The traditional favorite markets for real estate investment in Delhi NCR is still alive and kicking, as is clear from the interest of the builders, investors, and the buyers in these micro markets. According to industry reports, NOIDA-Greater NOIDA and Gurgaon have been giving consistent returns for previous 20 years and have remained growth engines for realty development in Delhi NCR. In Gurgaon sub micro-markets consisting of Dwarka Expressway, Sohna Road, and Sectors along NH 8 from Sector 76 to Sector and 95 are particularly the emerging hubs for real estate.
The reasons for this being,
- Slew of upcoming infrastructural projects
- Large developable land availability
- Comparative low property prices
Dwarka – Gurgaon Expressway or the North Peripheral Road (NPR) is a project under the Haryana Urban Development Authority (HUDA). This new link is to connect Dwarka to Gurgaon via 150 m wide, 8-lane Expressway, which starts in Dwarka, Delhi and connects Gurgaon’s Palam Vihar to join NH8. The aim behind this massive development project is to ease the traffic on Delhi-Jaipur Highway. Out of the overall 18 km stretch, almost 15 km is near completion with first 14 km ready for use. As the last of the lingering bottlenecks to the development already clear, the authorities are hopeful to complete the rest by 2015.
This is the widest ever State Government project at 150 meters, which connects National Highway 8 on Kherki Daula, going on to Dwarka. Of the total land area, 630 acres required for overall project development, the government has already acquired 600 acres with the acquirement of the rest in the offing. Traditionally, responsibility of major road construction lies with the government. However, in this case, developers under Credai-NCR umbrella are every step of the way with State Government for speeding up construction.
Why is it the hotbed for real estate activities?
First, the Dwarka Expressway is going to improve the connectivity between Delhi and Gurgaon significantly. Second, it offers a faster access to the Indira Gandhi International airport than ever before. Also, it boasts of proximity to the railway station, proposed Metro Corridor, and upcoming diplomatic enclave at Dwarka. In tandem with this development, people can expect better infrastructural growth and real estate options at affordable prices. That’s where the main interest of the investors lies. Sectors along this Expressway are going to be perfectly planned, contemporary and premium urban areas as per Master Plan-2021, Gurgaon.
These are to be posh developments, posing strong competition to well-developed areas like Vasant Vihar and Shanti Niketan and by all indications lifestyles here will surely surpass ordinary! The expressway has opened avenues for urban and commercial growth in this region. Much commercial development is quite visible in this region with people calling it the, ‘New Gurgaon’ with its booming corporate offices, IT/ITES, markets, and shopping plazas. So, along with a smooth connectivity, infrastructural development and planned urbanization along the expressway makes this area quite favored among both investors and homebuyers. When operational, it will turn into the brand-new channel for business between Gurgaon and Delhi.
Boon for the affordable housing segment
Another reason why market watchers are calling it the new destination for realty investors as it offers numerous opportunities for people in the mid-range or affordable housing segment. With the reality of rates, having already peaked in various NCR areas as Gurgaon, Dwarka Expressway has emerged as a fantastic investor and an end user option. It is ideal for people seeking world standard amenities with good future appreciation. In past years, the NCR realty market has somehow stabilized. It is especially true for this region with one reason being that the 18 km overall stretch of the Expressway is not yet complete. For homebuyers this may prove to be a blessing, as the rates here compared to other areas have not peaked, mainly because of this reason.
However, experts caution against complacency. While the prices may not have risen much now, it may just be the lull before the storm! So homebuyers looking to invest in dream properties should take the plunge without further ado, or it may become too late!
Rise of Sector 106 and other areas
When it comes to realty investment along this region, one of the most prominent locations that have garnered lots of interest is Sector 106. Experts believe that this area is set for a phenomenal growth with some of the top names in the industry coming out with different projects in this region. Everything that one needs for a satisfying life is present here, along with a number of renowned schools along the periphery. Also, there is no dearth of entertainment zones and shopping malls in this region. In anticipation of the tremendous developments, many other health care giants and prestigious educational institutes are bringing their projects here.
According to the developers, this zone is among the most well planned and best-connected sectors here. Many companies are planning opulent townships having numerous recreational features and modern amenities. Buyers can invest in 2BHK, 3BHK, or 4BHK apartments, depending on their budget, as a bouquet of options is available right at hand. The main consumer base comes from upper-middle class and upper class segments with many being, working professionals. For those working in Delhi, Maneswar, and Gurgaon, Dwarka Expressway is the perfect residential destination and a stellar investment opportunity.
As per industry reports within the last 5 years, different sectors in this area have registered an almost 200% increase of average capital values in the residential segment. This has increased from 2009 figures of Rs.2400/sq. ft. to 2013 figures Rs.7000/sq. ft. During this period (2009-2013), the location recorded the 2nd highest project launches by the number after the new Gurgaon sectors based upon the units developed. In the last 5 years, approximately 18,000 residential points belonging to around 44 projects have come up in mid-premium category. Also, according to DTZ report, the interest of the buyers and developers is far from abetting with nearly 24,160 units expected for 2013-2018 period, also the 2nd highest as per estimates.