Proposed Dwarka-Manesar E-Way To Bring Realty Boom In NCR
The proposed 18-kilometre Dwarka-Manesar highway, to be developed by the Haryana Urban Development Authority (HUDA) , holds the key to hundreds of crores of rupees in investments. The highway was planned to be an alternative route to connect Gurgaon and Delhi, and has spurred investments in commercial and residential projects in Gurgaon and Delhi.
The Punjab and Haryana High Court recently finalized the settlement between land and home owners on whose property the project will infringe on and the government. According to the settlement of the four year-long dispute, the home owners will get another stretch of land close-by along with compensation.
This comes as a breather not just for the land owners who are affected by the project but also builders and as many as a hundred residential projects in the area. It also augurs well for thousands of investors who have put in their money in upcoming properties in Gurgaon and Dwarka. The area which was being modeled as an uber-luxury residential area has many high-end residences and commercial properties which are presently under construction. As many as 40,000 residential units and their property values hinge on the clearance given to the highway project.
In hope of discovering a new and possibly the last of such realty hubs in the National Capital Region, many expats and other investors have rushed in to put in their money. The property values of the area zoomed past 200% in the last five years. Home buyers also thronged to the area in large numbers to hunt for upcoming flats for sale in Gurgaon and Dwarka. This was in spite of the fact the highway project was stuck for the last four years pending the much-required clearance.
The highway does not stand by itself but also spurs other infrastructure creation in the area. It will connect Gurgaon's metro rail with the expressway and also connect the upcoming Delhi metro line bringing in more areas closer to the emerging real estate hub.
The new mini-Gurgaon also shows promise of exponential growth. It can accommodate a lot more commercial and residential units than Gurgaon, Ghaziabad or Noida. The Master Plan for 2031 envisages an area of around 33,000 hectares to be brought under development. The Master Plan has also designated different areas for commercial, residential use, public and semi-public facilities, utilities, and industrial areas.
These plans, which are on the drawing boards, are the necessary assurances for the investors who are still making their way to this area in spite of the talk of too fast-too soon growth in capital value of property in the area.
Adding to growth prospects of the area, land that was earlier reserved for a Special Economic Zone (SEZ) will now be given away for residential and commercial development, bringing more lands for investment.
(The writer has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)