All the developments revolving around Dwarka and the expressway are surely affecting the region’s realty sector in a positive way. The region of late has gone through many sporadic ups and downs. However, its robust rental market has remained stable. According to market trends, the region has witnessed a 6% hike in its rental values in the past one year making the vicinity a haven for second time home buyers and off shore investors. Many sectors like 3, 13, 18A, 4, 23 and 9 have resurfaced as regions that are in constant demand. Several factors have contributed to the upward movement seen by the rental market. Below we decode a few factors that have fuelled Dwarka’s realty sector.
Developments along the Dwarka Expressway
The NPR (Northern Peripheral Road) or Dwarka Expressway as it’s commonly known was one of the most awaited project. However the disputes between HUDA (Haryana Urban Development Authority) and some of the families here had affected the construction of the expressway. But with the NPR now receiving a green signal connectivity between Gurgaon and Delhi will be seamless. Travel time between Kherki Daula and Dwarka will now be reduced to a mere 20 minutes – thus attracting several investors here.
High absorption of office spaces
During the between April to June quarter, the absorption rate of commercial real estate in Gurgaon has been at an all-time high. Over 1 million square feet of commercial space was set up and 88% of the entire space was occupied to build state of the art office spaces. So with the region witnessing a high office space absorption rate, the demand for rental homes has further increased, thereby giving Dwarka a chance to establish itself as an affordable rental destination when compared to Gurgaon.
Announcement of new housing scheme
The DDA had recently made an announcement of a housing scheme that will be launched in Narela, Rohini and Dwarka. Over 60,000 flats will be made available through this scheme. With 20,000 homes ready, the remaining 40,000 flats are under construction and are scheduled for completion this year. What is cited to be one of the biggest housing scheme is slowly taking shape and is enticing several property buyers to shift base here.
The much awaited Transit-oriented development along the 4 km metro corridor has caught the eye of several investors. While the project will increase the influx of housing demand drastically – the 28 hectares project will develop several eco-recreational spots, financial institutions and central hubs – thus attracting a cosmopolitan crowd to this region.
Nidhi C Thacker for IndiaProperty.com
Author: Veeresh Malik