NCR’s two urban expressways, namely Noida-Greater Noida Expressway and Dwarka Expressway, have been leading the realty boom in the region. The weighted average price of newly launched projects has risen by upto 165% along the two expressways between July 2021 and July 2024.
According to the NSE-listed real estate data analytics firm PropEquity, the weighted average price of newly launched projects along Dwarka Expressway rose to Rs 17,357 psf in July 2024 from Rs 8630 psf in July 2021, a rise of 101%. Similarly, the weighted average price of newly launched projects along Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024 from Rs 6568 psf in July 2021, a rise of 165%.
Among the many micro markets in Gurugram, Dwarka Expressway has seen a rise of 30% in the weighted average price of new launches between July 2023 and July 2024 alone. The supply has increased from 4329 to 5012 units during this period. This rise can be attributed to the inauguration of the expressway in March 2024.
Mr. Sanjoo, MD, 4S Developers said, “Dwarka Expressway has emerged as a prominent micro market in NCR. With its operationalisation, a major shift in population is being witnessed especially from the South-west part of Delhi owing to its new-age amenities and world-class infrastructure which includes connectivity to the International Airport, Delhi-Mumbai expressway and to the industrial and employment hubs in Gurugram. We look forward to this micro market for our future expansion in view of its excellent connectivity and liveability.”
Real estate brokers in south-west Delhi say that apartments in this part of the city have outlived their usefulness as today’s youth working in multi-national companies in Gurugram desire of a lifestyle that is free of chaos and daily hassles.
Vijay Harsh Jha, Founder and CEO of property brokerage firm VS Realtors, says, “The availability of open and green spaces, low-density living, safety, club with indoor games and swimming pool are among the amenities that today’s youth want, and these are important factors for rise in demand, price and habitation in Dwarka Expressway.”
The Noida and Dwarka Expressway was inaugurated and conceptualised respectively in the early 2000s. Both these expressways have made commuting from Delhi breezy. The world-class condominiums with new-age amenities, malls and offices, social infrastructure like schools and hospitals, connectivity etc. have added to the liveability quotient along these expressways.
Shiwang Suraj, Founder & Director of Gurugram-based property consulting firm InfraMantra said, “The Dwarka and Noida Expressways have become the lifeline for commuters. The sharp jump in realty prices point to the rising demand along these expressways. Owing to their strategic importance in terms of their access to the international airports, Delhi-Mumbai expressway and a comprehensive development of social infrastructure, residential projects here are undergoing premiumization. The elevated price points of new launches and their quick sale paint a very positive outlook for the real estate sector in NCR.”
Noida expressway provides easy connectivity to Agra, Lucknow and Eastern UP via Yamuna Expressway, Agra-Lucknow expressway and Purvanchal expressway. It also connects with Delhi-Mumbai expressway and to the upcoming Noida International Airport in Jewar.
Between 2020 and 2023, 10 million sqft office space has been leased out in Noida. Currently, the office rentals range between Rs 40-80 psft which in the near future will rise further. Share of leasing along the Noida expressway has increased.