As prime loca-ocations such as the Golf Course Road market are already saturated thithis area is the next big real estate development in the NCR, says Gurbans Singh, group director, Indiabulls Group.
Industry sources point out that BPTP may also deliver 400 units of its Park Serene project by the middle of this year and some 450 floors of Amstoria end of this year.
The first realty player to launch projects along this stretch has been Raheja Developers. As part of the first
phase, the group will deliverd li 256 unitsit ini theth VedantaV d t projectj t located in Sector 108. The developer expects to get the occupancy certificate in about three months. It will deliver 103 units in the Vedas project located in Sector 108 once it gets the occupancy certificate (expected within three months) and 189 units in the Atharva project located in Sector 109.
The company hopes to get the occupancy certificate for this project in approximately three months to a year.