Real estate developers are pinning their hopes on the ‘big link’ that will be established between Delhi and Gurgaon through the Dwarka-Gurgaon Expressway to launch new projects here. NAMRATA KOHLI brings an update
The Dwarka-Gurgaon Expressway is free from legal tangles (over land acquisitions) and the construction has already begun near the Basai road. Dwarka Expressway or the Northern Peripheral Expressway is an eight-lane, Rs 120-crore-budget expressway, being developed by the Haryana Urban Development Authority (HUDA).
This expressway, part of Gurgaon-Manesar Urban Complex Plan in the 2021 Master Plan, will connect Dwarka to the NH 8 and will have 30 meters of green belt on both sides. Dwarka Expressway is an 18km stretch of 150m-wide road, starting from Dwarka and connecting Palam Vihar and the planned SEZs in Gurgaon to join the NH 8 near Kherki Dhaula. The 150m-wide Dwarka-Palam Vihar link is likely to offload traffic burden on the existing links - Gurgaon Expressway (NH 8), MG road and Old Delhi road. It will be double the width of the Gurgaon Expressway and is likely to be completed in three-four years. Earlier, it was projected to be completed by the time of the Commonwealth Games but it seems that it will take a minimum of three years from now.
According to broker Alok Virmani, "The expressway work has also started in Sector 22 in Dwarka. Projects of big-ticket builders like Ramprastha, Raheja, BPTP, DLF, Mahindra Lifespaces, Spire Edge and Vatika are located along this expressway."
A major development in residential segment in this locality has been Ramprastha City - Gurgaon's first integrated township, spread over 450 acre and located in Sector 37D - promoted by Ramprastha Builders. It comprises three residential projects - Edge Towers, Atrium and The View. While Edge Towers is a luxury project, which was sold out prior to the onset of economic recession in September 2008, Atrium and The View comprise budget homes and were sold out within two months of their launch in 2009. Ramprastha city is scheduled for completion by 2012 and has 2-, 3- and 4BHK units with the median 3BHK costing approximately Rs 55 lakh.
Rahejas have launched many projects here and the first one on the Gurgaon side of the expressway is "Atharva" in Sector 109, positioned as a high-end luxury condominium complex with features like fully airconditioned apartments, wooden flooring in bedrooms and vitrified tiling in the living rooms, plus high-end modular kitchens. The project is built on 12 acres with 3- and 4BHKs, penthouses and presidential suites, with the units being in the range of 1,640 sq ft to 4,825 sq ft at a base selling price of Rs 3,575/sq ft. There are a total of 450 units costing anywhere between Rs 65 lakh and Rs 1.80 crore. For instance, a 4BHK plus servant room costs Rs 1.18 crore with a super built-up area of 2,990 sq ft.
The project next to Atharva is "Raheja Shilas", a midmarket project in Sector 109, Gurgaon on the Dwarka Expressway, built over 6 acres. It has 3- and 4BHKs, penthouses, presidential Suites as well as independent floors. There are 204 units with areas ranging from 1,302 sq ft to 3,712 sq ft. The basic selling price is Rs 2,975/sq ft and the cost of each unit ranges between Rs 45 lakh and 1.15 crore. This was the fastest selling project of Raheja developers and was sold out in 15 days. The builders are also coming up with "Srishti", an upmarket terrace-housing concept condominium complex.
In addition, another project, "Vedaanta" is located in Sector 108, which is very close to Dwarka Expressway as well. This project along with Atharva is fast nearing completion. On being asked as to why they chose this location in such a big way and launched so many projects, a Raheja spokesperson says: "Given the strategic advantage which this location enjoys, it was an ideal location for coming up with a number of projects here. The fact that the area is very close to the international airport, Dwarka as well as the new diplomatic enclave makes it an even better location from every possible angle." The spokesperson adds that construction has already started near the Basai road area and is progressing smoothly. The expressway will go a long way in ensuring superconnectivity of the northern areas of Gurgaon as well as areas close to IMT Manesar.
BPTP has also launched its project "Spacio - Park Serene" on the Dwarka Expressway. Launched on July 22, the project has 2-, 3- and 4-bedroom apartments and is nestled between NH 8 and the Dwarka Expressway.
On being asked why BPTP chose this location, as proximity to Palam Vihar is still not considered good due owing to safety issues, Amit Raj Jain, senior vice-president (marketing) of BPTP Limited responded: "Palam Vihar has not been a safe area. However, safety measures are now being enforced. Police verification has been made mandatory for the domestic helps and the tenants. Regular beats by PCR vans around the area also keep a check on criminal activity. However, despite everything, Gurgaon has grown in leaps and bound with gaps in civil and social infrastructure. With the Gurgaon-Manesar 2021 Master Plan in place the region is all set to develop in a planned manner."
Jain is extremely optimistic about the location of his project on the Dwarka Expressway. He says that Dwarka is developing as a hub for commercial and entertainment activities and is amongst the most preferred locations to stay in the NCR region with its proximity to Gurgaon and link to Delhi-Noida. "There is a need for a parallel highway that links Dwarka and Gurgaon and frees NH 8 from its existing burden of the commuters from Delhi. The positioning of the BPTP project is mid-segment housing with prices starting at Rs 26.50 lakh," he chips in.
A majority of the projects on the Dwarka Expressway are mid-segment housing projects. Most of the projects are scheduled to be completed in the next 48 months on the lower side - one can safely add another 6 to 18 months to this. It will be a while before this place becomes livable. However, while the wait is long for end users who wants to stay here, the investor may be able to encash returns once the expressway is functional.
