Expressways in India, are redefining distance as well as connectivity and also boosting the development of area along with the route. The government wants 11,500 miles of ‘controlled-access highways’ to be built by 2022. Main highways in India which comprise 2% of the country’s roads and yet, carry 40% of the traffic, are to be widened and improved by the government.
It is true that the smooth connectivity to any real estate project always works as a pull for the home buyers as well as investors. That is why expressways or highways witnessing rampant development activities and getting transformed into realty hot-beds. Commenting on the residential and commercial development across such connectivity links, Hari Mohan Sharma, Strategy Head, Clicbrics Said, “With sound roads and smooth connectivity being implemented and planned, the neighborhood localities along the highways are mushrooming as favored destinations for buyers and investors, as well.”
With opening up of following expressways across the country, we look at its impact on the real estate market
Delhi – Meerut Expressway
Aimed at easing traffic situation, the construction of 90 km long Delhi-Meerut Expressway would boost both supply and demand of housing projects in the NCR real estate market, particularly Indirapuram, Ghaziabad, Noida and Noida Extension. The Delhi-Meerut Expressway is under construction since 2015 and is expected to be completed by March 2019.
The expressway project may impact real estate markets positively according to experts and lead to an increase in prices. “The construction of the Delhi-Meerut Expressway project will see an increase in the demand from both investors and end consumers. It will ease traffic congestion and better connectivity to the national capital will lead to overall development in this area,” says Rajiv Ranjan, Sales head, Clicbrics.
Delhi–Jaipur Expressway
The Jaipur realty market is now considered as one of the hot spots for realty market in the country all thanks to the Delhi–Jaipur Expressway in the city. The corridors which will be benefitted with this expressway are Mansarovar Extension and Prithvi Raj Nagar. As Mahindra SEZ is in full swing in Jaipur city where companies like Infosys and Genpact are going to set up their offices, the better connectivity to the international airport with this expressway is expected to boost the real estate market in Jaipur.
Golden Quadrilateral
Completed in 2012, the Golden Quadrilateral Project is a highway network connecting Delhi, Mumbai, Kolkata, and Chennai. The completion of this project improved connectivity between major cities and ports. This has led to a better connectivity within India which in turn has a positive impact on the habitation pattern, too.
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Yamuna Expressway
Yamuna Expressway is already operational and directly connects Greater Noida to Agra. It has brought cheer to the area's realty developers because of the combination of infrastructure that measures up to international standards, development of Formula One track, the opening of various educational institutions and, the growth in industrial development like Samsung plant located in Sector 81. Also, Yamuna Expressway will expand to 8 lanes for Jewar airport which will not only bring several places in Uttar Pradesh closer to the NCR region but will also benefit several places in neighboring states. The most positive impact of such developments will be on job creation, which in turn will be going to create residential demand.
Lucknow-Agra Expressway
Due to limited land and sky touching apartment prices in Delhi - NCR region, new buyers and investors are now looking at Tier II and Tier III realty markets for long-term investment and buying their second homes. The 306-km long Lucknow-Agra Expressway is expected to create a growth of many such property destinations along this corridor, which will eventually prove a blessing for Uttar Pradesh’s Tier II realty markets.
Delhi-Mumbai Industrial Corridor (DMIC)
The Delhi-Mumbai Industrial Corridor will fuel unexpected infrastructural growth in the region and open new investment opportunities for buyers and investors. Development of integrated township and model cities are already underway in anticipation of this project, which will further fuel the requirement for heavy commercial activity to support the residential as well as commercial requirements in India.
Kundli-Manesar-Palwal Expressway
With the opening of the 53-km stretch of the Kundli-Manesar-Palwal Expressway, the logistics/warehousing industry and corresponding real estate micro markets in close proximity are expected to benefit hugely as due to improved connectivity
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Conclusion
Prosperity in the real estate industry is directly related to its infrastructural development. Highways and expressways are the most essential infrastructure which lay the foundation for the entire development process. Post economic slowdown of the year 2008, India witnessed the announcement of many highways and expressways. New infrastructure development which is being created across the country will enable substantial growth of housing projects in the urban metropolitan and undiscovered peripheral city centers.