Becoming high growth for the Delhi-Gurugram corridor
The inauguration of the Dwarka Expressway marks a cornerstone in enhancing the connectivity within the two cities, boosting real estate development and igniting economic activity in the vicinity.
With the Dwarka Expressway finally inaugurated recently, it marks a cornerstone in enhancing the connectivity within the Delhi-gurugram region, boosting real estate development and igniting economic activity in the vicinity.
This development holds the promise of easing traffic congestion and drastically cutting travel times between the two cities. Furthermore, 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.
Industry experts and stakeholders 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. According to Anshuman Magazine, chairman & CEO - India, South-east Asia, Middle East & Africa, CBRE, this infrastructure will not only greatly enhance connectivity but also elevate the region’s real estate landscape. The anticipation surrounding the expressway over the last decade has already ignited a surge in residential development, especially in sectors bridging Gurugram and Delhi. “With the expressway now complete, we are witnessing a promising downturn in unsold inventory levels in these sectors, from a significant 25-30% eight to 10 years ago to a mere 7-8% now. This project, specifically the 15-km inside Gurugram, around, alongside, or in distant areas, there are many sectors like Sector 84, which are towards Gurugram that have been connected to Sectors 109, 110, and 113, which are nearer to Delhi, where a lot of residential projects have been launched in the last 10 years,” elaborates Magazine.
Manish Aggarwal, senior MD - North & East India, JLL is of the view that the impact of this enhanced connectivity on the realty market cannot be understated, as evidenced by the staggering 67.4% increase in sales. “In just a year, the number of units sold skyrocketed from 7,413 in 2022 to an impressive 12,409 in 2023, with a total value of around ₹25,000 crore. It is worth highlighting that an overwhelming 97% of these units were still under construction at the time of sale, indicating the high demand for pre-construction residences. Notably, the introduction of approximately 11,270 residential units, accounting for over twothirds of all new launches in Gurugram, is a
“The Dwarka Expressway’s improved connectivity is likely to see demand from end-users, particularly from sectors such as 101, 102, 106, 110, 111 and 113.”
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Sriram mahadevan MD, Joyville Shapoorji Housing Pvt. Ltd.
testament to the significance of this monumental project. Presently, there are 29,742 units under construction in this submarket, with an estimated completion date of 2024 for
45% (13,476) of the inventory,” elucidates Aggarwal. What sets this development apart are its unique attributes, including the country’s first elevated urban expressway and an innovative single-pillar flyover. “As this positive momentum continues, we can anticipate a steady influx of commercial and retail ventures, accompanied by a growing variety of high-end residential offerings,” adds Aggarwal.
Since very inception of the 29-km road, developers flocked to grab large land parcels and thereafter launch several housing projects along the expressway. In fact, investors considered it as one of the most promising and fruitful investments. As anticipated, there has been a spurt in real estate activity over the years. “While the project missed many deadlines, its recent inaugural will inevitably boost the real estate prospects of the area because of improved infrastructure in and around the region. Moreover, we will see more than 10,515 housing units ready for possession within the next two years in the region,” informs Santhosh Kumar, vice chairman, Anarock Group. With excellent connectivity to the NH 48, IT/ITES hubs in Cyber City, IMT Manesar, Pachgaon, and Udhyog Vihar, and easy access to the Indira Gandhi International Airport, the region will become highly desirable for both investors and homebuyers. “The improved connectivity is likely to see demand from end-users, particularly from Dwarka and sectors such as 101, 102, 106, 110, 111, and 113, which have already started seeing huge demand from working professionals and homebuyers alike,” opines Sriram Mahadevan, MD, Joyville Shapoorji Housing Pvt. Ltd.
With the recent approval granted to Gurugram metro rail project and the Haryana government’s vision for a sprawling residential and commercial hub, Saurabh Shankar, VP - sales, AIPL highlights the emergence of the Dwarka Expressway as a lifestyle destination. “It promises lucrative returns especially on projects by Grade-a developers. Take, for example, AIPL’S Joy District at Sector 88, which is appealing both for personal use and as an investment opportunity,” proclaims Shankar.
Over the past year, prices in these areas have surged significantly due to rapid infrastructure development, with more potential value yet to be unlocked along the expressway. “This surge is not merely a numerical increment as it symbolises the outcome of years of anticipation and the realisation of the expressway’s potential to elevate the entire region,” concludes Abhishek Raj, founder and ECO, Jenika Ventures.