NH-24: The Land of Opportunities

The work on NH-24 widening is up and running and it has also given a boost to the infrastructure along this highway which is also known as expressway connecting Delhi- Meerut. The 96 km of this highway is set to drive speedy development in the realty market all throughout the vast expanse of Delhi-NCR.  

The ambitious 7,855.87 crores Delhi-Meerut Expressway (DME) project is progressing at a fast rate, generating great hopes for the real estate development of the adjoining cities such as Noida, Ghaziabad, Hapur, and Meerut. This widest 96km long controlled-access expressway, connecting Delhi with Meerut via Dasna in Ghaziabad involves the widening of National Highway-24 into 14 lanes. Prime Minister Narendra Modi laid the foundation stone for the expressway on 30 December 2015. The 8.6 km stretch of DME began from Nizamuddin Bridge is complete till UP Gate and the work on the second phase is going on at a fast speed from UP Gate to Dasna, covering a distance of about 19.4 km with a likely completion date of August 2019. The 21.6 km stretch From Dasna to Hapur is 80% complete and is likely to be completed by
April/May 2019. The stretch 4 from Dasna to Meerut Bypass will be completely a new alignment running up to 32km is 32% complete with deadline yet to be set for its completion.

“Real estate demands strategic infrastructure growth as a boosting factor. The new 14-lane highway will provide the much-needed booster dose of development that will transform the fortunes of all the adjoining areas, among many other benefits flowing to all the stakeholders of real estate sector, including residents, buyers, investors and developers,” says Pankaj Kumar Jain, Managing Director, KW Group. Gradually emerging as affordable realty hubs, the realty destinations along the stretch offer dream options to property buyers from Delhi-NCR with a promise of excellent connectivity through the widened NH-24 highway after completion of the project.

Currently, NH-58 is the only route between Delhi and Meerut and this results in frequent traffic jams at several points. With the new project rolling out a record pace, almost all the leading developers of Delhi-NCR are creating township projects which have a varied bouquet of residential and commercial formats available at affordable price points.

“Major transport corridors like national highways and state highways across India have always witnessed major real estate development, besides accelerated economic growth. The NH-24, which passes through several important realty hotspots in NCR, promises a lot for the seekers of affordable properties, who constitute fairly large home buyers segment and thus its upgradation and widening will surely assist in bringing about real estate revolution in Delhi- NCR,” says Arjunpreet Singh Sahni, Executive Director, Solitaire Group

 

Kushagr Ansal, Director, Ansal Housing adds, “Construction of a roadway produces great results for the realty prospect of the regions falling across those routes. The widening of NH-24 will create a new corridor for the region as the existing stretch witnessed heavy traffic pressure that had resulted in a dent on property demand. The widened NH-24 will result in greater demand for property better good capital appreciation in the near future as this stretch has always been the lifeline for commuters from Delhi to Ghaziabad, Noida, and Meerut.”

The stretch from Nizamuddin Bridge to Dasna is the most crucial line on NH-24 as it is the gateway for key real estate regions such as Ghaziabad and Noida. This route is highly congested replete with traffic woes resulting in negative sentiments amongst residents and commuters of this region. The total land required for the NH-24 project is 348.6 hectares of which 343.36 hectare has already been acquired.

 

“Now since this project has been launched and the complete land parcel almost acquired, this will relax the existing residents and commuters of the regions along with igniting the demand for residential real estate across the stretch. Investors will now make a comeback in these regions which will help in clearing the piled up inventory in the market,” says Vikas Bhasin, MD, Saya Group

 

Smooth connectivity

One of the prime reasons why NH-24 remains congested is because there are several small cities along the corridor. The widening of NH-24 will make long traffic jams a thing of past and of course slash the travel time to Delhi, even the far locating potential areas such as Hapur and Meerut are also expected to emerge strongly on real estate radar. Besides providing a congestion-free traffic movement between Delhi to Meerut and Hapur, the development will ease the lives of people living in Ghaziabad, Indirapuram, Vaishali, Raj Nagar Extension as well as Noida.

Providing easy access to Ghaziabad, Noida, and Greater Noida, the road, once fully developed, will connect up to Meerut and Hapur and is set to be a very busy stretch and an engineering marvel indeed.

