Highways Reshaping Contours of Property Markets in NCR

By Sanjeev Arora, Director, 360 Realtors

Highways and expressways play an instrumental role in the growth and evolution of the property market. They play a pivotal role in connectivity, accessibility and overall infrastructure growth of an area. This naturally drives demand for housing, commercial spaces and retail. It makes perfect sense to own a property in such an area as it can facilitate a smooth commute and faster connectivity. Property developers also focus squarely on such areas, as it makes perfect business sense.
 
Meanwhile, highways and transport hubs naturally become a thriving ground for industries, business parks, industrial parks, manufacturing plants, warehouses, etc., which wish to leverage smooth accessibility and faster transport. This further drives the property demand and fuels price growth.

Delhi-NCR, like other metropolitan areas, is at the forefront of multiple logistics projects. Mentioned below are some of the major highways and expressway projects in the NCR region, and how they are reshaping the contours of the property market.
 
KMP Expressway: The Kundali-Manesar-Palwal (KMP) Corridor, or the Western Peripheral Expressway, is a 136 km-long access control highway located in the west of Delhi. The major highway project works as a central line seamlessly connecting multiple industrial clusters in Haryana, including IMT Manesar, MET Reliance City, IMT Kadkhoda, IMT Sohna, etc.

Initially, KMP was developed to decongest traffic coming in/out of Delhi NCR. However, now KMP is transforming into a prominent industrial, transport and economic corridor attracting both logistics and manufacturing businesses in large volume. The entire KMP region already is a thriving ground for numerous industries, such as logistics, automotive, auto parts, food processing, third-party logistics, fast-moving consumer goods, machine spare parts, medical devices, etc.
 
Dwarka Expressway: The 27-km long Dwarka Expressway, which connects Mahipalpur in Delhi to Kherki Dhaula in Gurgaon, one of the most talked-about real estate projects in recent times. The eight-lane expressway hasn’t just shortened the commute time between Delhi and Gurgaon but also given a massive impetus to the property market sentiments, becoming the next sunrise corridor in the Delhi-NCR.

By 2024, 19,000 residential units had entered the region. In next three years, the cumulative volume of home supply is set to reach 30,000 units. Interestingly, a sizable portion of the new supplies also comes under the premium segment (INR 5 crore). Dwarka Expressway’s proximity to major areas in NCR, such as Aerocity (25 minutes), Cyber Hub (30 minutes) and Dwarka and Rohini (1 hour), makes it a very sought-after destination for corporate entities, C-suites and the new crop of business owners.
 
UER-2: PM Narendra Modi has inaugurated the UER (Urban Extension Road-2) project, which connects Alipur in Delhi to Mahipalpur on the Dwarka Expressway. The six-lane mega project reduces travel time to the IGI Airport. It will also seamlessly integrate Delhi-NCR with other areas such as Delhi-Chandigarh, Delhi-Mumbai Expressway and Delhi-Rohtak.

Apart from boosting connectivity within and around NCR, UER-2 will also give a big push to the affordable property markets in peripheral areas such as Kundali, Najafgarh, Narela, Sonipat, etc.
 
Delhi-Mumbai Expressway: The 1,350 km-long highway project will connect Delhi with Mumbai. The Delhi-Mumbai Expressway will start from the Sohna elevated corridor and will go to the JNPT port, Mumbai. Around, 750 km of the project is complete.

This project will also bring massive buying boost to the real estate industry, especially to the areas situated in close vicinity to the expressway. It is spurring new townships, industrial corridors, logistic hubs, business parks, etc. creating new corridors of mobility-led development. Already positive changes are visible in the Sohna region of the expressway in the form of new launches and extensive supply pipeline.

Yamuna Expressway: The 165 km-long fully operational Yamuna Expressway project connects the Jewar Airport region with cities in UP such as Vrindavan and Agra. Its strategic location, affordable property prices (compared to Gurgaon and central Noida) and proximity to the mega Jewar Airport project is helping it transform into a self-sustainable urban development corridor.

The region is witnessing frenetic launch of new residential complexes, commercial towers, industrial parks, malls, retail hubs, warehouses, etc. Big brands such as Vivo and Samsung has already pledged big ticket size investment in the region. Meanwhile, the Jewar Airport project is set to create 1 lakh new jobs. Spiralling job market will translate into increased demand for property within a vicinity of 10-15 km. This puts Yamuna Expressway in a sweet spot to attract discerning property buyers.

DISCLAIMER: The views expressed in the above piece are personal and solely those of the writer. They do not necessarily reflect Realty&More’s views.