Realty hotspot: Prices in Dwarka Expressway jump nearly 3-fold

New Delhi: Housing prices have jumped nearlythree-fold on Dwarka Expressway in Gurgaon during last fiveyears to Rs 7,000 per sq ft but slow pace of constuction ofhighway and litigation issues have become a major hurdle forgrowth of this corridor, property consultant DTZ has said.

Property consultant DTZ in its report ‘InvestmentHotspots in Delhi NCR’ said that average residential capitalvalue on Dwarka Expressway has risen from Rs 2,426 per sq ftin 2009 to Rs 7,000 in 2013.

[caption id=“attachment_1210677” align=“alignleft” width=“380”]  The 18-km long Dwarka Expressway, also known as Northern Peripheral Road, is a eight-lane expressway linking Dwarka-Gurgaon. It is being developed by Indiabulls group under public private partnership (PPP).[/caption]

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DTZ said that Dwarka Expressway is one of the latesthotspots for real estate opportunities for home seekers andpotential investors. Proximity to the national capital and IGIairport gives Dwarka Expressway an edge over other upcomingreal estate destinations such as Dharuhera, Bhiwadi, YamunaExpressway and Noida-Greater Noida Expressway.

However, the consultant said that “the snail’s pace atwhich the construction of the expressway is progressing alongwith litigation issues with respect to land acquisition on a 4km stretch of the expressway are proving to be major hurdlesin the growth of the corridor”.

Prominent developers like BPTP, Puri Construction,Raheja, Mahindra Lifespace, Sobha Developers, Ansal Housing,Assotech, Paras and Ramprastha have launched more than 50projects on Dwarka Expressway and are at various stages of construction. These projects range from mid end to premiumsegment.

“Between 2009 and 2013, the location has witnessed secondhighest number of project launches, after new sectors inGurgaon (in terms of number of units). Approximately 18,000residential units have been launched in the last five yearsacross 44 projects ranging from mid to premium category,” itsaid.

Dwarka Expressway is expected to receive second highestnumber of housing units (about 24,160) between 2013 and 2018.With approval of Land Pooling policy by Delhi DevelopmentAuthority (DDA) which has unlocked substantial land for bothhousing and commercial use in Delhi, the consultant said realestate growth on Dwarka Expressway is expected to take a hit.

“Adding on to the growth inhibitors is the slow pace ofconstruction of the expressway and the litigation issues. Inorder to realise the envisaged potential of this corridor, itis essential for government to expedite the infrastructuraldevelopment which currently is at a nascent stage,” DTZ said.

PTI