Expressways Turning Into Realty Hotspots in Delhi-NCR

Bangalore: Expressways and national highways in Delhi-NCR are becoming realty hotspot. Such expressways are like Dwarka Expressway, Noida Extension, Noida Expressway or Raj Nagar Extension.  “In India, most of the development takes place around existing urban agglomerations, akin to clusters or pockets of projects. These projects may be promoted by different developers but are typically located in close proximity to each other with very little to differentiate. As a result, in normal times, developers chase customers and only in good times do we find the reverse trend, barring for some exceptionally good projects,” according to Sharad Jhingan, the chief operating officer (Pvt Equity Fund) at Lanco Infratech, reports Economic Times.

So where is the real estate movement taking place at the moment? “The expressways and national highways is where all the property development is taking place,” said Sushant Muttreja of Earth Infrastructure, which has launched two new residential projects, one on the Yamuna Expressway and another on the Dwarka Expressway. Muttreja further added that “People look for affordable housing and these can only be provided at these high-speed transport corridors that offer good connectivity and affordable options.”

In Delhi-NCR, the demand for housing is increasing immensely due to people who are travelling to the city from various parts of India for study, in search of a job, to explore new businesses or career advancement. Hence, this migrated segment is leading to the growth for residential, commercial as well as social infrastructure.

Considering the fact, the expressways and national highways are changing into realty hotspot. New residential projects are burgeoning along the Noida-Greater Noida Expressway the Yamuna Expressway, the KPMG expressway, NH-24, NH-58, NH-8, NH-1, the Dwarka Expressway, and Raj Nagar Extension.

Along the Dwarka-Gurgaon Expressway, the average rate of property is nearly 3600 per square feet and sizes varies from 1,200 to 3,000 square feet. Developers who are launching their projects along this expressway are BPTP, Ramprastha, Indiabulls, Uppals, Raheja, Sobha, Chintels and Spire, are among others.

According to a spokesperson of the Raheja group, which has launched some projects on the Dwarka Expressway, stated that “Given the strategic advantage which this location enjoys, it was an ideal location for a number of residential projects. The area is very close to the international airport, Dwarka as well as the new diplomatic enclave, which makes it an attractive location for buyers, considered from every possible angle.”

Another major real estate hub is along the NH-8, where prominent developers like Raheja, Emaar MGF, Vatika, Godrej and Anantraj, to name a few are coming up with their new launches.

Raj Nagar Extension, yet another important hub of real estate activity, situated on the National Highway 58 in Ghaziabad, has the presence of 24 developers who have come together to promote the place over product.

Manu Garg, spokesperson of Raj Nagar Extension Developers Associations and the director of Landcraft Developers stated that “This was possible because most projects in the area fitted into the affordable housing category and attracted end users from the neighbouring regions who had traditionally been kept out of the market because of affordability issues. Today, the locality is extremely popular with middle and lower middle-class buyers as well as first-time young buyers who are looking to purchase a home to stay in.”

The branding of Raj Nagar Extension is clear in the consumers' mind as ‘quality housing at affordable rates’. The consistency is maintained in an offer as well, the projects along this extension are mainly targeted to the middle class segment and the price ranges between 12 lakh and Rs 40 lakh, for 1BHK to 3BHK.

On this note, Garg quoted that "Yes we are targeting the middle class here and all our projects are priced keeping in mind the affordability of this segment. That is the reason that end users bought into this project, which is visible in the way people have started staying here."