Travel time to IGI airport to be reduced
are likely to be mixed-use ones that will include retail and/or hotel components. Overall, the corporate real estate market in the NCR is likely to continue to attract occupier interest, especially in the suburban markets of Gurgaon and Noida, in the coming quarters
On the retail front, the NCR market continues to be the preferred gateway for global brands coming to India.
The author is CMD CBRE South Asia Pvt Ltd Apart from bringing much relief to those invested in the area, completion of the expressway will benefit those commuting from Delhi to Gurgaon as it will open up an alternate link, thus reducing congestion on NH-8. Also once the expressway is operational, travel time from sectors closer to Delhi, such as 111 and 113, to the Metro stations in Dwarka and IGI Airport will be reduced considerably.
Vivek Singhal, president, corporate strategy, M3M Group, says that Dwarka Expressway offers great advantage to both Delhi and Gurgaon as it has been planned to improve connectivity and ease traffic along NH8.
Harikesh Ananthamurthy, executive director, Experion, says Dwarka Expressway enjoys proximity to the Capital, international and domestic airports, upcoming Diplomatic Enclave and the commercial hubs of Gurgaon. “Our premium project, The Heartsong (Sector 108) and l uxury project Windchants (Sector 112) are scheduled for delivery in 2016 and 2017 and they offer prospects for significant upside in values,” he says.
Sanjay Sharma, managing director, QuBREX, says as work starts in the coming months, traction may pick up for branded projects in the area but other projects close to Delhi may see an upside only when connectivity to Delhi improves.
As for valuations, Anckur Srivasttava of GenReal Advisers, says market sentiments are not positive as of now with prices 15% to 20% below the developer quoted price. Transactions and volumes will only pick up speed once work on the Dwarka Expressway gets going.
Yashesh Yadav of DXP Welfare Association, a body of over 500 homebuyers who have bought into housing projects along Dwarka Expressway, says there are as many as one lakh buyers who have invested in the area. Basic facilities such as sewage, healthy drinking water are missing over here. “The club has not been handed over even though we moved into the project almost one-and-a-half years ago. We continue to receive treated water in the complex. Connectivity to Delhi is almost non-existent,” he says. – Vandana Ramnani