Real Estate growth story of Dwarka
Dwarka is one of developing suburbs in the National Capital Region. An area which was developed to decongest the capital city as it is located in southwest Delhi.
Investors are likely to find Dwarka a desirable residential destination owing to its immaculate planning, sound infrastructure, reasonable (though not low) prices and proximity to employment hubs.
Connectivity:
Due to Indira Gandhi International Airport, the connectivity of Dwarka with the rest of the city has improved. Major connectivity that Dwarka enjoys is through NH-8, Outer Ring Road, Najafgarh Road and Pankha Road.
Dwarka Expressway connects Dwarka with rest of the cities and the stretch is the hub of real estate investment. Dwarka Expressway is the main factor that has drawn maximum footfalls in this area. This stretch connects Dwarka with Gurgaon, a key corporate hub is about 15 kilometres away, hence, the residential demand in Dwarka has automatically gone upward.
Public Transport:
Dwarka is developed as a zero-tolerance zone, which means that any encroachment or excessive construction is not tolerated.
Delhi metro connects Dwarka to central Delhi and other parts as well. The Airport Metro line connects Sector 21 of Dwarka with Indira Gandhi International Airport on the one side and Connaught Place on the other.
Even Dwarka authorities are very much keen about the development for the public transports apart from metro, so an Inter-State Bus Terminal (ISBT) is planned in Sector 23. Delhi Development Authority (DDA) also plans to develop an 18-hole golf course and a diplomatic enclave here.
Real Estate:
Ready-to- move-in properties in Dwarka are in maximum demand. The ready to move in apartments are mostly available in the secondary market. Dwarka has a mix real estate market. End users are very much keen to investment in this area due to the price and connectivity.
Moreover, Dwarka has scope for further appreciation because these rates are still not very high when compared to the rates in West Delhi. According to sources, an appreciation of 30-50 % is possible over the next one and a half years.
Dwarka will take at least five to six years for those projects to be ready. Speculative buying is taking place on Dwarka Expressway. It is estimated by the real estate market experts that once the flyover to Janakpuri is completed in the next six to eight months. Better connectivity will drive the demand high and consequently prices will increase.
Price Trends:
The recent price trends of Dwarka ranges from Rs 12,000 to 15,000 per sq.ft. in group housing colony. Within three years prices have appreciated by almost 100%. At present prices on Dwarka Expressway range from Rs 6,000-8,000 per square foot.
For residential plots the price varies from Rs 8.500 per sq ft to Rs 10,000 per sq ft. Dwarka’s floor apartment has witnesses a jumpy price trend graph , where in July 2009 the price was Rs 7000 per sq ft then it dropped down in July 2011 to Rs 5000 per sq ft. Now Dwarka has rate which revolves around Rs 5000 per sq ft to Rs 8000 per sq ft.
Shortcoming of the area :
Investors should be aware that Dwarka lags behind in the area of social infrastructure. There are not many market place except Vardhman Star City Mall (Sectors 7 and 23), Vardhman Crown Shopping Mall (Sector 19), Eros Metro Mall (Sector 14) and Manish Global Mall (Sector 22). To meet their high-end shopping needs, residents have to travel to Pacific Mall in Tagore Garden. Dwarka is still not well equipped with multiplexes, residents have to travel to either Janakpuri or Gurgaon.
The public transports needs to be taken care and improved more for more investors to come in. Even the connectivity to Janakpuri; The entry and exit from Janakpuri still remains clogged. Also the flyover being constructed at Dabri is still not ready.
The black mark on Dwarka real estate market is the CGHS scam, the societies that have been absolved of wrongdoing have not yet been allotted to their owners. There are people who have been waiting for allotment for two and a half to three years. To buy residential plots in Dwarka, you have to do a lot of diligence. There could be title disputes between the current owner and a farmer. Hence before buying plots establish clear ownership of the plot.
Dwarka is planned with gridiron pattern but roads are narrow and small. Residents have to come across a lot of hurdles in term of parking space. There are many projects where the prices are cut down due to the infrastructure of the area.
Reader’s Take:
Dwarka is a developing area, sectors like sector 4 and sector 21 are the hottest destination for recent investment. Although, Dwarka Expressway might offer greater scope for appreciation since that area is still under development. Dwarka has the potential to grow but it is limited as the prices have already gone up.
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