The two main expressways in Delhi-National Capital Region for which are Noida-Greater Noida expressway and subsequently the Dwarka Expressway which is comparatively newer.
Noida and Dwarka Expressways
Dwarka Expressway connects Gurugram in Haryana with Delhi’s Dwarka suburb and Indira Gandhi International Airport while the other one Noida and Greater Noida sub-cities, and will connect Jewar’s under-construction Noida International Airport through the Yamuna Expressway that splits off from the Noida-Greater Noida Expressway.
The Noida Greater Noida expressway was launched in the early 2000 and the Dwarka expressway was planned in 2006-07 although it was inaugurated in March 2024 by Honorable Prime Narendra Modi.
These two expressways have made transport to and from these satellite towns relatively easier. There is a view that the condominiums have boosted the ‘quality of life’ along these expressways by providing among other facilities new age amenities, malls and offices, social infrastructure including schools and hospitals, and connectivity among others.
Data compiled by real estate data analytics firm PropEquity presents that new project in Dwarka Expressway revised an average of Rs 17,357 psf in July 2024 while it was merely Rs 8,630 psf in July 2021 witnessing rounded 101 percent increment. Hence, there is a similar trend observed in the average price of newly launched projects that reached Rs 17,428 Rs per sq ft in July 2024 from Rs 6,568 Rs per sq ft in July 2021, which is an increase of 165 percent.
According to the data the observations indicated that more than 22400 units have been launched along both the expressways between 2021 to 2024.
Likewise, the average price of new launch projects along the Noida- Greater Noida Express way increased by 40 % between July 2023 and July 2024. Yamuna Expressway gives new connectivity of Agra also provides easy connectivity to Lucknow and Eastern Uttar Pradesh through “Agra-Lucknow Expressway” & “Purvanchal Expressway”.
The analysts mentioned that while the benchmark of Rs 17000-Rs 18000 psf has been maintained for new projects aligning these arterials, Gurugram and Noida markets have also exhibited immense adoption on new launch prices in range of Rs 20000 to Rs 25000 psf.
Shiwang Suraj, the founder and director of Gurugrag-based property consulting firm InfraMantra, said that the Dwarka and Noida expressways have become very active for commuters and future real estate prices of housing units reflect the trend of more activity along these stretches.
“Because of the location advantage based on its proximity to the international airports, Delhi-Mumbai Expressway, and the overall absence of the development of social infrastructure, the uptrend in price of the residential projects is being observed here,” Suraj told Moneycontrol.
Easy availability of connectivity to Delhi and other parts of NCR; office and retail establishment; the increase in the population living in societies on these two express ways, future appreciation potentialities are some of the factors that are likely to boost traffic along those two expressways, according to the PropEquity founder and chief executive, Samir Jasuja. ”
Accessibility, neighbouring Grade A office spaces
They have argued that the two infrastructure facilities have enhanced easy connectivity to Delhi and other economic bull’s eye in the micro-markets as well as have good schools, hospitals and the shopping area in their clusters hence are ideal micro-markets for Real Estate investments.
Dwarka and the Noida and Greater Noida expressways: Pradeep Mishra, founder, Homents Private Limited an NCR real estate consultancy firm; connectivity is good for both Dwarka and the Noida-Greater Noida expressways; these are good connectivities to the airport; good office connectivities; they are two good urban infrastructures which investors interested in the sector should consider investing in.
There is a realized shift in the share of leasing especially in Noida-Greater Noida Expressway. During the period 2020 to 2023 around 10 million sq ft of the office space has been leased out in Noida along the expressway. As for now, offices in Noida can be rented ranging from Rs 40- Rs 80 per square feet.
These expressways also have efficient Grade ‘A’ offices where people who are going to offices can easily use, Mishra added.
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References:
- https://m.flipit.money/flips/dwarka-expressway-noida-greater-noida-expressway-drive-the-real-estate
- https://www.moneycontrol.com/news/business/real-estate/dwarka-expressway-noida-greater-noida-expressway-drive-the-real-estate-boom-in-the-region-12817810.html
- Also Read:https://thenewzzy.com/gambhir-leads-indian-cricket-teams-huddle-in-chennai/
