Gurgaon-Jaipur Super Highway To Accelerate Real Estate
It was in September 2016 that Minister of Road Transport and Highways of India Nitin Gadkari had announced a super expressway between Gurugram (Gurgaon) and Jaipur. The expressway once constructed is expected to bring down the travel time to 90 minutes while the distance will be reduced by 40 kilometres. To achieve this, once the expressway is constructed, the maximum speed limit will be revised from 100 kmph to 150 kmph. According to Gadkari, once revised, cars can run on the expressway at a speed of 135 kmph as the entire route will be access controlled.
Current status of the super expressway
The Gurgaon-Jaipur Expressway was a long impending project and one of the most ambitious infrastructure plan of UPA II. But, it couldn't take off due to approvals and funding. The project was revived and announced in September 2016 with a revised speed limit. The Haryana government has already approved the alignment and the land acquisition process has begun in Gurugram by National Highways Association of India (NHAI) . But, this process is yet to begin at the other end of Jaipur. Since, the expressway will connect the outskirts of Jaipur with Gurugram, the land to be acquired is primarily in rural areas. Although no deadline has been given yet, the construction work is expected to start this year.
Also read: Monthly Watch: Developers Are Back In Gurgaon; New Launches Shoot Up
Impact on real estate
The Jaipur real estate market is now considered as one of the hottest destination in the country all thanks to the upcoming ring road in the city. With NHAI taking the charge of the project, the construction has not been started yet. The corridors which will be benefitted the most are Mansarovar Extension, Prithvi Raj Nagar and areas lying in immediate proximity to ring road, where the Super Expressway will merge. For Gurugram, Sohna Road, which is also considered as the affordable den of the Millennium City, might see a growing interest of investors from Jaipur who would like to park money in a market closer to the capital. While Mahindra SEZ is in full swing in Jaipur where companies like Infosys and Genpact are going to step up their offices, the improved connectivity to the international airport with the super expressway is expected to boost the realty in Jaipur.
Super expressway far from reality?
While the impact of project announcement on any real estate market is an instant hike in property prices, the speculation-driven price rise is short-lived as these infrastructure projects take time. Tendering, funding, acquisition are few initial steps that drive road projects. A project like this might take extra time as the speed limit will be revised and designing roads that can be driven over at a speed of 150 kmph would need a stronger technology.
Also read: Road To Recovery: NHAI Infuses More Money For Smoother Gurgaon-Jaipur Ride
Road projects delayed
Several road projects are in limbo which are running up to 15 years behind schedule.