The real estate market in Delhi-National Capital Region (NCR) is witnessing an unprecedented boom, driven largely by the development of two key infrastructure projects – the Dwarka Expressway and the Noida-Greater Noida Expressway. These highways have not only boosted connectivity but have also led to skyrocketing property prices, making the region an attractive hub for investors and homebuyers alike. Between 2021 and 2024, property prices along these expressways have surged by over 100%, marking the NCR as one of the fastest-growing real estate markets in India.
The Impact of Expressways on Property Prices:
According to data from Moneycontrol and PropEquity, the price appreciation along both expressways has been remarkable.
Dwarka Expressway: Property prices have more than doubled, increasing from Rs 8,630 per square foot (psf) in July 2021 to Rs 17,357 psf in July 2024. This 101% rise can be attributed to the expressway’s seamless connectivity between Gurugram, Delhi's Dwarka suburb, and the Indira Gandhi International Airport.
Noida-Greater Noida Expressway: Prices have surged from Rs 6,568 psf in July 2021 to Rs 17,428 psf in July 2024, marking a 165% rise. This expressway connects Noida and Greater Noida and offers easy access to the upcoming Noida International Airport via the Yamuna Expressway.
Key Developments and Real Estate Trends:
From 2021 to 2024, over 22,000 housing units have been launched along these two expressways, highlighting the robust demand and market potential.
Dwarka Expressway: Officially inaugurated in March 2024, this expressway has led to a 30% price rise in Gurugram’s real estate market in just one year (July 2023 to July 2024). Its proximity to business hubs and quality infrastructure makes it a prime location for residential and commercial investments.
Noida-Greater Noida Expressway: Between July 2023 and July 2024, property prices along this expressway rose by 40%. The expressway also connects to the Yamuna Expressway, further enhancing connectivity to key locations like Agra, Lucknow, and Eastern Uttar Pradesh.
Insights from Industry Experts:
Several industry experts believe that the strategic positioning of these expressways and the development of social and commercial infrastructure have played a significant role in this real estate surge.
Shiwang Suraj, founder and director of InfraMantra, highlights that the sharp price rise is a reflection of the growing demand, spurred by excellent connectivity and the development of nearby schools, hospitals, and shopping centers.
Samir Jasuja, founder and CEO of PropEquity, points out that the ongoing office and retail development along the expressways will continue to drive demand and future price appreciation.
Pradeep Mishra, founder of Homents Private Limited, emphasizes that these locations offer not just excellent connectivity but also close proximity to quality office spaces, which is a major attraction for real estate investors.
Office Space and Commercial Growth:
The Noida-Greater Noida Expressway has witnessed tremendous growth in commercial real estate. From 2020 to 2023, around 10 million square feet of office space was leased along the expressway, with current rentals ranging from Rs 40 to Rs 80 psf. This has further spurred interest in residential developments nearby, as people prefer living closer to their workplaces.
Noteworthy Developments: Birla Estates:
Adding to the real estate momentum, Birla Estates is set to co-develop a 131-acre land parcel in Noida, further boosting the area’s potential. This development is expected to attract more investments and stimulate further real estate activity along the Noida-Greater Noida Expressway.
Conclusion:
With property prices appreciating rapidly and continuous infrastructural development, both the Dwarka Expressway and the Noida-Greater Noida Expressway are setting new benchmarks in NCR’s real estate landscape. These expressways not only provide world-class connectivity but also serve as major catalysts for real estate growth, making them hotspots for both homebuyers and investors.
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