Long pending Dwarka expressway hurdle in Gurgaon looks to be getting sorted out. The court in the recent judgment has cleared the way for completion of Dwarka expressway. In the other battle of Noida extension or Greater Noida West, the Supreme Court has upheld the Allahabad’s High Court order on land acquisition bringing relief to thousand of home buyers.
In another encouraging development which has taken place recently, the urban development ministry has cleared the long pending land pooling policy within the boundaries of Delhi. This will open up 20000-25000 Hectare of land parcel, where around 15 lakh apartments will be developed in the next 10 years. This comes under the DDA master plan of 2021.
What does all these development mean for NCR market? It essentially means price crash or prolonged stagnancy in price especially in the areas of Gurgaon, Noida, Ghaziabad, Faridabad etc.
Among all these developments the land pooling policy of Delhi will be dream destination of most of NCR residents, owning a home within the Municipal limits of Delhi is a big attraction.
The favorable news for Greater Noida west and Dwarka expressway will help in developing the community in these locations as the builders can gear up to complete and provide possession to the home buyers.
Though there are doubts whether the recent judgments may be able to cheer the investors. The area of Gurgaon, Noida or even Greater Noida has huge oversupply, prices have risen, investors are stuck and very little chance that the price may go up further.
On the Gurgaon (Dwarka Expressway) side it will take atleast 3-4 years for the projects to get completed and community to get develop. Around that time we can expect the upcoming Delhi market will open up. The most sought after region would be L zone which is very close to Airport, Gurgaon and the upcoming diplomatic enclave. It has also been declared as the zone for smart city. All these mean bad news for Gurgaon, Noida and other suburbs of NCR, this will most likely bring down their prices significantly.
Since Delhi is the dream destination for most of home buyers, it’s likely that investors and end users may move away from Gurgaon/Noida and invest heavily in Delhi. The launches in Delhi in the next 3-4 years would be at the price point of 6000-7000/sqft, which is very competitive and lower than most of Gurgaon market.
This will put huge pressure on Gurgaon real estate investments but this is not a botheration for the end users, they can continue to stay close to their work or preference in Noida/Gurgaon/Delhi etc.