Real Estate Boom in NCR: Dwarka Expressway and Noida-Greater Noida Expressway Lead the Way
The average property price in newly launched projects along Dwarka Expressway and Noida-Greater Noida Expressway has gone up by over 100 percent between 2021 and 2024.
Real EstateNcrDwarka ExpresswayNoidagreater Noida ExpresswayProperty PricesReal EstateSep 10, 2024
Dwarka Expressway connects Gurugram in Haryana with Delhi's Dwarka suburb and Indira Gandhi International Airport while the other one connects Noida and Greater Noida sub-cities, and will link the upcoming Noida International Airport at Jewar through the Yamuna Expressway that branches off from the Noida-Greater Noida Expressway.
Both these expressways have made commuting easy to and from these satellite towns. Experts say that the condominiums—with new-age amenities, malls and offices, social infrastructure like schools and hospitals, and better connectivity among other facilities—have added to the liveability quotient along these expressways.
According to real estate data analytics firm PropEquity, the average price of new projects along the Dwarka Expressway rose to Rs 17,357 per square foot (psf) in July 2024 from Rs 8,630 psf in July 2021, a rise of around 101 percent. Similarly, the average price of newly launched projects along the Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024 from Rs 6,568 psf in July 2021, a rise of 165 percent.
Experts said that though the average price for new projects along these arterial roads remains around Rs 17,000-Rs 18,000 psf, both the Gurugram and Noida markets have also seen wide acceptance of launch prices of Rs 20,000 to Rs 25,000 psf.
Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra, said that the Dwarka and Noida expressways have become the lifeline for commuters and the sharp jump in realty prices points to the rising demand along these routes.
Real estate experts say that both the infrastructure facilities have provided easy connectivity to Delhi and other economic hubs in the region and also have good schools, hospitals and shopping areas in their catchment areas, which makes these micro-markets lucrative real estate investments.
Pradeep Mishra, founder of Homents Private Limited, an NCR-based real estate consultancy, said that both Dwarka and Noida-Greater Noida expressways offer good connectivity in the region and apart from providing easy access to airports, are also in proximity to good office spaces, all of which make these two urban infrastructure facilities a good option for people looking at investing in real estate.
These expressways also have good Grade A office spaces, which make them a convenient option for office goers too, Mishra said.
Frequently Asked Questions
What is the average property price in newly launched projects along Dwarka Expressway and Noida-Greater Noida Expressway?
The average property price in newly launched projects along Dwarka Expressway and Noida-Greater Noida Expressway has gone up by over 100 percent between 2021 and 2024.
What is the current average price of new projects along the Dwarka Expressway?
The average price of new projects along the Dwarka Expressway rose to Rs 17,357 per square foot (psf) in July 2024.
What is the current average price of new projects along the Noida-Greater Noida expressway?
The average price of newly launched projects along the Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024.
What are the factors driving demand along these two expressways?
Easy commuting to Delhi and other parts of NCR, growing office and retail developments, rise in habitation and future scope for price appreciation are some of the factors that are driving demand along these two expressways.
What is the share of leasing along the Noida-Greater Noida Expressway?
Between 2020 and 2023, 10 million sq ft of office space had been leased out in Noida along the expressway.
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