Dwarka Expressway coming up a long way since 2009, it is able to attract the interest of potential buyers and investors in real estate. This pre-decided 150-metre expressway has been now stretched to 42 metre 2-lane Expressway according to the latest declaration by the government. This significant move will definitely impact the properties around the Dwarka Expressway and the investment in the real estate in a positive way.
One of the existing social infrastructures near Palam Vihar was Sector 10 where land was relatively cheaper and it was economically viable for announcing projects with gated communities and club house facilities as well as other lifestyle features back With in 2009. With the presence of social infrastructure here, it was easily for the developers to sell off these projects to the residents of Palam Vihar.
Real estate players like Mahindra Lifespaces sold off their inventories at the launch of Rs 2275 per sq. feet at the launch of the project. With largest portion of its buyers constituting as end-users, the ratio to end-users to investors was 80:20. During the construction phase, this ratio changed to 50:50, with 30% of total user-base turning as investors. With the minimal cancellation of only about 2%, the same infrastructure was sold off somewhere between Rs.2200 – Rs. 4375 per sq. ft. As the project is now retailing at about Rs.5000 per sq. ft. resulting into a windfall by 250% returns against a 25-30% return for the last set of buyers. Till date over 700 units have been handed possessions with more than 500 families moved in. The earlier set of buyers who purchased the apartments at a very low prices were either the residents from Palam Vihar upgrading to this project or the tenants who used the low values to become owners.
Upon the completion of Dwarka Expressway, the prices will no doubt observe a substantial upward surge. As against the developed sectors in Gurgaon which are securing Rs.9,000 – 10,000 per sq ft, the projects near Expressway grab Rs. 5,000- 6,000 per sq. ft which is expected to go as high as Rs. 8,000 after the completion of Yamuna expressway.
As the social infrastructure plays a critical role in the pricing of a residential project, the completion of the more projects within a region will bring facilities closer to the project including retail units, schools etc.
With many commercial key-drivers like proximity to the Udyog Vihar (a commercial hub), linking of Metro between the Gurgaon city and Dwarka Expressway will boost the pricing of projects surrounded by Yamuna Expressway against the current pricing which is relatively cheaper by 10% against the established cities. Thus, huge potential has been foreseen for the buyers and investors in real estate who are expected to make over 60% of returns within next 2-3 years out of the on-going infrastructural developments.
2BHKs and 3BHKs below Rs. 1crore per unit seeks the average demand of about Rs. 1000 – 1450 sq ft along the Dwarka Expressway.