The Delhi-National Capital Region’s two main expressways—the Noida-Greater Noida Expressway and the more recent Dwarka Expressway—have been leading the realty boom in the area. According to a Moneycontrol analysis of real estate data, the average property price in newly launched projects along Dwarka Expressway and Noida-Greater Noida Expressway went up by over 100 percent between 2021 and 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.
The Noida-Greater Noida Expressway was inaugurated in the early 2000s while the Dwarka Expressway was conceptualised in 2006-07 but was inaugurated in March 2024 by Prime Minister Narendra Modi.
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.
Property price appreciation
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.
The data showed that over 22,000 units had been launched along both the expressways between 2021 and 2024.
Among the many micro markets in Gurugram, Dwarka Expressway has seen a rise of 30 percent in the average price of new launches between July 2023 and July 2024. This is despite supply increasing from 4,329 to 5,012 units during this period, and can be attributed at least in part to the inauguration of the expressway in March 2024.
Similarly, the average price of new launches along the Noida-Greater Noida Expressway has gone up by 40 percent between July 2023 and July 2024. The Yamuna Expressway, which opened a new route to Agra, also provides easy connectivity to Lucknow and Eastern Uttar Pradesh via the Agra-Lucknow Expressway and Purvanchal Expressway.
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.
“Owing to their strategic importance in terms of their access to the international airports, the Delhi-Mumbai Expressway and a comprehensive development of social infrastructure, residential projects here are witnessing an uptick in prices. The elevated price points of new launches and their quick sale paint a positive outlook for the real estate sector in NCR,” Suraj told Moneycontrol.
Samir Jasuja, founder and CEO, PropEquity, said, “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."
Easy connectivity, proximity to Grade A offices spaces
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.
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The share of leasing along the Noida-Greater Noida Expressway has increased. Between 2020 and 2023, 10 million sq ft of office space had been leased out in Noida along the expressway. Currently, office rentals in Noida range between Rs 40 and Rs 80 psf.
These expressways also have good Grade A office spaces, which make them a convenient option for office goers too, Mishra said.
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