Can
“The Dwarka Expressway” become the Game Changer for Delhi NCR MARKET?
Gone
are the days of luxury housing projects, with the new government today the
major focus is shifting towards the affordable or low cost housing in Delhi NCR
market. The real estate industry in Delhi NCR is finally making some radical shift
towards the changing market which is much talked about for those who are relying
on property business, it’s a painful business as of now for the investors and
property dealers/agents since last 1.5 years, as per the survey by Hindustan
Times, “Sales are down 50% during January-March 2015 against a year ago and new
launches have reduced”. The statement was given by Ashutosh Limaye, who is the
head of research and real estate intelligence services in Jones Lang LaSalle –
a global real estate services firm. He also said, “Unsold inventory in
Delhi-NCR is at its peak of 170,000 units in January-March. Given such a trend,
prices are set to fall by 15% to 20% in next three-five months”.
By
the end of March 2015, there were around 1, 45,000 unsold units in the NCR. Out
of these, Noida had the maximum pile up of 100,000 units followed by Gurgaon having 26,000 units with the new government the
Gurgaon real estate is expected to roll back to its normal scenario but still
the current market situation is same as Noida, Faridabad and Delhi. One can say
if the new FDI policy and prologue of real estate investment trusts (REITs)
supports each other things will look very different for both developer and
consumer, as BJP governments prime focus is on the low cost housing. Currently
developers are not lowering the prices and buyers are refusing to meet the
asking rate, resulting in zero transaction and to break this deadlock
government needs to pitch in to boost the buyer’s confidence or the developer’s
needs to lower the prices to meet the buyers expected level of pricing.
As we all know Investing in
property or owning a house is a big dream for any individual and the major
question in once mind is where to invest the hard earn money in today’s market
scenario, though its believed that there is a price correction of 20% to 25% but
still more sort of organized strategy needs to be applied by the developers to
regain the momentum as Indian reality sector is expected to touch the greater
heights by 2020 to play a much bigger role in the country’s economic growth.
Between
all this thousands of crores of real estate investment banks on the “THE DWARKA EXPRESSWAY” Officially called as Northern
Peripheral road (NPR) after a delay of 7 years this place
is ready to roll back or become
a game changer for the Delhi NCR real estate market for its radical shift
towards the demand if the government supports comes in with the fast phase social
infrastructural developments and policies which is favorable to both buyers and
developers.
The Dwarka Expressway is much more than just an expressway with residential
projects around it, this expressway project is a fine example of government and
private sector joint venture to support in the development as it also has a greater national significance. It
is an integral part of the Mumbai-Delhi Industrial Link Corridor. After Chanakyapuri
it will be the second location where the government is developing the NCR’s
second diplomatic enclave. Major contribution on the expressway is going to
come from Haryana government as a part of its developmental plans for
Gurgaon-Manesar Urban Complex, the Haryana Government has envisaged a Mass
Rapid Transit System Corridor (or metro rail) along Dwarka Expressway. This
will start at Dwarka and go on towards Manesar and Neemrana via a metro hub
that is coming up in a 162-acre plot at Kherki Daula where the new Inter State
Bus Terminal is also being built.
Dwarka Expressway is surrounded
by a great future infrastructural growth like airport, shopping mall, hospitals,
schools and KMP (Kundli–Manesar–Palwal) or Delhi Western Peripheral Expressway running
just round the corner with its parabola-shaped Dwarka Expressway is an 18km
stretch of 150m-wide road starting from Dwarka, It will connect Palam Vihar and
the proposed SEZs in Gurgaon to NH 8 near Kherki Dhaula and bypass at Pataudi
Road making Dwarka expressway also
easily connected to Sonepat, Jhajjar, Gurgaon, Mewat and Palwal districts which
can prove to be a game changer for Dwarka Expressway as big developers like Tata
Housing, Puri Constructions, Ansals, Mahindra Housings, Bestech Group, Vipul
Group, Homestead Group, AMB Group, Raheja Group, Godrej Properties, Ramprastha,
BPTP and M3M, have lined up projects with over 30,000 units coming up in
the near future. Again the big question is how will the customer react to the
current pricing prevailing in the current market scenario and the best answer
to this is a better organized development and selling strategy along with the government
support for better fast phase planed social infrastructure development, both of
these needs to move hand in hand with a coordination where there is a win- win
situation for developer, government and Consumers/Investors. Today one can vouch
that, Dwarka expressway is a market for next 5 to 8 years and one goanna nearly
double his/her money if the investment is made within next 6 to 8 months, One
can say it will be future of Delhi NCR real estate market with its much
organized planning of social infrastructure like main roads (75 mtrs wide)
street lights, storm water system which is already up and running.
With the current market situation the investors lobby has one
option Dwarka expressway as an investment opportunity. Early investments have
shown excellent growth where investors’ interest is very positive. Slowly and
gradually the whole Dwarka expressway can turn around the Delhi NCR market of
real-estate which is going through a very lean phase currently. As per the
market experts and online web portal the Dwarka expressway is identified as one
of the promising investment destinations with a projection of prices doubling
in next 5 to 8 years and while we talk about the investor lobby let’s not
forget the end users as there is a huge inventory of value-for-money-units in
attractive location/sectors for once future living.
Lastly the developers have to re-think about the correction in the
pricing before it’s too late along with the commitment on the delivery of flats/floor
and plots which will support the market to roll back for some good business. If
you have money as consumer/investor go for the future market which is
expected to turn around the current market but do a full proof research before
investing your hard earn.
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