The property market entered a new phase in Gurugram when construction on the Dwarka Expressway began around 2010, redefining the industry here and adding a lucrative alternative for property seekers. The frenzied sprint to have a presence on this stretch witnessed the bonhomie across the expressway.
The expressway had its fair share of ups and downs, including delays due to lawsuits; the job is now more or less worked out. However, realtors did not shy away from the area, having full confidence that this place will become one of Gurugram’s best locations. The interest of buyers on this expressway, ten years down the road, proves the realtors right, who have come up with numerous projects here.
Dwarka Expressway’s story is all about the connectivity and accessibility of units that fit the right audience. Buyers have always reacted favourably to properties near highways when we look at the patterns. “The 6-lane Dwarka eway-NH8 road connection is set to give a further boost to real estate The 3.8 km crucial stretch (from Dwarka to Umang Bhardwaj Chowk) has already been completed by GMDA, the work on 2 km stretch between Umang Bhardwaj Chowk and Hero Honda Chowk is pending. As the Dwarka eway- NH8 link becomes operational, it will bridge the connectivity gap between the new sectors along Dwarka eway, in turn putting property on fastrack,” says Pradeep Aggarwal, Founder & Chairman, Signature Global Group, Chairman, ASSOCHAM, National Council on Real Estate, Housing and Urban Development.
The road crosses Bijwasan, New Palam Vihar, Kherki Daula, starting at Dwarka, and finishes at NH8. 99-113, Sector 83 and 84 are the sectors in Gurgram around the Dwarka Expressway. Sectors 105, 106, 109, 110, 110A, 111, 112, and 113 are reached by the commercial belt. The best part of the stretch was that it never ceased to draw respectable developers. In real estate, some of the biggest names have projects here. “The place is well connected, and that is the reason people have been showing interest in the projects around this location. Dwarka Expressway is just the beginning of development in an area with huge potential and numerous offerings coming in all segments, mostly mid and upper mid-segment,” says Nagaraju Routhu, CEO, Hero Realty.
Initially, the selling point was the traffic snarls at Gurugram toll, discontinued a few years back, but this area’s utility has not diminished. The lifestyle promised by this stretch and the quality of homes by reputed developers is now the sales points. “Gurugram has the largest white-collar population and a homogeneous mix of industries, and demand ranges from affordable housing to ultra-luxury units for all categories. It is not a significant feat that, in recent years, Dwarka Expressway, including New Gurugram, has been the largest contributor to supply and sales,” says Kushagr Ansal, Director, Ansal Housing & President, CREDAI, Haryana.
The best indicator of interest is the price contrast, with prices hovering around Rs 3,000 in 2010, and prices now at around Rs 7,000. A property price appreciation of more than one hundred percent speaks volumes about the area’s popularity and is also an indicator of the acceptance of the properties along this expressway. Circle rates here saw a 43 per cent increase from Rs 2,900 per sq. ft. in 2016 to about Rs 4,133 per sq. ft. in 2020.