Magazine : 
Real Estate Sector to Experience Significant Growth Following Dwarka Expressway Inauguration
The inauguration of the Dwarka Expressway's Haryana segment by Prime Minister Narendra Modi has brought a new dawn for the real estate sector in the region. This 19-km-long, eight-lane expressway, connecting the Delhi-Haryana Border to Kherki Daula, along with the 10-km-long, six-lane Urban Extension Road-II connecting Nangloi-Najafgarh Road to Sector 24 Dwarka, is not just an infrastructural milestone but a boon for the real estate market. The report highlights an impressive appreciation in property values across various sectors along the Dwarka Expressway, marking a pivotal shift in Gurgaon's real estate dynamics.
According to a detailed report by Geetanjali Homestate, the expressway has catalysed a significant upswing in property prices, indicating a bullish trend in Gurgaon’s real estate landscape. In the fourth quarter of 2023, the average property price on the Dwarka Expressway ranged between Rs 11,300 and Rs 11,700 per square foot, representing a substantial increase from the Q4 2022 figures of Rs 9,600 to Rs 10,000 per sqft. This growth not only showcases a quarter-on-quarter increase of 6.5% but also a remarkable year-on-year growth of 14.3%.
To understand the expected impact on the real estate sector, insights were sought from industry leaders:
Vivek Singhal, CEO, Smartworld Developers commented, “The highly anticipated inauguration of Dwarka Expressway marks a monumental shift in the region's real estate dynamics. This corridor not only enhances connectivity but elevates the entire living experience, attracting discerning buyers and savvy investors to the forefront of modern living. The steady ascent in property values, particularly in Sector 113 with impressive price growth in the last quarters, underscores the burgeoning demand for spaces that blend luxury with functionality. Today's homebuyers seek more than just a residence; they seek a lifestyle that encompasses exclusive amenities like expansive leisure areas, fitness facilities, and more. As disposable incomes rise and the cohort of high-net-worth individuals expands, these trends are poised to define the real estate landscape in 2024”.
Mr. Vineet Dawar, Sr VP, sales & strategy, Elan Group, another prominent developer in the region, noted, “Dwarka Expressway has emerged as one of the most promising areas, with its strategic positioning, exceptional connectivity, and flourishing corporate landscape significantly bolstering its allure for real estate investments. The expressway's promise of unparalleled connectivity and convenience has already sparked a remarkable surge in demand, particularly in Sector 84 & 106, where we've witnessed an impressive 27% and 12.5% year-on-year growth in the previous quarter respectively. This trend is a clear testament to the foresight of those who seek not just a home but a sanctuary that mirrors their ambitions and lifestyle. At Elan, we are committed to delivering luxury spaces to fulfil the aspirations and rising demands of new-age buyers”.
Aman Nagar, JMD, Paras Buildtech expressed enthusiasm about the potential impact, saying, “The inauguration of the Dwarka Expressway is poised to bring about a transformation in the real estate landscape of the area. The region’s improved connectivity and infrastructure are expected to draw businesses and investors, leading to an increase in the demand for commercial real estate. The shortened travel time between Delhi and Gurgaon is anticipated to facilitate access to both markets, generating fresh prospects for growth and expansion. Consequently, the demand for office and retail space is expected to escalate, with businesses vying to establish a foothold in the area. As the local economy burgeons, a corresponding rise in the demand for amenities and services is projected to create openings for investors and developers to construct retail and hospitality projects”.
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