STATUS UPDATE - Dwarka Expressway gets a big boost
Providing a much-needed boost to the stalled realty projects along the Dwarka Expressway, Minister for Road Transport and Highways Nitin Gadkari recently announced to give National Highway (NH) status to Dwarka Expressway. This will rekindle hopes of homebuyers who have invested their money here and are awaiting possession of their homes. Experts as well as developers are hopeful that the decision will help speed up the process of development in the segment, where a number of issues including land acquisition have stalled the process of growth for sometime now.
Experts suggest that the decision will expedite the land acquisition process, a major hurdle so far. Dwarka Expressway (also known as Northern Peripheral Road) connecting Gurgaon to Dwar ka is one of the most important areas in NCR from real estate perspective.
Dwarka Expressway is the third direct connection between Delhi and Gurgaon (after NH-8 and MG Road), and a number of real estate projects have come up in this area.
But that's not all -this road has a greater national significance. It is an integral part of the Mumbai-Delhi Industrial Link Corridor.
Santhosh Kumar, CEO Operations & international director, JLL India, says, “Giving National Highway status to Dwarka Expressway will expedite the land acquisition process which has been the major bone of contention in its completion. There are multiple ongoing residential projects being constructed by renowned developers in the region falling under the expressway belt.“
Kumar suggests that the decision by the central govern ment will give a respite to the developers, as early completion of the highway is expected to boost demand. On the possible impact of the decision on homebuyers, Kumar says, “The homebuyers who have already invested in this region will finally see some significant appreciation -a factor which has been stalled for a couple of years now. Many develop ers will now try and expedite the com pletion of their projects to co incide with the completion of the highway, and to give possession to the buyers.“
Navin Rahe ja, chairman Advi sory Council, NARED CO, says, “Once the patches on Dwarka Expressway that are yet not cleared due to land acquisition get cleared and the highway is complete from both the sides, the movement at this stretch will certainly pick up.The prices which currently rule the market in this area are depressed. But, it is likely that prices will surely rise once the highway is up and running.“
Raheja further suggests that along with this, the government should also expedite infrastructural development quickly so that projects which are ready and where possessions have been offered, get occupied and the area becomes habitable.
Rakesh Yadav, chairman, Antriksh India, says that heavy footfall it is expected to attract once fully functional, later this year. “The real estate scenario is sure to get a boost because we all know that connectivity plays a very important role in the upliftment of any real estate destination. The faster the work is expedited, better the growth prospects of the region and hence, allow it to be inhabited to their capacity at the fullest,“ Yadav notes.
Another developer Kushagr Ansal, director, Ansal Housing, says, “According NH status to the expressway would mean guaranteed price appreciation for all projects in and around the region. This will also go a great way in establishing the region as a successful real estate destination and a definite push to utilise any untapped area available in the region.Once it gets the NH tag, the price appreciation is definitely on the cards with greater investors' interest.“
Sanjay Dutt, managing director, India, Cushman & Wakefield, says that once Dwarka Expressway is notified as a National Highway, National Highway Authority of India (NHAI) will take over the project. “This will help expediting the completion of the project which has been stuck due to land litigation issues. Land acquisition could then be done in a much shorter period under the National Highway Act. This is a huge boost for the real estate scenario of Dwarka Expressway as it is the spinal infrastructure of the region.With clarity on the completion of expressway, developers are likely to notch up construction speed in the projects and endeavour to offer possession close to the completion of the expressway.“
On a possible price appreciation following the decision to give it the status of NH, Dutt says, “The move will lead to price appreciation in line with the on-ground progress on completion of the expressway. With subdued sentiment, the announcement is less likely to have an effect on capital values.“