Gurugram's realty roars with Dwarka Expressway debut; experts predict booming growth

Dwarka Expressway Inauguration: The inauguration of the Dwarka Expressway's Haryana segment by Prime Minister Narendra Modi brought a new dawn for the real estate sector in the region. This 19-km-long, eight-lane expressway, connecting the Delhi-Haryana Border to Kherki Daula, along with the 10-km-long, six-lane Urban Extension Road-II connecting Nangloi-Najafgarh Road to Sector 24 Dwarka, is not just an infrastructural milestone but a boon for the real estate market, say experts. 

Real estate rate shift

The expressway has catalysed a notable upswing in property prices, indicating a bullish trend in Gurugram’s realty market. In the fourth quarter of 2023, the average property price on the Dwarka Expressway ranged between Rs 11,300 and Rs 11,700 per square foot (sq ft), representing a substantial increase from the Q4 2022 figures of Rs 9,600 to Rs 10,000 per sq ft, according to a report by Geetanjali Homestate. This growth not only showcases a quarter-on-quarter (QoQ) increase of 6.5 per cent but also a year-on-year (YoY) growth of 14.3 per cent.

Vivek Singhal, CEO of Smartworld Developers, hailed the inauguration as a monumental shift in the realty market. Singhal stressed the corridor's role in enhancing connectivity and elevating the living experience for residents, thereby attracting discerning buyers and investors. He highlighted the steady rise in property values, particularly in Sector 113.

"Today's homebuyers seek more than just a residence; they seek a lifestyle that encompasses exclusive amenities like expansive leisure areas, fitness facilities, and more. As disposable incomes rise and the cohort of high-net-worth individuals expands, these trends are poised to define the real estate landscape in 2024,” Singhal added.

Lifestyle-driven demand

Vineet Dawar, Senior Vice President of Sales & Strategy at Group, echoed Singhal's sentiments, stressing the expressway's strategic positioning and connectivity. Dawar highlighted a surge in demand, particularly in Sectors 84 and 106, reflecting the growing preference for homes that mirror buyers' ambitions and lifestyles.

"The expressway's promise of unparalleled connectivity and convenience has already sparked a surge in demand, particularly in Sector 84 & 106, where we've witnessed a 27 per cent and 12.5 per cent YoY growth in the previous quarter respectively," Dawar added. 

Connectivity sparks commercial realty

Aman Nagar, Joint Managing Director of Paras Buildtech, expressed enthusiasm about the potential impact of the expressway on the commercial real estate sector. 

“The region’s improved connectivity and infrastructure are expected to draw businesses and investors, leading to an increase in the demand for commercial real estate. The shortened travel time between Delhi and Gurgaon is anticipated to facilitate access to both markets, generating fresh prospects for growth and expansion. Consequently, the demand for office and retail space is expected to escalate, with businesses vying to establish a foothold in the area," Nagar said. 

"As the local economy burgeons, a corresponding rise in the demand for amenities and services is projected to create openings for investors and developers to construct retail and hospitality projects,” Nagar added.

Residential hotspots 

Rahul Singla, Director of Mapsko Group, highlighted Dwarka Expressway and its surrounding areas as residential hotspots, attributing the growth to sustained economic development, favourable interest rates, and positive consumer sentiment.

“In recent years, the residential market in Gurgaon has witnessed exponential growth. Regions in and around Dwarka Expressway have emerged as residential real estate hotspots, and the most coveted land parcels across the entire NCR. This is due to a myriad of factors such as sustained economic growth in the region, favourable movement in interest rates, positive consumer sentiment, as well as a focused push toward urbanisation,"Singla said. 

”Extrapolating current market trends, along with growing demand across both luxury and affordable housing segments, it can be forecasted with reasonable certainty that this accelerated growth in the residential market in the region will continue in the near future," Singla added.

According to experts, with improved connectivity, burgeoning demand, and a focus on modern living, the region is set to witness an uptick in both residential and commercial developments in the foreseeable future.