For real estate to grow and flourish, connectivity and infrastructure development play a very crucial role. Developers in the Delhi/NCR region feel that the construction of the Delhi-Meerut Expressway, recently launched by the Prime Minister Narendra Modi, will not only improve the connectivity of various towns in the region with Delhi, but will also change the dynamics of the real estate market in the zone.
- NH24 Expressway may emerge as a hub for affordable housing and could offer solutions for accommodation in the 1-2 BHK categories within the price range of Rs. 15 Lac-Rs. 30 Lac.
- The widening of the road would not only ease the traffic and reduce travel time but would also result in development of residential housing along the road.
- Providing access to Ghaziabad, Noida and Greater Noida, the road, once fully developed, this highway will connect up to Meerut and Hapur and is set to be a very busy stretch.
- While prices in the Delhi NCR market is currently impacted by high unsold inventory, the market has not seen any uptick in prices over the last couple of years. In fact, the prices have witnessed some correction. Experts say that fresh supply on NH24 in the coming years may keep the prices under check even in the existing markets of Noida, Greater Noida and Ghaziabad.
- While it is almost certain that the development of the expressway will add a new dimension to the real estate market in Delhi / NCR and help decongest Delhi by development of affordable housing in the proposed expressway, the planners will have to be thoughtful and ensure that better connectivity is complemented with a stable public transportation system so that residents have multiple options to reach their work places in Delhi / NCR.
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