DWARKA EXPRESSWAY IS AN 18KM STRETCH OF 150M-WIDE ROAD, STARTING FROM DWARKA AND CONNECTING PALAM VIHAR AND THE PLANNED SEZS IN GURGAON TO JOIN THE NH 8 NEAR KHERKI DHAULA
EARLIER, IT WAS PROJECTED TO BE COMPLETED BY THE TIME OF THE COMMONWEALTH GAMES BUT IT SEEMS THAT IT WILL TAKE A MINIMUM OF THREE YEARS FROM NOW
NAMRATA KOHLI brings you an update on Dwarka, a sub-city to the southwest of Delhi
Until now, the only chance brands had to register their presence in Dwarka was in the local shopping complexes. So, from Monte Carlo to Geetanjali Jewels and Fab India, Allen Solly, and Bercos to Golden Dragon, all had to settle for Dwarka's local markets with Sectors 4, 5, 10, 11 and 12 being the prime commercial areas. But the good news is that, finally, by December-end two malls will be functional here.
In Sector 14 Metro station of Dwarka, the red ribbon will soon be cut for Eros Metro mall. Dwelling on why they chose Dwarka, Avneesh Sood, director of Eros Group, says: "This fast-growing subcity southwest of Delhi has been created with a focus on the future with 29 sectors covering an area of 5,648 hectares; Dwarka will house a population of around 10 lakh. In these resident-friendly environs, 20% of the area has been dedicated to greenery, and main roads are wider to facilitate easy movement. Eros has chosen this high-demand suburb for its one-of-a-kind retail destination opposite Sector 14 Metro station."
He adds that in Delhi, Dwarka has its own identity; being close to both the domestic and international airports, it is the first choice for the IT and the MNC professionals who are working in Gurgaon. Dwarka has not only seen a boost in residential property sales in the last few years but prices of commercial space have also skyrocketed. Till now, the commercial hub in Dwarka was at Sector 6 and Sector 10 - now, areas like Ashirwad chowk are coming up and the action will transfer to the Metro corridor.
Avneesh Sood gives a sense of real estate values at Eros Mall. "Capital value varies from Rs 22,500/sq ft to Rs 45,000/sq ft and we are also open for specific lease proposals depending on the market." Eros Metro mall has approximately 82,000 sq ft of saleable area spread in four retail levels and a food court level with large terrace on the third floor. Its construction is in full swing and more than 85% work has been completed. Sood adds, "As today's Indian buyer has one of the highest level of consumer awareness in the world and at a place like Dwarka, New Delhi, we feel that Eros Metro mall will showcase the right mix of the brands which every buyer dreams of. From household to fashion, gadgets to kids' toys, apparel brands, various retailers and food chains - everything is under one roof."
Adjoining Sector 13 Metro station, a mall-hotel is coming up with Park Plaza as the anchor hotel, which will occupy second to eighth floor. The ground and first floor space has been earmarked for retail outlets and according to the promoters, talks are on with all big branded players ranging from an aggregator of white goods to major anchor tenants in other malls and things are hung up at price negotiation level. For retail, the lease rental is Rs 250/sq ft/month while for outright purchase it ranges from Rs 50,000/sq ft to Rs 90,000/sq ft. The last two floors, ninth and tenth, are for serviced and studio apartments.
Park Plaza will come up with 250 rooms, and has three speciality-cuisine restaurants as well as a coffee shop along with a very spacious banquet hall with a capacity to host 2,500 people. A pub and a discotheque, along with jewellery showrooms will also feature in the hotel. The hotel's atrium will have the ambience of an island with palm trees and fountains all over, which will look up to a high ceiling made of special cloth that allows natural sunlight to pervade but not a drop of water.
There are 36 fully furnished studio and serviced apartments of 710 sq ft and the going rate is Rs 3.5 crore. These apartments will have modular kitchens, LCDs, refrigerators, and "the concept is that the user just has to bring in clothes as the will be provided for", promoter Vikas Soni says. He says that the hotel work has been put on the fast track and 100 rooms will be ready by October while the rest will be functional by the year-end. Ramada hotel is also under construction in Dwarka. This 11-storey Ramada Plaza Dwarka will feature three restaurants, a bar-lounge, a ballroom, three meeting rooms and health and fitness facilities with adjoining commercial and retail areas. This 392-room Ramada Plaza is owned by Tirupati Buildings & Offices.
Incidentally, much of the strategic development is along the Metro corridor in the form of Metro malls. A recent transaction was a Toyota showroom at Sector 9 Metro station. Before this a Maruti showroom was opened at Sector 13 Metro station. According to market insiders in Dwarka, commercial areas will be developed around Metro line in a linear form. Recently, Reliance flagship snapped up a few plots here.
Apart from this, New Delhi's second diplomatic enclave has been planned at Sectors 26-29, which will house embassies of at least 39 nations. Several 5- and 7-star hotels have also been planned in Dwarka to cater to this growing number of affluent clientele.
MUCH OF THE STRATEGIC DEVELOPMENT IS ALONG THE METRO CORRIDORS IN THE FORM OF METRO MALLS
NEW DELHI’S SECOND DIPLOMATIC ENCLAVE HAS BEEN PLANNED AT SECTORS 26-29, WHICH WILL HOUSE EMBASSIES OF AT LEAST 39 NATIONS.
Source: Times of India Property Times 21-Aug-2010