Property prices head north on Dwarka e-way

The Dwarka Expressway, which connects south west Delhi sub-city with Kherki Daula in Gurgaon, is turning out to be hot property, literally. Sidhartha Roy reports. Property prices on a roll

The Dwarka Expressway, which connects south west Delhi sub-city with Kherki Daula in Gurgaon, is turning out to be hot property, literally.

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According to a recent survey, upcoming housing projects next to the expressway has witnessed the highest appreciation in 2012, compared to any area in Delhi- NCR.

In the survey -- property price trends across metros -- released last month by leading real estate portal 99.acres.com, the Dwarka Expressway has seen a price appreciation of 50%, the highest in not only Delhi-NCR but also across Mumbai, Kolkata, Chennai, Bangalore and Pune.

"The project started with houses available at a reasonable price level of less than Rs 3,500 because infrastructure was non-existent earlier. The infrastructure will improve with time and thanks the connectivity it provides, prices have now reached Rs 5,000 per square feet," said Ramesh Menon of Certes Realty Ltd.

"Dwarka Expressway is the more popular name of the Northern Peripheral Road, which will connect Dwarka in Delhi with Manesar when complete. About 18-odd sectors that are part of the Gurgaon master plan are located near this expressway," he said.

Other areas in Gurgaon that have seen highest appreciation are sectors 50, 85 and 90, Sohna Road and Golf Course Road. The price appreciation is lower in the popular areas compared to the upcoming areas.

In Delhi, Mayur Vihar Phase I, Pitampura and Sarita Vihar has seen the highest price appreciation, between 27% and 33%. Other areas such as Patparganj, Janakpuri and Dwarka's sectors 9 and 22 have also seen an average price appreciation of 20%.

Increased Metro connectivity had already sent property prices booming in Noida.