The first phase of the Centre’s multi-crore infrastructure project, the Delhi-Mumbai Expressway’s Sohna-Dausa stretch built at the cost of Rs 12,150 crore, was inaugurated by PM Narendra Modi a few weeks ago. Prime Minister Narendra Modi has said the Delhi-Mumbai Expressway and the Western Dedicated Freight Corridor (WDFC) will be two significant contributors to India’s economic prosperity. Experts said that with its opening, the stretch has put housing and commercial markets in Gurugram in the transitional stage of many developments, favouring the real estate sector.
Nayan Raheja of Raheja Developers said, “Greater infrastructural connectivity brought on by expressway and road projects always blossoms housing demand in the adjacent regions. The housing corridors and sections located in proximity to the Sohna-Dausa stretch will oversee a high appreciation in the purchasing price of plots and properties. The end-user engagement will witness an imminent rise. From the purview of the real estate sector, Gurugram will pay dividends because of the operationalisation of opening sections of the Delhi-Mumbai Expressway.”
The Sohna-Dausa stretch has come up as a full-blown corridor reducing the time distance between Delhi and Jaipur by two to three hours. Many Gurugram realtors have said the entire Delhi-Mumbai Expressway and Sohna-Dausa stretch particularly will boost end-user demand for housing in the region.
The Sohna-Dausa stretch is the first successful step in the operationalisation of the Delhi-Mumbai Expressway, which is likely to be completed by January 2024, and the cost is estimated to be about Rs 98,000 crore. The corridor will boost Gurugram’s accessibility and connectivity with states like Rajasthan, Madhya Pradesh, Gujarat, and New Delhi.
Narayan Bhadana, managing director of 4S Developers, said, “The forerunner signs of a residential market peak are already visible. The first leg of the Delhi-Mumbai Expressway has already been inaugurated, which has created a huge buzz among buyers. The authority’s plans to open the subsequent road lines to provide easy access to Delhi-Mumbai Expressway will bring a scalable boost to the housing demand in Gurugram.”
The Delhi-Mumbai Industrial Corridor (DMIC) was envisioned after a memorandum of understanding (MoU) was signed between the Indian and Japanese governments in 2006 to bolster opportunities for mutual cooperation and economic growth.
The Commercial Real Estate Market
Ankit Kansal, founder and MD of Axon Developers, said, “The first leg of the Delhi-Mumbai expressway has been inaugurated covering a distance of 246 Km on the 1,380-long expressway. It is an access-controlled 8-lane expressway that can be upgraded to 12 lanes in near future. Besides residential real estate, the new mega project will also transform the commercial and industrial real estate in the vicinity. The mega project will work in tandem with DMIC and DFC to vitalise industrial growth and economic prosperity in the parts of Haryana and Rajasthan.”
He added that in close proximity to the project, new industrial and economic corridors, smart cities, business hubs, logistics centers, will be developed. The project will link urban progress and infrastructure development alongside trade & industrial growth. Plenty of opportunities will be unlocked for a host of industries such as agribusiness, construction, logistics, textile, electronics, consumer durables, etc. Manufacturers will also pivot to the region to leverage easy access to reach ports in Maharashtra and Gujarat fast. This will further feed into the demand for offices, industrial real estate, warehouses, etc.
Aman Sharma, director of Spaze Group, said, “The Sohna-Dausa stretch will also bring a windfall in demand for other commercial realty belts of Gurugram, like Dwarka Expressway. There is a wide range of commercial real estate options like Shop-cum-Offices, which are on a continuous rise in Gurugram. The Delhi-Mumbai Expressway is most likely to ramp up opportunities in the commercial real estate sector and provide investors with diversified choices.”
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