 "affordable housing")
Average housing prices in projects along Dwarka Expressway in Gurugram have risen 83 per cent in the last 10 years and are likely to appreciate further with the opening of a 19 km stretch, according to real estate experts.
Earlier this month, the Prime Minister inaugurated the 19 km stretch in Gurugram out of a total 29 km long Dwarka Expressway.
According to data compiled by real estate consultant Anarock, around 53,000 housing units were launched between 2013 and 2023, and out of that over 80 per cent have already been sold.
The average prices in the primary (first sale) residential market along Dwarka Expressway have surged to Rs 8,300 per square feet (sq ft) last year from Rs 4,530 per sq ft in 2013.
Commenting on the outlook of real estate along Dwarka Expressway, Signature Global Chairman Pradeep Aggarwal noted that Dwarka Expressway has emerged as the epicenter of real estate growth in the Delhi-NCR region.
He expects demand-supply to remain strong on Dwarka Expressway, leading to price appreciation.
"Projections indicate a remarkable 20-40 per cent price appreciation over the next 2-3 years," he said.
Realty firm Krisumi Corporation MD Mohit Jain said, "Roads are today the lifelines. They spur commercial and residential development in a big way. This is being witnessed alongside the Dwarka Expressway."
Housing demand is high in this important micro market of the Delhi-NCR region, he said.
Stating that the property prices in this region have appreciated in the past few years, Jain said the rates are likely to go up 10-15 per cent in the coming months with the expressway now operational.
Vineet Dawar, Senior VP at Elan Group, said, the Dwarka Expressway area has experienced a notable price appreciation in the past 2-3 years.
"This trend underscores the area's investment viability and underscores its appeal to investors," he added.
Looking ahead, Dawar anticipates further appreciation by about 10-15 per cent.
Dheeraj Dogra, Vice President and Head Sales, Marketing and Leasing of MVN Infra, said, "Improved connectivity between Delhi and Gurugram is fueling a significant upswing in the real estate market of Gurugram."
The central peripheral road, serving as a vital link between the Dwarka Expressway and Sohna Road via the Southern Peripheral Road (SPR), is catalysing this transformation, he added.
"A positive outlook prevails, particularly for luxury homes, with sales expected to surge by around 50 per cent by the end of this year," Dogra said.
Anarock Vice Chairman Santhosh Kumar the Dwarka Expressway has been planned to provide an alternate link between Delhi and Gurgaon and thereby reduce traffic congestion.
"Since its very inception, developers flocked to grab large land parcels and thereafter launch several housing projects along the Expressway. In fact, investors considered it as one of the most promising and fruitful investments," he noted.
As anticipated, Kumar said, there has been a spurt in real estate activity over the years.
"As per Anarock research, nearly 53,030 units have been launched here between 2013 and 2023 across various budget segments," he said.
The consultant said over 80 per cent of the units launched during the 2013-23 period have been sold.
"While the project missed many deadlines, its inauguration will inevitably boost the real estate prospects of the area because of improved infrastructure in and around the region," Kumar said.
The Anarock Vice Chairman said more than 10,515 housing units are ready for possession within the next two years in the region.
"Average property prices in the region went up by a significant 41 per cent between 2020 and 2023. This is likely to further head north with the Expressway now getting operational," Kumar said.
The average per sq ft rate stood at Rs 4,756 in 2014; Rs 5,050 in 2015; Rs 5,551 in 2016; Rs 5,596 in 2017; Rs 5,713 in 2018, Rs 5,844 in 2019, Rs 5,890 in 2020, Rs 6,032 in 2021; and Rs 7,650 in 2022.
The 19 km long Gurugram section of the 8-lane Dwarka Expressway has been built at a cost of around Rs 4,100 crore and includes two packages of 10.2 km long Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7 km long Basai ROB to Kherki Daula.
