Delhi NCR Property News | Dwarka Expressway sees nearly 3-fold jump in housing rates

Delhi/NCR

Housing prices have jumped nearly three-fold on Dwarka Expressway in Gurgaon during last five years to Rs 7,000 per sq ft but slow pace of construction of highway and litigation issues have become a major hurdle for growth of this corridor,property consultant DTZ has said.

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

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).

DTZ said that Dwarka Expressway is one of the latest hotspots for real estate opportunities for home seekers and potential investors. Proximity to the national capital and IGI airport gives Dwarka Expressway an edge over other upcoming real estate destinations such as Dharuhera, Bhiwadi, Yamuna Expressway and Noida-Greater Noida Expressway.

However, the consultant said that “the snail’s pace at which the construction of the expressway is progressing along with litigation issues with respect to land acquisition on a 4 km stretch of the expressway are proving to be major hurdles in 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 50 projects on Dwarka Expressway and are at various stages of construction. These projects range from mid end to premium segment.

“Between 2009 and 2013, the location has witnessed second highest number of project launches, after new sectors in Gurgaon (in terms of number of units). Approximately 18,000 residential units have been launched in the last five years across 44 projects ranging from mid to premium category,” it said.

Dwarka Expressway is expected to receive second highest number of housing units (about 24,160) between 2013 and 2018.

With approval of Land Pooling policy by Delhi Development Authority (DDA) which has unlocked substantial land for both housing and commercial use in Delhi, the consultant said real estate growth on Dwarka Expressway is expected to take a hit.

“Adding on to the growth inhibitors is the slow pace of construction of the expressway and the litigation issues. In order to realise the envisaged potential of this corridor, it is essential for government to expedite the infrastructural development which currently is at a nascent stage,” DTZ said.

Source: The Economic Times Delhi/NCR

For more Information Sanjay Rastogi,   Email Us    Builders in Ghaziabad      Real Estate Developers in Delhi NCR   Or  SMS :SAVIOUR at 53030

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About Saviour Builders

Saviour Builders Pvt. Ltd. is one of the leading real estate developers in Delhi NCR. The Saviour Group is the tantamount to deliver contemporary quality amid excellence and diverse innovation. It has emerged as one of the prominent entities in the real estate sector of India and is into residential, commercial and township projects in and around Delhi NCR. The Group devotes its complete dedication to reach higher and build better. With its immense hard work and loyalty, Saviour has accomplished the dream of delivering various tremendous infrastructures round the city. We intend to provide you with affordable houses in the Delhi NCR region. Some of its significant projects like Saviour Greenisle, Saviour Park, Saviour Street, Gaur City -1, Gaur City -2 and many more have created a new benchmark within the trade. Today, we have our presence at Noida, Noida Extension, Greater Noida (West) and Ghaziabad. We, at Saviour, are building homes based on trust and you are invited to build your future with us. We help you live your dream of living in style.

Posted on November 6, 2013, in Real Estate and tagged , , , , , , . Bookmark the permalink. Leave a comment.

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