In a move that is expected to decongest the National Capital and give a much-needed impetus to the housing demand of Gurugram’s realty market, the National Highways Authority of India (NHAI) has decided to work on two major infrastructure projects involving the National Highway 8.
Under its first assignment, a 79-km-long Urban Extension Road (UER) – 2 is planned to connect NH 8 near Mahipalpur in South Delhi with NH 1 near Narela in Northwest Delhi. Also, construction of Delhi-Panipat and Delhi-Alwar Regional Rapid Transit Systems (RRTS) along NH 1 and NH 8 has received the approval of NHAI, according to sources.
For the second infrastructure project on NH 8, NHAI has planned to build a trumpet junction between Dwarka Expressway and NH 8, which is projected to pave way for the heavy traffic flow between Gurugram and Delhi. This proposed junction will be linked with a cloverleaf coming up from the NH 8, connecting it with the Southern Peripheral Road (SPR). The two interchanges are estimated to be built around 2 km before the Kherki Daula or the Manesar toll on NH 8. With this roadway, commuters will gain access between SPR and Dwarka Expressway without intersecting the NH 8. With the implementation of these two projects, this belt will become one of the busiest belts in the near future.
Infrastructural development of this scale will add to the attraction quotient of the properties falling across the Dwarka Expressway and NH 8, says Rakesh Yadav, chairman of the Antriksh India Group, adding, “these two projects will boost the demand for residential projects across the two major roadways in the region that will further assist in capital appreciation in the long run. With HUDA not increasing the circle rates and budget housing gaining momentum in and around Gurugram, demand will receive a further thrust and witness a price rise in the long term where investors might make a comeback.”
Avneesh Sood, director, Eros Group, avers “These infrastructural projects will greatly help decongest the National Capital and add value to the properties falling across NH 8 and Dwarka Expressway. Once these projects are operational, NH 8 will observe a higher footfall which will pave way for better housing demand in the regions. Avenues for investment will open up as development of such scale will promote capital appreciation in the long run.”
Developers say that properties located along major roadways or outskirts always receive better response from the buyers as compared to those located inside a region or internal sector roads. “Such projects offer better connectivity with neighbouring regions and become easily accessible, thus promoting the demand value of the properties. With these projects now planned by NHAI, Gurugram’s realty market will observe a surge in demand in the near future”, says Pradeep Aggarwal, co-founder & chairman, Signature Global.
Over the past couple of years, the realty market of Gurugram was moving towards a standstill due to escalating prices and lack of demand. “These two projects by NHAI, however, will act as a catalyst for the upcoming housing demand along NH 8 and Dwarka Expressway. There is a strong inventory currently available for these regions which in a few years will start to clear. Also, as fresh development takes place, more project launches will take place that will balance the demand and supple matrix in the long run,” says Kushagr Ansal, director, Ansal Housing.