Gurgaon: NGT’s nod for widening NH 8 will boost real estate
The Indian real estate market which has been known for ups and downs; recently got some news to cheer about. In the current run up to the elections, the market had been witnessing a bit of slump. But the NGT’s nod for widening the NH 8 has bought about a fresh come back in the real estate market of NCR. Gurgaon, which has been one the most important real estate destinations for shaping up NCR had a pause moment when certain RWA and other entity members had gone to the court against the widening of the road.
The proposed 16 lane expressway will be 8.3 km long signal free corridor connecting NH-8 toll plaza to the Golf Course Road and is to come up in sector 55-56 of Gurgaon. The proposal had the local residents in a bit of mess as the widening of the road required cutting down of trees and would affect their day to day living. But the court was proved that the living of the locals would not be affected adversely, plus only 26 trees would be cut down. At the same time, 10 trees will planted for every loss of one tree. Therefore, the widening of NH 8 has got the green signal from the authorities and is ready to give the real estate market of Gurgaon a much needed boost.
The developers and experts are in the favour of the road widening project as the new 16 lane highway will allow smoother flow of traffic internally and externally. Ansal Housing, one of the leading names in the Indian real estate has made a very strong presence in Gurgaon by having six running projects at present. Kushagr Ansal, director, Ansal Housing said, “NH 8 is the life line of Gurgaon. Its widening will provide a major boost to the infrastructure of Gurgaon. At present we see that there are lots of projects coming up along the NH 8 and Delhi, Gurgaon and Jaipur are the most important markets for Gurgaon. A better and smoother flow of traffic would build confidence in the minds of the daily commuters on this route; thereby enhancing their chances of investing in properties along NH 8.”
Gurgaon has always lacked in terms of providing a good infrastructure. But the authorities taking part in its development has started to work even harder. The recent inclusion of the first ever rapid metro in the map of NCR itself gave a much needed boost to the realty market of Gurgaon. Few years down the line when the widening project is completed, the combination will prove to be the right composition required for the infrastructural development of Gurgaon.
Looking at the case and thinking about what might be the output post the project completion, Kamal Batra, chairman, Buniyad Group says, “Whatever decisions are taken by the authorities and government, it is in the view of general public interest. It cannot be taken considering only a few clusters of people. The RWA and adjoining residents must look at the bigger picture here as even in near future, they will also get benefitted in several ways by the construction of the expressway. The reports clearly suggest that neither the residents nor the environment will be much affected. The news for the widening of the expressway has been received very positively by the real estate market of Gurgaon. After the completion of the project, we will witness a sharp rise in the demand for property especially for the projects alongside expressway as infrastructure has been the major hurdle for people investing in Gurgaon.”
Better infrastructure means better growth of a region. Better growth of a region means appreciation of the property prices is on the cards. Any work on NH 8 is such that, it will significantly boost the property prices of the units alongside and near to it. Experts feel that having widening the highway will boost the property prices as much as a 10 percent. Cosmic Group, a realty major of NCR is nearing completion of one of its commercial projects near NH 8.
Sushant Muttreja, MD, Cosmic Group says, “Any form of infrastructural development in any region comes out as a boost for the location and its developments. There has been a good amount of real estate development taking place in those sectors and nearby regions. With this move in place, the projects constructed in the region will gain a lot. This will greatly benefit the real estate market there. Not only will investments rise from Gurgaon, but a lot might be getting pumped from Delhi also. After the completion, there will be a rise in price of at least a 10 percent in those sectors.”
Hrishi Kumar
Hrishi is a young management graduate with experience in the field of branding and marketing.Currently, he is the manager at Integrated Centre for Consultancy Pvt. Ltd (ICCPL)
The views expressed in this article are the author´s own.
