How NH 24 Widening Plan and Delhi Meerut Expressway will boost the Affordable housing sector?
February 28, 2019
There are two major factors namely connectivity and infrastructure, that put an impact on the development of the real estate destination. It is a known fact that NH-24 is the lifeline of countless projects launched in and around the highway. The decision of widening the NH-24 came right in time when the focus of the Indian real estate market was shifting towards affordable housing. This, without any shadow of a doubt, is going to benefit the surrounding regions, by multiplying the residential development and transforming NCR into a housing hub.
Currently, the completion of the second phase of widening of NH-24 into a 14-lane expressway is the much-awaited infrastructure assignment among the investors, which will be between Nizamuddin Bridge and Dasna, as it is expected to enhance the market and escalate the property prices.
The first phase of the stretch from Delhi’s Akshardham to UP Gate is already operational and now all the eyes are on the most essential part of the expressway, which is the second phase of the project.
Property project in and around NH-24, which are the prominent affordable housing regions such as Indirapuram, Kaushambi, Vaishali, and Ramprastha of Ghaziabad region will witness a drastic upsurge in demand as soon as the expressway becomes completely functional. Since the property prices are reasonable here, therefore the demand for housing projects will rise spontaneously and the place can develop into a huge housing destination.
This project will cost around INR 1,998 crore, as it will transform the 19.2km- long highway section of NH-24 into 14-lane expressway from Nizamuddin Bridge to UP Gate and UP Gate to Dasna, including 6 lanes (Delhi-Meerut Expressway) at the center, a barricaded corridor for traffic moving straight. The other portion, Dasna to Hapur (part of NH-9), will be an 8-lane highway, along with 2.5 meters of bicycle track on both sides.
Due to an increase in the demand of the residential property, the commercial real estate will automatically pick up the pace, to satisfy the demand of the residents.
Potential home-buyers, who are looking for 2, 3, and 4BHK flats along NH-24 have plenty of choices depending on the location, in the price range of Rs 2,800-3,500 per square feet. The developers and real estate authorities also mentioned that the NH-24 Expressway might offer accommodation in the 1-2 BHK category within the price range of Rs 15 lakh-Rs 30 lakh.
With a promising infrastructural development, the region near NH-24 as aforementioned will definitely become one of the most in-demand areas in Delhi/NCR. On the developers’ side, all they need is to ensure homebuyers that the enhanced connectivity is complemented with an established public transportation arrangement offering the residents with multiple options to commute to their workplaces across Delhi NCR.