Dwarka Expressway Sees Property Prices Surge by 29% in 2024 Amid Residential Boom

SOURCE : NEW18 NEWS

Last Updated:December 23, 2024, 18:03 IST

Real estate: This growth trajectory has been powered by infrastructural developments, notably the inauguration of the Gurugram stretch in March 2024 and the near completion of the Delhi segment of the expressway.

Dwarka Expressway, a rapidly developing micro-market in Gurugram, has seen an impressive rise in residential property prices, growing by 29 per cent in 2024. According to a report by Square Yards, the area has become the largest residential market in Gurugram, leading in cumulative new supply since 2020, followed closely by New Gurgaon and Sohna.

This growth trajectory has been powered by infrastructural developments, notably the inauguration of the Gurugram stretch in March 2024 and the near completion of the Delhi segment of the expressway. These milestones have significantly boosted the area’s connectivity to commercial hubs and the international airport, making it a magnet for investors and end-users alike.

“We have observed a sharp increase in interest from investors and end-users eager to capitalise on the enhanced connectivity to commercial hubs and the international airport, with many looking to seize early-mover advantages and reap long-term returns. The impact of the infrastructure upgrade is already evident in property prices, which have seen consistent double-digit growth in recent years,” said Rajat Likhyani, principal partner at Square Yards.

The annual residential new supply along Dwarka Expressway has consistently exceeded the 10,000-unit mark post-2020, a sharp rise from the 5,000-7,000 units launched annually in the pre-pandemic period. Leading developers, including M3M, Krisumi Corporation, and Smartworld, have contributed significantly to the new launches in 2024. The region continues to attract prominent players such as Tata Realty, Sobha Realty, Godrej, and Adani Realty, with over 25,000 units slated for delivery over the next three years.

“Dwarka Expressway is experiencing an extraordinary surge in real estate activity, characterised by substantial rental appreciation and rapidly escalating property prices. Its strategic connectivity to both Delhi and Gurugram provides unparalleled advantages, making it a prime choice for luxurious living and lucrative corporate investments alike. For prospective buyers, choosing a property here isn’t merely about acquiring a home; it’s about securing a stake in a dynamic and flourishing ecosystem that promises sustained growth and prosperity for the future,” said Vivek Singhal, CEO, Smartworld Developers.

The market has witnessed a clear shift toward high-end housing. Properties above Rs 1 crore now represent 68 per cent of the supply, a sharp increase from 33 per cent in 2019. Developers are increasingly catering to this demand with projects that offer premium amenities.

Madhur Gupta, CEO, Hero Realty Pvt Ltd, said, “The region’s robust infrastructure development, featuring world-class amenities and transportation networks, has established it as a highly sought-after real estate destination. The Dwarka Expressway has seen a 79 per cent price surge over the last five years, highlighting its exceptional investment potential. The growing demand for high-end residential and commercial spaces in the NCR has driven up property values, rendering the Dwarka Expressway a lucrative investment opportunity for both investors and end users.”

With its strategic location, robust infrastructure, and growing preference for premium housing, Dwarka Expressway has firmly established itself as a hotspot for real estate investments. The surge in property prices and new launches underscores its position as a leading micro-market in the NCR, offering immense growth potential for developers and investors alike.

Sharing his views, Vineet Dawar, president of sales & strategy, Elan Group, said, “Dwarka Expressway is fast emerging as a prime location for real estate investment due to a confluence of factors. Its strategic positioning within NCR offers excellent connectivity, potentially linking residents to key business districts, airport, and major transportation hubs. The expressway itself is designed for efficient travel, further enhancing accessibility. Additionally, the area boasts a flourishing corporate landscape, creating job opportunities and attracting a growing workforce, which in turn fuels demand for housing.”

Furthermore, ongoing infrastructure enhancements beyond just the expressway and the limited supply of luxury homes are expected to make the entire location even more desirable. Once the expressway is fully operational, its potential for improved connectivity will be fully realized, likely leading to a significant rise in property values, he added.

Additionally, the region is experiencing the emergence of high-end business parks and office complexes, fostering a vibrant commercial ecosystem. The advancements in the expressway’s infrastructure are attracting various businesses, which are driving the development of retail projects and mixed-use complexes.