High­way sta­tus to give push to projects in limbo

NH sta­tus to Gur­gaon’s life­line, Dwarka Ex­press­way, will be much wel­comed by buy­ers grap­pling with de­layed pos­ses­sion

HT Estates - - FRONT PAGE - Van­dana Ram­nani

Res­i­den­tial projects along the Dwarka Ex­press­way in Gur­gaon have had the ‘ Work in Progress’ sign­board for al­most six years. Com­ple­tion of the 18-km stretch has been pri­mar­ily de­layed due to land ac­qui­si­tion issues both in Gur­gaon and Delhi. Projects along the Ex­press­way are in var­i­ous stages of con­struc­tion – some al­most com­plete, get­ting fin­ish­ing touches; oth­ers still wait­ing for ad­di­tional floors to be added.

Union trans­port min­is­ter Nitin Gad­kari’s an­nounce­ment this week to ac­cord na­tional high­way sta­tus to Dwarka Ex­press­way at the re­cently con­cluded Hap­pen­ing Haryana sum­mit of­fers hope to thou­sands of home­buy­ers who have in­vested here and are await­ing pos­ses­sion of their homes. Haryana chief min­is­ter Manohar Lal Khat­tar has fixed June 2017 as the fi­nal dead­line for the road.

So, how will a na­tional high­way sta­tus work for Dwarka Ex­press­way? Ex­perts say com­ple­tion of the ex­press­way will be speeded up as it will now be con­trolled by the Na­tional High­ways Author­ity of In­dia ( NHAI). Ac­cord­ing to the High­ways Act, after the trans­fer, Dwarka Ex­press­way will come under a high­way ad­min­is­tra­tor ap­pointed by the NHAI. Ac­qui­si­tion of land will also be­come quicker in Delhi and Gur­gaon once Section 3 (d) of the Na­tional High­ways Act is no­ti­fied. Dis­putes per­tain­ing to com­pen­sa­tion will also get re­solved more quickly when a road is built by NHAI.

An­other ques­tion that re­mains to be an­swered is whether ‘noise’ be­ing made around grant­ing na­tional high­way sta­tus to the 150-me­tre wide stretch will have an im­pact on prop­erty prices? Prashant Kaura, founder and executive director, GenReal Prop­erty Ad­vis­ers Private Lim­ited, says that the mar­ket is cur­rently de­pressed. Once the patches that have been held up due to land ac­qui­si­tion issues are de­vel­oped and the high­way is com­plete on the Haryana side, there may be some ac­tiv­ity in the mar­ket. Right now, the few sales that are hap­pen­ing are be­ing set­tled at sub ₹ 6000 per sq ft.

Projects to ben­e­fit most from the NH sta­tus will be the ones along Khirki Duala to Palam Vi­har area that com­prise sec- tors 88, 89, 90, 102, 104 etc. Many de­vel­op­ers are likely to time their com­ple­tion and de­liv­ery with the com­ple­tion of the ex­press­way. Th­ese may be the first ones to wit­ness an up­side in prices (about 7% to 8%). What this means is that if the ex­press­way gets com­pleted by next year, around 10,000 units will be up for de­liv­ery along the stretch. Hav­ing said that, projects along the Delhi side (1.5 km stretch) may take much longer, at least two to three years more, adds Kaura.

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