The Dwarka Expressway has started reshaping the real estate dynamics of Delhi NCR propelling it into a hotspot for architects and designers. Credible developers like Tata Housing, Godrej, Sobha, MCM, Signature Global, Crystal Group Builders & Developers are also playing a key role in turning it into a homebuyers and investors preferred choice SURFACES REPORTER(SR) reports.
Infrastructure is the key to a nation's development; it boosts development and creates newer opportunities. The Dwarka Expressway serves as an apt testimony in this regard. The expressway is 29 km long out of which 19 km length falls in Haryana while the remaining 10 km of length is in Delhi. It includes four multi-level interchanges (tunnel/underpasses, at-Grade Road, Elevated Flyover & Flyover above Flyover) at major junctions including construction of longest (3.6 km) and widest (8 lane) urban road tunnel in India.
The expressway begins from Shiv-Murti on NH-8 (Delhi-Gurugram expressway) and ends near Kherki Daula Toll Plaza, through Dwarka Sector 21, Gurugram border and Basa. The expressway has led to a surge in demand and a rise in the price of real estate in the locality. Likewise it has become an important market for architects and designers too.
Speaking on the architecture and design opportunities which have arisen as a result of the real estate development, Ar. Sonali Bhagwati, Founder of Delhi’s leading architecture firm, DPA says “The Dwarka Expressway is a gateway to the realm of architectural possibilities. Its strategic location and easy access make it a hotspot for diverse projects, leaning heavily towards contemporary condominiums and mixed-use developments. Developers, recognizing the appeal of community living and top-notch amenities in condominiums, are steering away from traditional homes.”
This transformation is redefining Dwarka’s evolution. Bhagwati adds “This shift paints a picture of Dwarka Expressway evolving into a hub of modern living - a "condo land" where developers aim to create connected and strategically positioned projects. This development marks a game-changer in urban living, promising a fresh and exciting journey filled with innovative features and forward-thinking design”.
Architect Mahendra Pawar who has worked with well- known real estate developers in Delhi NCR including Emaar Properties says “The demand for residences spans diverse housing budgets, from affordable to high-end projects, indicating a market ripe for varied developments. Beyond residential the commercial, hospitality, and healthcare growth along the expressway signals holistic development. Architects and designers seizing opportunities must grasp local needs, align with sustainability, and track real estate trends. Collaborating with local developers and navigating regulations are crucial for success in this expanding market.
The fact that many well-known developers have come up in the locality has also helped augment its popularity. Similarly there is an element of design which has enhanced the prospects further, ID Nishi Gupta, Design Principal, Nishi Gupta Design based in Gurgaon opines “The design of the projects which have come up in Dwarka is futuristic which serves as an attractive proposition for homebuyers. Likewise the presence of credible builders like Tata Housing, Godrej, Sobha, MCM, Signature Global, Crystal Group Builders & Developers has also attracted buyers.”
Market experts cite that the price of projects in and around Dwarka Expressway covers a broad range including properties ranging from 9,500 per sq.ft and all the way up to 25,000 per sq.ft. “The price range,” points out Gupta “depends on numerous factors including the location and amenities; having said that, projects by developers like Tata Housing, Sobha Developers, Krisumi Corporation, Central Park comes at a premium.”
Elaborating on the size and pricing of the apartments, Abhai Mani Chaturvedi, Vice President, Research & Head, Data Ops, ANAROCK points out “The area is predominantly characterized by 2 BHK and 3 BHK apartments starting at a price slab of 50 lakhs INR. Currently, the mid and mid-luxury segments, with a ticket size range of 80 lakhs INR to 1.5 cr INR and 1.5 to 2.5 cr INR, are performing well. Over the past two years, property prices have surged by 25 per cent, undoubtedly good news for investors.”
A good deal of property purchases in Dwarka Expressway is driven by the hope of price appreciation and so far that part of story has been optimistic. This in turn is attracting more investors.
Speaking on the specifics of commercial and residential real estate of the region, Bhupindra Singh, Managing Director, North India, Colliers points out “With over 35 mn sqft of Grade-A office stock, catchments areas along the Expressway constitute more than one-fourth of the overall premium quality office developments in NCR. In the mid-term, prominent office clusters along the Expressway such as NH-48, Southern Peripheral Road (SPR) and Sohna Road are likely to witness 10-20% annual increase in space uptake as compared to 2023 levels.”
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Q3 2023 Snapshot of Key Office Clusters along Dwarka Expressway*
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Cluster Name
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Stock (msf)
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Vacancy
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YTD Gross Absorption (msf)
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NH-48
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17.9
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19%
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1.2
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Southern Peripheral Road
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4.6
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32%
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0.4
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Sohna Road
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10.6
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20%
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0.1
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Saket and Malviya Nagar
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1.8
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8%
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0.2
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Vasant Kunj, Vasant Vihar, Nauroji Nagar and Old Ishwar Nagar
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0.3
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11%
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0.1
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*All data pertains to Grade-A only
“Apart from commercial and residential real estate, the retail market,” adds Singh “along the Expressway will get a boost once landmark projects such as Neo Square, Spaze Grand Central 114 and JMS Marine Square become operational in the next 1-2 years. With Gurgaon end of the Expressway likely to be completed by 2023 end, key localities along the Expressway stand to benefit from greater integration with the complete National Capital Region (NCR).”
With strategic positioning fueling urban transformation, architectural innovation, and real estate growth, the Dwarka Expressway locality stands as a golden opportunity. It offers a lucrative landscape for developers, architects, and consumers alike. The optimistic market trends and potential for price appreciation make it an enticing prospect for investors. As the infrastructure growth continues, in times to come, it is poised to become yet another elite and upscale real estate destination in the Delhi NCR region.