The millennium city Gurugram has come a long way to become one of the fastest-growing metropolitan cities in India. Positioned southwards of the national capital, the bustling city is a thriving hub for growth and development. As the city emerges as a sought-after destination for modern commercial buildings and prolific neighborhoods, it has witnessed noteworthy infrastructural developments, leading to a remarkable boom in the real estate market. The much-anticipated inauguration of Dwarka Expressway proves to be the lifeline behind this development, leading to a surge in the market. Property rates are growing steadily in the Dwarka expressway region, yet lower than other established micro-markets in Gurgaon.
Dwarka Expressway
Mr. Rohit Mohan, Senior Vice President, BPTP Group, expresses, “The near completion of the expressway is unlocking a surge in demand for real estate investments. This prime connectivity is attracting both homebuyers and investors seeking a strategic location. The region is experiencing a boom, with major housing projects, commercial hubs, shopping malls, and upcoming SCOs (Shop-cum-Offices) creating a vibrant ecosystem. Dwarka Expressway is poised to become a thriving startup hub, fueling growth in prop-tech, e-commerce, healthcare, and fintech sectors. This translates to excellent potential for capital appreciation and rental yields, making it a lucrative investment opportunity.”
The surrounding areas along the 8-lane expressway comprise sec 73- 95 and sec 102-113. The top 5 micro-markets in the region include sec 83, 104, 88, 91, and 99, with sector 83 as one of the fastest-growing micromarkets in the area, with a total of 6470 total housing units. The sector indicates an average PSF of 7271 and a 6.5% CAGR from 2018-23. Gurgaon’s spellbinding development has resulted in the growth of housing price trends in these micro-markets. The lowest housing price trend is observed in sec 99 with 4570 INR/ Sq Ft. in Jan 2018, achieving the highest point of 8437 INR/ Sq. Ft. in Jan 2023. As an aftermath of accelerated growth, property values and leasing rates have risen sharply, making it beyond reach for many.
“In addition to the proximity to vital places like IGI Airport, International Convention Center Dwarka, and other areas of Delhi-NCR, the expressway welcomes thriving commercial activities. The sectors near the expressway include new residential, commercial, and retail hubs, offering the advantage of relatively peaceful neighborhoods with fast-moving traffic. The roads have less congestion than other significant parts of NCR,” Mr. Mohit Goel, MD, Omaxe Group.
Mr. Nayan Raheja of Raheja Developers, states, “The adjacent sectors along the expressway are gaining prominence with residential projects. The prices of projects in these sectors have risen and are experiencing excellent capital appreciation. Residents in the region can enjoy a modern lifestyle away from the hustle and bustle of city life. The IGI airport, Dwarka, and Delhi are also at a considerable distance, making the sectors a popular middle-income household catchment.“
Mr. Vidush Arya, Strategy Head, Orris Group, states, “The micro-markets across the expressway are one of the key growth drivers for the booming real estate industry. Through NH-48, the sectors are linked to prominent hubs such as Cyber Hub, GCR, Udyog Vihar, etc. There are ample households in and around these sectors, also driving demand for modern retail in the region.”
“As the demand for commercial activities soars, Dwarka Expressway becomes a hotspot, paving the way for numerous sectors and inviting a new business landscape to the region. Likewise, the city is also a paradise for shopaholics & partygoers, with innumerable malls, F&B restaurants, shopping arcades, nightclubs, food-cum-entertainment zones, etc.,” expresses Mr. Rajjath Goel, Managing Director, MRG Group.
The infrastructural development along the Expressway makes it a thriving hub for residential and commercial reasons. The evolution of the Dwarka Expressway into a potent commercial hub positions the region as a key driver for economic growth in the Delhi-NCR region and offers a promising future for businesses.