Square Yards Highlights Double-Digit Growth in Property Prices as Dwarka Expressway Sees Supply Surge
Gurugram, Haryana, December 20, 2024: Dwarka Expressway, a micro-market in Gurugram, has experienced a remarkable rise in residential supply post-pandemic, becoming the largest market in Gurugram with highest cumulative new supply post-2020, followed by New Gurgaon and Sohna. This growth is driven by the inauguration of the Gurugram stretch in March 2024 and the near completion of the Delhi stretch, fuelling residential activity.
In 2024 alone, prices registered a strong 29% increase compared to the previous year. Current average rates range between Rs. 12,000 and Rs. 14,000 per sq. ft., with numerous new projects by notable developers exceeding this benchmark. The total annual residential new supply in Dwarka Expressway has surpassed the 10,000-unit threshold since 2020, compared to 5,000–7,000 new units launched per year in the pre-pandemic period.
Rajat Likhyani, Principal Partner, Square Yards said, “After years of anticipation, the long-overdue Gurugram stretch of the Dwarka Expressway was inaugurated earlier this year, and with the Delhi stretch nearing completion, the region is witnessing a remarkable surge in residential activity. Reflecting this trend, the micromarket has posted the highest cumulative new supply post-2020 in Gurugram, with leading developers launching projects to cater to the growing demand. At Square Yards, we have observed a sharp increase in interest from investors and end-users eager to capitalize on the enhanced connectivity to commercial hubs and the international airport, with many looking to seize early-mover advantages and reap long-term returns. The impact of the infrastructure upgrade is already evident in property prices, which have seen consistent double-digit growth in recent years. We see this as the first chapter in a long-term growth story for the Dwarka Expressway, with significant opportunities unfolding for end-users, investors, and developers in the years ahead”
Market Leaders and Key Projects
The Dwarka Expressway has emerged as a hotspot for leading developers, with Signature Global, M3M, and Conscient One ranking among the top three developers for new unit launches post-2020. In the first three quarters of 2024, the majority of new launches were driven by M3M, Krisumi Corporation, and Smart World.
The developer pipeline remains strong, with over 25,000 units slated for delivery in the next three years. The supply-side confidence is underscored by the entry of several notable developers, including Tata Realty, Sobha Realty, Godrej, Indiabulls, Hero Realty, BPTP, Max Estates, Emaar and Adani Realty, who have existing or ongoing projects in the micromarket.
The market is dominated by 3BHK units, accounting for 54% of the supply, followed by 2BHK units at 23%. In earlier years, most of the supply along the Dwarka Expressway was concentrated in the below Rs. 1 crore segment, which accounted for 67% of the market in 2019. Post-pandemic, developers have shifted their focus to high-end apartments with premium offerings, aligning with the evolving preferences of homebuyers and a renewed demand momentum. The share of properties above Rs. 1 crore has grown from 33% in 2019 to 68% in 2024.
Square Yards’ market insights reveal that investor interest in Dwarka Expressway marginally exceeds that of end-users. Approximately 50% of homebuyers are now targeting properties priced above Rs. 1 crore, with a notable 16% of this group focusing on properties exceeding Rs. 2 crore. Property prices in the region have experienced steady appreciation, with values nearly doubling since 2019.
The recent completion of the Gurugram stretch, the near completion of the Delhi stretch, and the operationalization of the Central Peripheral Road have markedly enhanced connectivity. These developments have improved access to key locations such as the airport, commercial hubs, the DMIC corridor, and NH-48, further bolstering stakeholder confidence. With buyer sentiment demonstrating strong positive momentum, Dwarka Expressway is well-positioned to solidify its role as a pivotal player in Gurugram’s real estate landscape. The region presents substantial and varied opportunities for both investors and end-users, reinforcing its status as a dynamic and promising micro-market within Delhi NCR.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
“Location remains the cornerstone for buyers and investors in the housing market. Dwarka Expressway has emerged as a real estate hotspot due to its seamless connectivity across Delhi NCR and Gurugram, coupled with immense growth potential. According to a recent CREDAI–Colliers–Liases Foras report, regions like Dwarka Expressway, Golf Course Extension Road, and Sohna Road have witnessed over 50% annual price appreciation, underscoring their strong demand and investment appeal.
At Signature Global, we have strategically positioned ourselves in these high-growth zones. Our premium projects, De Luxe DXP in Sector 37D and Twin Tower DXP in Sector 84, Gurugram, along Dwarka Expressway, and Daxin at South of Gurugram (Sohna) reflect this vision. The successful launches of De Luxe DXP, Daxin and Twin Tower DXP reaffirms the unmatched potential and buyer interest in this thriving corridor.”
Mr. Akash Khurana, President and CEO, Krisumi Corporation
The Dwarka Expressway has significantly transformed Gurugram’s real estate landscape, establishing it as a prime investment destination. With rapid infrastructural development, the expressway holds significant potential for growth in the housing market. Its strategic connectivity with major locations of Delhi NCR makes it a highly attractive location for real estate investments. Also, post the pandemic period, there is a broader shift in buyer preferences toward premium housing options, with the Dwarka Expressway emerging as a leading hub for residential projects offering premium amenities at competitive price points.
At Krisumi, we are developing a 35-acre self-sustained township, Krisumi City, in Sector 36A, Gurugram, at the junction of Dwarka Expressway, National Highway-48, and Central Peripheral Road. The project is being executed in phases. Due to its strategic location, we have received an exceedingly positive response from buyers, and we are optimistic about its continued success.
