Year-on-year sales of lands and properties in Gurugram have surged by 67%, with the area now valued at more than Rs 25,000 crore.
The Dwarka Expressway connects Gurugram to Delhi via the Shiv Murti and Kherki Dhaula villages. This 16-lane highway provides direct access to the India International Convention Centre in Sector 25, Dwarka, and serves as an alternative route to the IGI Airport. Built at an impressive cost of Rs 4,100 crore, the expressway spans 28.5 km, comprising 10 km in Delhi and 19 km in Gurugram.
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A Catalyst for Real Estate Growth
“The construction of Dwarka Expressway has had a transformative impact on the real estate market in the surrounding areas, particularly in Gurugram. Year-on-year sales of lands and properties in Gurugram have surged by 67%, with the area now valued at more than Rs 25,000 crore,” said Nayan Raheja of Raheja Developers.
Real estate developers have capitalised on this growth, making deals worth Rs 3,100 crore for 175 acres of land. Furthermore, nearly 13,475 projects are set to be launched in 2024, coinciding with the completion of their construction.
“From the last quarter of 2022 to 2023, the average property price near the expressway has increased from Rs 9600 per square foot to Rs 11,300, reflecting a significant appreciation. Quarter-on-quarter growth for properties in this region has been recorded at 6.5%, demonstrating sustained demand and investment potential,” said Rajjath Goel, managing director of MRG Group.
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Infrastructure Enhancements and Connectivity
“The expressway significantly reduces the travel time between Gurgaon and Delhi by up to 30 minutes. This improved connectivity has made the expressway a gateway to various real estate and infrastructural developments that were previously deemed impossible,” said Sachin Gawri, founder and CEO of RISE Infraventures.
Strategically located between two cyber cities and equipped with numerous urban amenities, the expressway is poised to transform the real estate industries of both towns, driving up demand for flats in Gurgaon and Delhi.
Investment Opportunities and Returns
“Properties near Dwarka Expressway have witnessed significant growth in market value. Housing prices for projects near the expressway have risen by 83 per cent over the past decade. Approximately 80 per cent of the units launched in this period have already been sold. Our sights are firmly set on this region, and we are exploring various land parcel options to offer the best deals,” Gurpal Singh Chawla, managing director of TREVOC, said.
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Proximity to Commercial Hubs
Dwarka Expressway’s proximity to numerous business hubs, including Cyber Hub, IMT Manesar, Udyog Vihar, and Aerocity, further enhances its appeal. These hubs attract foreign investments, fostering the creation of additional commercial spaces and contributing to the region’s economic growth.
Property prices are expected to appreciate by 20-40% within the next 2-3 years, offering high investment returns to existing property owners.
Visionary Developments and Future Prospects
The Haryana government’s ambitious plans for the Dwarka Expressway region include the development of a “Skyscraper City” akin to global metropolises like Dubai and Singapore. The upcoming Global City project, spanning 1,003 acres in sectors 36B and 37B, will feature residential, commercial, institutional, and recreational hubs. This comprehensive development aims to meet the needs of multinational companies and create a vibrant ecosystem.
A crucial aspect of these luxury housing projects is adherence to regulatory standards, ensuring high construction and development benchmarks. Stringent checks on building codes, environmental regulations, and safety protocols provide assurance to both buyers and developers, establishing a trustworthy reputation for luxury housing in the region.
Dwarka Expressway has bolstered the real estate potential of the adjoining regions, transforming them into dynamic real estate hubs. With its remarkable infrastructure, improved connectivity, and strategic location, the expressway continues to attract investments, drive property appreciation, and create new opportunities for developers and investors alike. As the region evolves, it promises a bright future for real estate growth and development, solidifying its status as a major realty hotspot in the NCR.
