March 18, 2024 |
Real Estate Boom in Delhi-NCR: Dwarka Expressway Emerges as Epicenter of Realty Markets
Property prices in Delhi-NCR: Areas around the newly inaugurated Dwarka Expressway region have emerged as a catalyst for the real estate market, fostering residential clusters and enhancing connectivity between Delhi and Gurugram.
Areas around the newly inaugurated Dwarka Expressway region have emerged as a catalyst for the real estate market, fostering residential clusters and enhancing connectivity between Delhi and Gurugram. A recent report by JLL, a leading real estate advisory firm indicates a remarkable surge in both sales and launches, signalling a significant shift in consumer preferences and market dynamics.
The report indicates that the region has evolved into a priority development zone, spurring the overall expansion of residential clusters along the expressway. In the calendar year 2023 alone, a staggering total of 12,409 housing units were sold in this submarket, representing a remarkable 66 per cent of the overall sales in Gurugram. This surge marked a substantial 67 per cent increase compared to the previous year, amounting to a staggering Rs 25,000 crore in sales.
Particularly noteworthy is the fact that 97 per cent of these units were under construction at the time of sale, highlighting the growing consumer confidence in timely project deliveries.
Ravi Aggarwal, Co-founder and Managing Director, of Signature Global (India) Ltd. says, “The latest industry analysis underscores the bright prospects of Dwarka Expressway and adjoining areas. Sectors like 37D, 93, 92, and 84, are set to experience significant growth. Notably, alongside the Southern Peripheral Road (SPR), Sector 71 is poised to emerge as the city’s next real estate hotspot, attracting substantial interest from end-users and investors in residential and commercial properties. We aspire to seize the opportunities presented by this thriving market, shaping the future of real estate in the millennium city.”
Moreover, the Dwarka Expressway – New Gurgaon cluster has emerged as the epicenter of premium launches in the Delhi NCR region. In 2023, a remarkable 11,270 housing units were launched in this submarket, constituting a substantial 69 per cent of the overall launches in Gurugram. This surge represents a staggering 166 per cent increase compared to the previous year, with 4,231 units launched in 2022.
Pankaj Pal, Managing Director, Whiteland Corporation shared his insights and said, “It will be an understatement to say that Dwarka Expressway has become the hotbed of real estate boom in Delhi NCR bringing in a new era of prosperity and growth for the Indian property landscape. The region has witnessed a significant increase in property values, mainly due to its strategic location, strong infrastructure and efficient connectivity with Delhi and Gurugram. Moreover, this state-of-the-art development corridor has reflected an upsurge of real estate sales which further indicates its potential.”
“Today, Dwarka Expressway is one of the most sought-after areas both for homebuyers and investors. This is also evident from the fact that approximately two-thirds of Gurgaon’s total sales happened in this region during 2023. Increasing number of property sales coupled with the rise in launch volume of premium offerings exhibits a change in consumer preference leading to price appreciation and enhanced investor sentiment. Consequently, some other areas have also benefited from this trend like Sector 71, 76 in Gurugram that has flourished behind Southern Peripheral Road among others. We are confident that as the Dwarka Expressway cements its position as the catalyst for real estate development, the perceivable future is bright for the millennium city and Delhi NCR as a whole,” says Pal.
A new trend is raising the real estate benchmark to the next level, the trend towards high-end projects in this submarket, with 38 per cent of the new launches priced at Rs 2.5 crore or above. Despite the premium pricing, these projects garnered significant traction in terms of demand, with several of them being fully sold within days of their launch.
Shailesh Kr. Gupta, a city-based real estate consultant and founding member of EA7 Realtors, says “This is undoubtedly the best time to invest, not only in properties along Dwarka Expressway but in any location across Gurugram. The city is experiencing a significant transformation, with remarkable infrastructure developments enhancing its appeal. This transformation is poised to drive substantial price appreciation across residential, commercial, and office space properties. With strategic insights and unwavering dedication, we always guide our clients through various exciting opportunities and maximize their investment potential.
Source : ET
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