Delhi-Mumbai expressway's first leg to boost Gurugram market, say realtors

It will give a huge boost to the residential and commercial market in Gurugram's Sohna and to industries, warehousing & logistics as well

The real estate market in Gurugram is set to see a multiplier effect of the newly inaugurated 246-km Delhi-Dausa-Lalsot section of the Delhi-Mumbai Expressway, as the project has the potential to revitalise all of Gurugram and the surrounding areas by driving economic activity, say developers from the Delhi-NCR region.

The new section, developed at a cost of more than Rs 12,150 crore, will also reduce travel time from the national capital to Jaipur by almost one and half hours.

The expressway will give a much-needed boost to Gurugram's Sohna region, which has been the core of residential and commercial development. It will also give the required impetus to industries, warehousing & logistics. This, in turn, is likely to generate demand in other sectors of the region, they say.

"This new expressway will unlock the full potential of the region, triggering a spurt in real estate development and transforming Sohna into a multi-utility residential corridor," said Ravi Nirwal, sales director and principal partner, North India, Square Yards.

It will bring tangible growth by providing a solid blueprint for developing housing projects, townships and business hubs, Nirwal said.

The Sohna region, where property prices are lower than most other micro-markets in Gurugram, will see a surge in housing demand and price appreciation in existing and upcoming residential projects, developers say.

The commencement of the eight-lane expressway will have a cascading effect on property prices in Sohna and New Gurugram. Consequently, the demand in both residential and commercial segments is expected to increase significantly in these regions, said Pradeep Aggarwal, founder & chairman, Signature Global, India.

Smartworld Developers CEO Vivek Singhal also believes the completion of the Delhi-Mumbai Expressway is a watershed moment for the Delhi and NCR real estate markets, especially Gurugram, firmly placing it as a gateway to the future development corridor of the country.

Singhal said, "The more than 160-km-long stretch of the new Delhi-Mumbai expressway passes via Haryana, which will likely spur overall economic growth as well as demand for housing and commercial space. Furthermore, when the proposed connectivity to Jewar airport in Uttar Pradesh becomes operational, Sohna's potential as a real estate hub will be enhanced."

The country’s longest highway, at 1,390-km, will also help extend systematic investment opportunities into business parks and clusters, large scale logistic parks to promote exports and trade, and new townships in its proximity, say industry experts.

"The government’s other game-changing infrastructure developments in the region, such as the Gurgaon-Sohna Expressway, KMP Expressway, freight corridor, Orbital Rail Corridor, connectivity to the proposed Jewar International Airport, and easy access to the operational IGI airport will be Sohna’s moment of glory," said Amarjit Bakshi, CMD, Central Park.

Experts feel that the improved infrastructure and increased demand for residential properties are likely to attract investors looking for profitable investment opportunities.