Delhi-Mumbai Expressway stretch opening sparks real estate boom in NCR

The opening of the 246-km Sohna-Dausa section of the Delhi-Mumbai Expressway has not only reduced the travel time between Delhi and Jaipur but also opened the floodgates of real estate opportunities along the corridor. The benefit will extend to 26 districts across six states, of which 11 districts are in Gujarat and Maharashtra when the expressway would be fully operational.The infrastructure connectivity is also expected to give an impetus to industrial growth, warehousing and logistics activities, which generate demand for residential, commercial, and retail sectors, they said.

Delhi Mumbai Expressway is an ambitious infrastructure project, whose first completed section, Delhi — Dausa — Lalsot, will be dedicated to the nation by Prime Minister Narendra Modi on February 12.

Prime Minister Narendra Modi on February 12 inaugurated the Sohna-Dausa section and laid the foundation stone for road development projects worth over Rs 18,100 crore. Developed at a cost of over Rs 12,150 crore, the Sohna-Dausa section has reduced the travelling time between the two major cities from 5 hours to just 3 hours.

Land rates go up

Pratyush Adhana, a real estate broker active in Gurugram and Sohna, said the prices have shot up for properties located along the Gururam-Sohna elevated road and Sohna-Dausa part of the Delhi-Mumbai Expressway by around 60-70 percent in the last three years.

“Land rates have generally gone up by 60 to 70 percent in areas located around the Gurugram-Sohna-Dausa route. The growth is even higher for big-ticket projects by established builders such as Central Park, Godrej and Signature Global that are located around the corridor. The rates of properties in these areas are now between Rs 1,40,000 and Rs 1,60,000 per square yard versus Rs 90,000 to Rs 1,00,000 per square yard 2-3 years back,” Adhana told Moneycontrol.

Shauzab Kazmi, assistant director at Investors Clinic, a real estate company, said that because of improved connectivity, Sohna has emerged as one of the favourite investment hotspots from a real estate perspective.

“Rates of properties, be it residential, commercial or industrial have increased significantly. In projects of established builders such as Godrej and Central Park properties are being sold at the rate of over Rs 15,000 per square foot from around Rs 8,000 to Rs 9,000 per square foot 2-3 years back,” Kazmi said.

Ashwani Tiwari, who bought a plot near Bhondasi village in Gurugram along the Gurugram-Sohna stretch of the expressway, said his property has seen an appreciation of over 66 percent in the last 4 years.

“I bought a small plot in Bhondasi for Rs 30 lakh in 2018 but the current rate of the plot is above Rs 51 lakh. So the rate of my property has increased by around 70 percent in 4-5 years. The jump in prices is because of improved connectivity and it is much higher for the plots located near the corridor,” Tiwari said. Read More On..