Given its strategic locational advantage and constant upgrade in the current ecosystem, this stretch has become a self-sustainable micromarket of the future.
The National Capital Region (NCR) is the second largest commercial office market of the country, in terms of demand, and is also witness to constant upgrade in civic and business infrastructure.
Within the NCR, Gurugram continues to dominate office market with more than 50% share in the overall office leasing. The synergy between Delhi and Gurugram continues to improve with various infrastructure and connectivity initiatives, with Dwarka Expressway being most-talked-about.
Dwarka Expressway, also called Northern Peripheral Road (NPR), is an 8-lane, 29km-long controlled-access highway that connects Dwarka in Delhi with Gurugram in Haryana. This expressway is an alternate link route being developed to ease traffic on the existing routes of NH-8 and the Mehrauli-Gurugram road.
Prominent sectors along the commercial side of Dwarka Expressway include Sectors 105, 106, 109 to 113, to name a few.
Some of the key highlights of NPR include easy connectivity with Gurugram and Delhi markets, proximity to IGI airport and the proposed second diplomatic enclave, and a good mix of residential, commercial and retail development.
“From residential standpoint, there are several projects which were launched on this expressway, and are in various stages of construction, with some already complete and handed over to end users.
Some of the prominent developers on NPR are ATS Infrastructure, Puri Constructions, Mahindra Lifespaces, Sobha, Experion, Indiabulls, Raheja, and Ramprastha. These developers have projects offering a mix of 2-, 3- and 4BHKs, luxury villas, independent floors, etc. The average rates are in the range of Rs 5,000-8,000 per sq ft,” Vineet Anand, director (office services, NCR) at Colliers International India, said.
In addition, while there is a lot of development on this expressway from the residential standpoint, the overall ecosystem like public transportation, schools, hospitals, retail and shopping malls, high street markets, etc, still needs to be up to speed to make this a self-sustainable market.
“ Currently, close to 1.2 million sq ft of commercial-cum-retail projects are being developed and some of the prominent ones on this stretch include: Tulip Spectra, Neo Square, India Bulls One9, Satya The Hive, Conscient One, Ocus Medley, etc. The average rentals for offices here are currently in the range of Rs 50-60 per sq ft per month,” Anand says.
“Demand for apartments on this stretch is rising, mainly because of the connectivity it offers, making it a new residential and commercial destination. Future aspects of Dwarka Expressway are brighter as very soon people will start seeing it as an extension of South Delhi, wellconnected with both Delhi and Gurugram. Investment opportunities here will give better ROIs in the coming years,” Gaurav Mittal, MD of CHD Developers, said. Dwarka Expressway is expected to be completed within the next 18 months. Once operational, it will convert the adjoining sectors of Gurugram into new hotspots for real estate. – MS
Source : TOI