03aug14 Dwarka Expressway

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03aug14 Dwarka Expressway

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  • There is good news for investorsand end users who bought prop-erty along the 18km-long, 150-metre-wide Dwarka Express-

    way in Gurgaon, with the latest estimatessaying that the project is likely to be com-pleted by the second quarter of 2015.

    Investments along Dwarka Express-way, experts say, will likely give a returnupwards of 20% CAGR. With the revivalof the economy, the demand for real es-tate is sure to pick up in the near future.

    As the construction of the expresswaynears completion, developers will also fo-cus on expediting the delivery of theirprojects to coincide with the flagging offof the expressway.

    Work on the realty projects along thisstretch is going ahead in full steam, asDwarka Expressway is likely to be com-pleted by next year, Arjun Puri, the di-rector of Puri Constructions, said.

    He said the remaining work on the bal-ance 3km of the Dwarka Expressway proj-ect is on in full swing and the various pe-titioners have been given certificates ofentitlement for alternative plots in Sec-tor 110A and 37C. The litigation is like-ly to be over very shortly and we expect

    Dwarka Expressway to be operational bynext year, Puri said.

    Builders say that as a new governmentin Haryana is likely to be formed by No-vember, the development work is likelyto further pick up after that.

    Getamber Anand, the CMD of ATS,said that the development of other in-frastructure like sewer lines, electricityconnection, and water supply are alsolikely to be completed by 2015. He saidthat by the time the construction of thehighway and other infrastructure is com-plete, the realty projects being developedby scores of developers would also beready for possession.

    R K Arora, the CMD of Supertech Ltd,said that private builders under Credaiare ready to help the state governmentcomplete the infrastructural developmentas soon as possible. He said the con-

    struction of the rail bridge is also inprogress. Dwarka Expressway hasemerged as one of the most sought-afterreal estate destinations in the NationalCapital Region (NCR) and promises hand-some returns to investors owing to itsproximity to the national capital and theIGI airport.

    Construction of 15km of the 18km-longstretch is already complete and only 3kmis left to be delivered with Huda com-mitting to settle all rehabilitation issues.

    Originally scheduled to be completedby March 2012, the expressway will bringDelhi and Gurgaon closer. It will also easethe traffic problems on NH-8 and con-nectivity will become smoother andfaster. Interestingly, the developers whoare implementing projects on the ex-pressway played an important role in ex-

    pediting its construction; this will alsopave the way to complete the construc-tion of their respective projects.

    Because of the delay in the acquisitionof land for the project, Indiabulls, the con-tractor of the expressway, demanded com-pensation. As it was the responsibility ofthe Haryana government to acquire andhand over land to the contractor on time,the loss due to the delay was to be com-pensated by the state government. But asthis settlement could have led to more de-lay, the developers of projects on Dwar-ka Expresswayunder Credais GurgaonChapterpooled money among them-selves to compensate the contractor.

    The state government also did its partin resolving the hurdles in acquiring landfor construction of the expressway.

    There are only four small stretches

    where construction has not been com-pleted. Out of this, land for 700 metres ofthe road is under various Huda utilities,like HT pillars and water works, and theagency is shifting them.

    According to the detailed map of theroad, 800 metres has been handed over tothe Indian Railways for construction ofa rail over-bridge. Huda has already paidthe railways Rs 38 crore in advance forthis project.

    The land for the balance 2.5km of roadis under a stay ordereven then, the ac-quisition proceedings have not beenstayed in totality. All the issues havebeen settled except for those wherehouseowners there are bargaining forbetter compensation.

    Huda announced a rehabilitation pol-icy where people with built-up homes or

    any other structure there are being of-fered alternative plots in Sectors 110 Aand 37C. The plots on offer are of almostthe same size as the plots being taken over.Huda has acquired 145 acres in the twosectors for this purpose. However, only15 acres will be required to re-settle allthe petitioners. A Huda official said that

    a number of villagers whohad houses on the 3km

    stretch of the expressway

    have already accepted developed land inlieu of their houses.

    More than 33,000 houses are under con-struction on Dwarka Expressway and thecompletion of the expressway will openthe doors to many more projects here.The main developers on Dwarka Ex-pressway include Experion, Puri Con-structions, Ramprastha, Indiabulls, ATS,Supertech, Assotech, Uppals, Raheja, Sob-ha, and Chintels.

    DESTINATION-DWARKA EXPRESSWAY

    Market abuzz as expresswayNEARS COMPLETION

    Real estate developments along DwarkaExpressway have emerged as one of themost sough-after asset classes in theNCR.

    The realty market along this expressway islargely flourishing over two major USPsfirst isthe expressway that is expected to be one of thecountrys widest roads ever, and the shortest routeto the IGI airport and the Millennium City.

    According to Gurgaons new Master Plan, 2031,the proposed expressway will reach Delhi nearDwarka Phase II, where the second diplomaticenclave is being developed, and connect the cur-rent Metro corridor running parallel to the road.

    Once project is completed, the area will becomeone of the premier real estate zones in New Gur-gaon. The road starts from Dwarka and crossesBijwasan, New Palam Vihar, Kherki Daula, andfinally touches NH-8. Areas that are going to reaprich dividends are Sectors 99-113 and Sectors 83and 84. There will be a commercial belt touchingSectors 105,106, 109,110, 110A, 111, 112, and 113with Sectors 100 and 101 reserved for public util-ities, while Sectors 114 and 88 are fully commer-cial. Other residential areas that are a little farfrom the expressway but will benefit from it areSectors 81-86, 89-93 and 95.

