Dwarka is a much sought after address in the south west of Delhi. This sub city is very up market and is located in the National Capital Region and is a short distance from Gurgaon. The Delhi Development Authority (DDA) is in the process of developing parts of Dwarka under the Urban Expansion Projects. One of the plus points about Dwarka is that it has a ‘Zero Tolerance’ policy on land misuse and encroachment.
The 18 km wide Dwarka Expressway, which will link Delhi and Gurgaon, will be a vital link when it is completed. A few years ago there was a flurry of activity as investments into sectors on both sides of the expressway had got the fancy of real estate investors. However, with delays in completion, the investors seem to be waiting for something decisive before investing their money.
One of the major factors in Dwarka’s favour is its closeness to Delhi and to the international airport. The additional stars that this area has garnered are that it has been earmarked for a Diplomatic Enclave and a golf course. These developments will put the area in the top bracket, one realtor said. The expressway is expected to be wider than the National Highway 8. It will have a 75-m wide service road for the entire stretch of the expressway which will go a long way in decongesting the local traffic. Under the new master plan, the existing roads are being widened to 24 m.
Currently Dwarka is an end-user market. According to media reports, many home owners in Dwarka are upgrading to better and more spacious homes. Many of the earlier residents who are living in apartments with facilities such as 24 hour power back up and two parking slots are looking at moving into residential complexes which have better amenities such as servants’ quarters, better quality of construction, concierge service, 24-hour security and so on. The result is that there are a number of flats for resale in Dwarka.
Realtors said that the prices of flats for resale in Dwarka had softened in the past few months and this is as good a time as any to make an investment. Many apartments both new and resale are available in sectors 21 and 22 as well as the new sector 19B. Experts said that these localities will be hot spots in a year or two. Currently the prices for a 3-Bed Hall Kitchen (BHK) apartment covering 1500 sq ft of carpet area would be between INR 96 lakh and INR 1.10 crore, depending on factors such as location, maintenance, building quality and the housing society.
The prices for new homes and flats for resale in Dwarka will go up once the Northern Peripheral Road or the Dwarka Expressway, as it is better known, is completed. According to media reports, this is the time to invest in this stretch, especially for those who are first time home buyers, as there are hefty discounts and freebies to be had. The grapevine is ripe with news that charges such as Preferential Location Charges (PLC) and club memberships may not be collected. Incidentally PLC is the extra charge a home buyer has to pay for a particular location such as facing the club house, swimming pool or greens. The other PLC is for the floor; for instance in Gurgaon, there is a PLC for the ground and first floor as well as for the top most floors.
The DDA had brought in a mixed land use concept in developing this sub city. The DDA housing clusters also have commercial space close by – 80% being residential and 20% set aside for commercial use. So retail space in Dwarka is often very close to the residential areas which makes it convenient for house owners. This makes eating out, shopping and grocery shopping easy for people living in the vicinity.
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Nina Varghese for IndiaProperty.com