 

“Real estate demands strategic infrastructure growth as a boosting factor. The new 14-lane highway will provide the much-needed booster dose of development that will transform the fortunes of all the adjoining areas, among many other benefits flowing to all the stakeholders of real estate sector, including residents, buyers, investors and developers,” says Pankaj Kumar Jain, Managing Director, KW Group

 

Ashok Gupta, CMD, Ajnara India Ltd says, “We all have been witness to the development in Delhi, Ghaziabad and Noida; but the corridor along NH-24 was becoming a pain for the residents and commuters due to which the market demand was taking a blow. The crucial stretch for widening has been launched; the micro pockets along NH-24 will now observe a northward demand movement along with rapid price appreciation.”

NH-24 has seen all-round development at a rapid pace as several residential and commercial projects have been setup in Indirapuram, Crossings Republik, Siddharth Vihar and parts of Noida which have been largely occupied by people working and commuting from Delhi.

“Poor connectivity, long traffic jams and congestion has been the major issues why buyers have been avoiding NH-24 for their residential settlements. However, after the announcement of widening work, both Ghaziabad, Noida, Dasna, Hapur and Meerut will witness high influx of home buyers,” adds Rajender Mittal, Founder of Aarcity Group.

The Delhi-Hapur stretch on NH-24 has always been highly congested stretches of NCR. The widening of NH-24 will ensure smooth movement of commuters, which will certainly pave the way for better demand for the properties along this region. “The location already gives immense options in the form of apartments and townships to the buyers. All the properties situated along the stretch of this highway will also witness a significant price appreciation once the widening work is complete, “says Manoj Gaur, MD, Gaursons India Ltd. 

“This widening project will greatly help in decongesting Delhi, provide smoother ride throughout the stretch and allow an unprecedented realty growth of NH-24 and its adjoining regions. There will now be a sudden rise in demand for residential property across this stretch in the upcoming few months,” says Deepak Kapoor, Director, Gulshan Homz.

“Widening of NH-24 will act as a catalyst for real estate demand and development on both sides of this expressway in the future. With better connectivity as well as shorter commuting time the stretches along the highway will become more attractive real estate options for people,” observes Anuj Goel, Executive Director, KDP Infrastructure.

Realty growth

With improved connectivity as well as shorter travel time, the areas lying along NH-24 have surely become more attractive real estate options for people. Real estate market of the entire stretch has been growing as the highway is a lifeline for commuters of Delhi-NCR.

 

“Traffic issues have always been major concerns of people travelling on this route which was supposed to intensify in future too because of growing residential colonies and commercial properties along the highway. Widening of NH-24 is a very positive infrastructural development. Apart from easing the traffic issues, realty market along the highway will also grow by leaps and bounds with such a development.” observes Gaurav Gupta, General Secretary , CREDAI Ghaziabad and Director, SG Estates. 

 

 

“With such excellent connectivity, it is only natural that residential as well as commercial properties will mushroom here like never before. The development work once done, will add new life to the property market of the regions lying alongside NH-24,” says Prashant Tiwari, Chairman, Prateek Group.

As property experts predict, after the widening of NH 24 work is completed, price appreciation in NH-24 realty market is sure to happen on the back of the steep rise in demand. “The real estate demand will witness a major boost. Also, having an expressway in the middle will help in generating a lot of revenue for the government along with non-stop traffic flow, says Rupesh Gupta, Director, JM Housing.

Once the widening work is complete, all the cities leading up to Meerut will become more accessible and habitable. Since a lot of manpower comes from adjoining cities, they have to live in NCR due to woeful lack of connectivity between their home towns and place of work. However, once this expressway is built and there is good public transportation available, a lot of people will be able to commute to Delhi-NCR for work as well as live in their home towns or in the new destinations that develop around the road. In a nutshell, all the existing realty destinations along the upcoming widened NH-24 are expected to receive a shot in their arm.

The improved connectivity has also led to a spate of launches. Many developers have launched residential projects offering group housing, multi-storey apartments, townships, residential plots and villas.

Measuring the potential of the area, even the commercial segment is evolving at a fast pace. Developers are focusing on office space, retail space, high street market, corporate suites, and hotels in and around NH-24. If the government works towards developing social infrastructure, the real estate market of the area will definitely get a facelift.