Dwarka Expressway has emerged as one of the prominent locations for property buyers, looking for affordable homes, in the Delhi-NCR real estate market. Residential real estate activities have increased in areas connected by the expressway, which is still under development. Here’s a look at key details of the Dwarka Expressway property micro market that you should know if planning to buy a house.
Dwarka Expressway Property Price and Trends
According to a report by Anarock Research, the average price of properties in the micro-market is around Rs 5,600/sq ft. Compared to Gurugram, property prices in Dwarka Expressway have increased at a faster pace in the last few years. The report says that in the last 6 years, the average prices in Dwarka Expressway have appreciated 13% whereas the property prices in Gurugram have appreciated by only 3% during the same period.
Dwarka Expressway Available Flats
The Dwarka Expressway micro market has around 11,670 units available for sale. Of these, 11% of properties are ready-to-move while 89% of units are at various stages of construction, according to o the report. The residential real estate market of Dwarka Expressway witnessed a bull run post the structural changes in 2016 and 2017 till the start of the Covid-19 pandemic. The property supply bottomed out in 2020. But it has been gradually moving up since then.
According to the report, the micro market reported a supply equivalent to 89% of 2019 in H1 2022. The share of affordable housing (<Rs 40 Lakh) has increased gradually to 81% in H1 2022. The report says that the share of the luxury, high-end segment in this region has shrunk over the years.
Dwarka Expressway Length, Connecting Areas
Currently, Dwarka Expressway starts from Shiv Murti in Mahipalpur and ends at Kherki Dhaula toll plaza. It is a 29 km long, 8 lanes, and 150-meter wide expressway, which will improve connectivity between Delhi, Gurugram, and Manesar. The Dwarka Expressway passes through key sectors of Gurugram such as 109, 113, 37D, 88B, 105, 99 etc.
Dwarka Expressway connects matured localities such as Dwarka, Golf Course Road, Gol Course Extension, Old Gurugram etc. It is also connected by a grid of roads, metro networks and railways.
Dwarka Expressway Status
Dwarka Expressway is still under construction. Land acquisition issues over the years have hindered construction progress. However, as per the recent market developments, the clouds of uncertainties are likely to clear and the project is expected to complete soon.
According to Minister for road transport and highways Nitin Gadkari, Dwarka Expressway would be operational in 2023 and it will ease the traffic congestion on Delhi-Gurugram Expressway. The Expressway is being built at a cost of Rs 9000 crore.
Dwarka Expressway Property Future
According to Anarock Research, property prices in and around Dwarka Expressway are likely to appreciate further on the back of proposed infrastructure developments.
The expressway may also get a boost as under GMDA’s Comprehensive Mobility Management Plan as the construction of roads connecting sectors 125/114 and 108/106, NPR, and sector 114 have been planned.