The Northern Peripheral Road (NPR), also known as Dwarka Expressway, is an 18-km stretch of road that will connect Dwarka Phase II and Palam Vihar to National Highway 8 near Kherki Dhaula and pass Pataudi Road. This is a highly lucrative project that has been taken up by the Haryana Urban Development Authority (HUDA). Scheduled to be completed by the end of this year, the expressway will decongest the current traffic flow on the Delhi-Gurgaon Expressway.
The speed corridor is slated to be a hub for residential and commercial properties. Thanks to the connectivity factor, Dwarka Expressway is expected to be the next big thing in the real estate sector along with a host of retail establishments. The expressway will join 16 new residential colonies nearby apart from the commercial corridors and the Harsaru dry port. It will also provide faster access to the airport for people commuting from Gurgaon, Manesar and beyond.
The connectivity factor has resulted in the development of many sectors around the expressway, especially residential and commercial. There are already more than 33,000 houses that are under construction along this highway. Due to the emergence of an increasing number of MNCs operating out of Gurgaon along with the limited availability of mid-segment residences in Gurgaon and Delhi, the expressway is evolving as a smart alternative for both investors and end users.
Dwarka Expressway is expected to emulate the same growth pattern as premium locations in Gurgaon such as Golf Course Extension Road and NH-8 due to its close proximity to the international airport, Delhi Aerocity and the upcoming diplomatic enclave at Dwarka.
Connectivity and transit points
The nearest bus stand to the expressway is the Gurgaon Bus Stand which is located about 5 km from Sector 102. The Gurgaon Railway Station is the railway station located closest to Dwarka Expressway and is about 9 kms away. Indira Gandhi International Airport is situated about 4km from Sector 111, located in close proximity to the expressway.
Although there is no public transport running in this area at the moment, once the expressway is completed, the transport infrastructure will be developed rapidly.
Some prominent landmarks near Dwarka Expressway are:
Factors for growth in the past
This 8-lane corridor was proposed to be constructed in the year 2007 and has come a long way since then. The traffic congestion on the Delhi-Gurgaon Expressway was one of the main reasons for the inception of Dwarka Expressway.
The real estate market in the NCR, and especially in Gurgaon, has gained a lot of importance owing to the liberalization of the Indian economy. This has consequently led to the increase in business opportunities and the exodus of people to Gurgaon and its surrounding areas, which in turn has increased the demand for residential and commercial space.
Also keeping in mind infrastructural issues like bad connectivity, shortage of power, low water levels, lack of green areas, etc., this locality is being developed in a way that would profit the population residing here for years to come.
Residential market trends
Dwarka Expressway has ample potential for aspiring real estate developers and offers the possibility for proper planned development. The development of this stretch will open up avenues for planned urban development and will also reduce the travel time between Delhi and Haryana. There are many developers who have already constructed apartments in and around this region.
Big names in the realty sector like DLF, Raheja, Sobha, Ramprastha and many others have setup some luxurious residential properties in this region.
The Q-4 (2013) sale prices for apartments in Dwarka Expressway ranged from Rs 5,400 to Rs 5,600 per sq. ft, while the rent rates hovered around Rs 19 per square foot. Buying an individual house would cost anywhere from Rs 5,500 to Rs 6,500 per sq. ft.
Commercial market trends
Like the residential market, the commercial market is also flourishing in the vicinities of Dwarka Expressway. A broad belt of land has been reserved for the expansion of the commercial market. Shopping complexes and malls are also growing steadily here. Raheja Business Floors, Raheja Innovation Mall and VSR 114 Avenue are some of the major upcoming commercial projects in this sector.
The proposed widening of Golf Course Road and the construction of an underpass will enhance further connectivity significantly and will supplement the commercial market. The sale prices for commercial office space range from Rs 6,500 to Rs 12,000 per sq. ft.
The main challenge has been the completion of the expressway. Due to pending litigation, the project has been considerably delayed and this has also delayed the construction of physical infrastructure such as roads, power and sewage disposal facilities.
Factors for growth in the future
After MG Road and Sohna Road, the future of residential and commercial projects belongs to Dwarka Expressway. There are already a myriad of developers constructing various housing and commercial projects and this is only going to increase. Additionally, the proposed metro rail connectivity to the expressway adds to the imminent infrastructure of this region.
Hospitals, schools, shopping complexes, malls and other recreational facilities have been in the pipeline and will take shape once the expressway is open to the public.