Gurugram, situated within Delhi’s National Capital Region (NCR), has established itself as the fastest-growing metropolitan city in India, undergoing a remarkable transformation over the years. Its strategic proximity to the international airport, abundant availability of land, and favourable tax policies have collectively shaped Gurugram into a pivotal hub for IT and IT-enabled services (ITeS). Today, the city hosts a significant portion of NCR’s Grade-A office space, drawing numerous Fortune 500 companies. This economic dynamism has spurred a steady population increase, rising per capita incomes, and a corresponding surge in housing demand. However, this rapid growth has brought challenges for prospective homebuyers, including escalating property prices and limited availability of desirable locations. Recognizing the need to accommodate future growth, governing authorities have been actively focusing on alternative regions, aiming to bolster infrastructure, connectivity, and overall liveability. Among these emerging areas, peripheral micro-markets are gaining traction, with the Dwarka Expressway1 corridor standing out as a notable example.
The Dwarka Expressway, also known as the Northern Peripheral Road, represents a landmark infrastructure project, connecting Dwarka in Delhi with Gurugram in Haryana. While the project faced significant delays, with the Gurugram stretch inaugurated in March 2024 and the Delhi section slated for completion by December 2024, its impact on connectivity and urban development has been transformative. This state-of-the-art eight-lane expressway not only eases congestion on the Delhi-Gurugram Expressway but also provides seamless access to the Indira Gandhi International Airport. The partial operationalization of the expressway has already spurred a surge in real estate activity, making it one of NCR’s most sought-after destinations for both end-users and investors. As the final stages of the project near completion, the region’s appeal continues to grow, promising a new chapter of urban expansion and real estate investment opportunities in the NCR.
Residential Market Trends in Dwarka Expressway
Strategic Expansions by Developers Propel Supply Growth on Dwarka Expressway
The accelerated completion of the Dwarka Expressway, coupled with a post-pandemic surge in real estate activity, has led to a significant rise in residential new supply along this corridor. Developers have been actively completing projects and launching new ones, propelling Dwarka Expressway to become micro-market with highest cumulative new residential supply in Gurugram post-2020, followed by New Gurgaon and Sohna. Where annual supply hovered around 5,000–7,000 units before 2020, it has now more than doubled, exceeding 10,000 new units per year. This surge underscores that a substantial portion of the inventory in this region is relatively new.
Key Players and Projects in Dwarka Expressway
Among the prominent players, Signature Global has emerged as the market leader post-pandemic, accounting for the highest share of new launches in the past four years with their flagship development, Signature Global City in Sector 37D, offering the largest number of units in the region. Close on its heels is M3M, with projects M3M Crown and M3M Capital, located in the sectors near the international airport. Other notable contributors include Conscient One, Smart World Developers, Sobha Realty, and Krisumi Corporation, all of whom cater predominantly to the luxury residential segment.
The future of Dwarka Expressway’s residential market looks promising, with a robust pipeline of over 25,000 new units set to be completed and delivered within the next three years. This confidence is underscored by the entry of several notable developers, including Tata Realty, Sobha Realty, Godrej, Indiabulls, Hero Realty, BPTP, Max Estate, Emaar and Adani Realty, who have existing or ongoing projects in the micromarket. In the first three quarters of 2024, the majority of new launches were driven by M3M, Krisumi Corporation, and Smart World. Their active involvement signals strong faith in the region’s demand potential and returns, further solidifying Dwarka Expressway’s position as a prime residential destination in Delhi NCR.
Double-Digit Growth Drives Property Prices Up Along Dwarka Expressway
Post-pandemic, the accelerated completion of the Dwarka Expressway has catalysed steady price appreciation in the micro-market, driven by a robust balance of growing supply and increasing demand. Property prices in the region have consistently recorded double-digit growth in recent years, more than doubling since 2019. In 2024, prices witnessed a notable 29% increase during the first three quarters compared to 2023. Current rates now average between Rs. 12,000 -14,000 per sq. ft., with select premium projects surpassing this threshold. This strong performance reflects a broader shift in buyer preferences toward premium housing segments in the post-pandemic era. While localities like Golf Course Road and Golf Course Extension remain synonymous with ultra-luxury offerings, Dwarka Expressway is emerging as a leading destination for residential projects with premium amenities at relatively lower price-points.