    Developments like these are a clear indicationthat new sectors coming up around the express-way will not have the same challenges that oth-er parts of Gurgaon had to face and by the timethe first batch of residents move into the proj-ects, this area will be one of the most plannedand well-developed locations in Gurgaon, aspokesman of EMAAR MGF said. He said theproperties here are sure to see healthy apprecia-tion. More than 33,000 houses, with an approxi-mate sale value of Rs 20,000 crore, are under con-struction in different sectors along Dwarka Expressway.

    Residential property along Dwarka Ex-pressway, especially in Sectors 103-106, 109to 113 is expected to appreciate by over 100%

    in the next five years. Since 2010, projects onDwarka Expressway had a price tag of ap-proximately Rs 3,000 per sq ft, which in 2012appreciated to Rs 5,000-7,000 per sq ft for mul-tistoreyed residential apartments. Due to theexpected high appreciation, this market has at-tracted investments from the NRI community.

    Construction of most of the projects in areaslike Sectors 108, 109, 106, and 110 along the ex-pressway is expected to be over in a year and ahalf. Dwarka Expressway has also emergedas a prominent destination for IT-ITeS out-sourcing and off-shoring hubs; this area isexpected to have 22.3 million sq ft in new of-fice supply by 2017 and 48 million sq ft officespace stock to be added during 2012-2017.

    A number of top realty developers have alreadylaunched projects in this area. Because of theavailability of quality products and its closenessto Delhi and other part of the Millennium City,it is expected that property market around Dwar-ka Expressway will emerge as one most populardestinations in the NCR in the near future.

    With exactly double the width of the current-ly operational Delhi-Gurgaon expresswayNH-

    8Dwarka Expressway will also provide fasterconnectivity to Delhi and other part of Gurgaon.

    According to realty experts, Dwarka Express-way will also have significant impact on the realestate development in the other new regions inGurgaon. Areas along the forthcoming Kundli-Manesar-Palwal (KMP) Expressway and PataudiRoad could be the biggest beneficiaries.

    A balance of luxury and utility in the new re-alty projects here has attracted well-heeled NRIs,and the domestic premium customers. These proj-ects have extensive recreational facilities withinterconnected landscaped theme gardens andcourts with aesthetically designed water bodies,and expansive green vistas within gated com-munities. Emerald Bay, being developed by PuriConstruction is one of the few group-housingprojects that open up directly on to Dwarka Ex-pressway in the vicinity of the proposed diplo-matic enclave. The project is around 7km fromthe IGI airport and in close proximity to the Del-hi border. These factors, coupled with social in-frastructure like the proposed Metro line alongthe expressway, schools, hospitals, and mallsall in the vicinitywill likely give maximum ap-preciation for the property here. The road in frontof the project is already built.

    Experion Group has also launched a couple ofprojects along the Dwarka Expressway in Sector108. Both the projects, Heartsong and Westerlies,are fitted with the latest high-tech gadgets to pro-vide world-class lifestyle to residents.

    Heartsong has been designed with unique of-ferings like outdoor gym facilities, an open-airamphitheatre and leisure spaces in all towerswith chess, carom, snakes and ladders, hopscotch,toss across, and sand pit for toddlers, a driver-waiting lounge, and reading corners.

    The central community centre features swim-ming pools, a spa, jacuzzi, massage facilities anda yoga and meditation room. Residents also havea gym, cricket net, indoor squash court, table ten-nis, outdoor badminton court, half basketballcourt, and a skating rink.

    Westerlies is a 100-acre township, located closeto the proposed diplomatic enclave in Dwarka.The township is adjacent to Delhi, near the IGIairport, and well positioned on the larger devel-opmental map of Gurgaon along the forthcom-ing Northern Peripheral Road.

    The project offers a wide array of units, whichinclude plots and built-up homes in various sizesand catering to various budgets. Westerlies formsthe spine of development while Breeze ties itsvarious neighbourhoods together, allowing a largenumber of homes to overlook green space.

    Emaar MGF has launched Imperial Gardensand Gurgaon Greens in Sector 102 on Dwarka Ex-pressway. Both projects are a mix of luxury andfine-living, modern gated development spreadover 12 acres.

    A CONSUMER CONNECT INITIATIVE

    As the last hitch inland acquisition to

    constructDwarka Expresswayhas been sorted out,

    the expressway islikely to be

    completed by the second quarter of

    2015. PRABHAKARSINHA writes

    10 SUNDAY TIMES OF INDIA, NEW DELHIAUGUST 3, 2014

    DEVELOPMENT OF INFRASTRUCTURE LIKE SEWER LINES, ELECTRI-CITY CONNECTION, AND WATER SUPPLY FOR THE AREAS ALONGDWARKA EXPRESSWAY ARE ALSO LIKELY TO BE COMPLETED BY 2015

    DWARKA EXPRESSWAY HAS EMERGED AS ONE OF THE MOSTSOUGHT-AFTER REAL ESTATE DESTINATIONS IN THE NATIONALCAPITAL REGION AND PROMISES HANDSOME RETURNS TO INVESTORSOWING TO ITS PROXIMITY TO THE NATIONAL CAPITAL AND THE IGIAIRPORT

    QUICKBITES

    The realty market along Dwarka Expressway will significantly benefit from fast connectivity andthe proposed diplomatic enclave in Dwarka, placing it high on the investment-return scale.

    TEAM TIMES PROPERTY writes

    Impressive returns predicted FOR INVESTMENTS

    Investments alongDwarka Expressway,

    experts say, will likely give areturn upwards of 20% CAGR.Witth the revival of theeconomy, the demand for realestate is sure to pick up in thenear future

    According to Gurgaons newMaster Plan, 2031, the proposed

    expressway will reach Delhi nearDwarka Phhase II, where the seconddiplomatic enclave is beingdeveloped, and connect the currentMetro corriddor running parallel to theroad. Once the project is completed,the area will become one of thepremmier real estate zones in NewGurgaon

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