By Mr. Nagaraju Routhu, CEO, Hero Realty
When work on Dwarka Expressway took off around 2010, the real estate entered a new phase in Gurugram; it redefined the sector here and added a lucrative option for the property seekers. The bonhomie around the expressway witnessed the frenzied race to have a presence on this stretch. The expressway had its fair share of ups and downs, including delays due to legal proceedings; the job is more or less sorted out now. However, realtors did not shy away from the area, having full faith that this area is going to become one of the best locations in Gurugram. Ten years down the line, the interest of buyers on this expressway is proving the realtors right, who came up with varied projects here.
The story of Dwarka Expressway revolves around connectivity and availability of units that cater to all and sundry. Analysing the trends since ages, it is safe to say that buyers have always responded positively to the properties near highways. The tale of expressway does not end with areas on both sides of the expressway but is spread to nearby sectors too, which are part of New Gurugram and are getting similar response from the buyers. In fact, Dwarka Expressway became a catalyst that helped the development of New Gurugram area.
Starting from Dwarka, the road crosses Bijwasan, New Palam Vihar, Kherki Daula, and culminates at NH8. The sectors in Gurgram that fall around Dwarka Expressway are 99-113, sector 83 and 84. Commercial belt is touching Sectors 105, 106, 109, 110, 110A, 111, 112, and 113. The connectivity and proximity to important places differentiate Dwarka Expressway from other locations such as HHG Located in Sector 104 with direct access from Dwarka Expressway, proximity to the Airport and Gurugram Railway Station, on Proposed Metro Corridor, 10 Mins from Dwarka, 12 Mins from Dwarka Sector 21 Metro Station, 20 Mins from Airport, 25 Mins from AIIMs Jhajjar, 20 Mins from HUDA City Centre, 20 mints from Convention Centre, and 1 min from proposed metro. Basic social infrastructure such as Retail, Schools, Hospitals etc. is also in proximity to Dwarka Expressway.
The selling point, initially, was the traffic snarls at Gurugram toll, discontinued a few years back, but the utility of this area has not diminished. The lifestyle that this stretch promises and the quality of homes by reputed developers are the selling points now. The best part about the stretch was that it never stopped attracting reputed developers. Some of the biggest names in real estate have projects here. In 2018, when Hero Realty thought of foraying in Delhi-NCR real estate market, it chose Dwarka Expressway and announced to invest around Rs 900 crore to develop a premium housing project here in Sector 104 named ‘Hero Homes – World of Wellness’.
Gurugram has the highest number of white-collar workforce and a homogeneous mix of industries, and it has demand for all categories from affordable housing to ultra-luxury units. It is no mean feat that Dwarka Expressway, including New Gurugram, has been the highest contributor to supply and sales in the last few years. The best indication of the interest is the comparison of prices, the prices in 2010 were hovering around Rs 3,000, and now prices are around Rs 7,000. A more than hundred per cent appreciation of property prices talk volumes about the popularity of the area and is also an indication of the acceptance of the offerings along this expressway. The circle rates here saw a rise by 43 per cent from Rs 2,900 per sq. ft. in 2016 to around Rs 4,133 per sq. ft. in 2020.
The story does not end here; it is just the beginning for an area with huge potential and numerous offerings coming in all segments, mostly mid and upper mid-segment.