The construction of Delhi-Meerut Expressway at cost of Rs 7,566 crore will have a positive impact on the housing supply and demand in the NCR property market, realtors' apex body CREDAI said today.
Prime Minister Narendra Modi today unveiled a plaque to mark the laying of the foundation stone of the Delhi-Meerut Expressway to be built at a cost of Rs 7,566 crore that includes construction of 28 km long 14-lane Delhi-Dasna section.
"It is a very good development. This will have a very positive impact on the NCR real estate market, particularly Ghaziabad, Indirapuram, Noida and Noida Extension," CREDAI President Getamber Anand said.
The construction of this expressway would boost both supply and demand of housing in these areas, he said.
CREDAI-NCR President Manoj Gaur in a statement said that the "realty market of the areas lying in and around NH-24 is expected to grow leaps and bounds with this development plan."
Greater Noida (West), Crossings Republik, Raj Nagar Extension, Indirapuram, Vaishali, Kaushambi and Sidharth Vihar are the locations that would be benefitted from construction of Delhi-Meerut expressway, Gaur said.
Sare Homes MD Vineet Relia said: The development would ease the lives of people living on the Ghaziabad-Indirapuram stretch as this project is expected to decongest NH-24 that connects Delhi with Meerut.
"Considering the large population base in the city, infrastructural developments such as the extension of the Metro route to Ghaziabad and the construction of Delhi-Meerut Expressway project would increase the demand from both investors and end consumers," Relia said.
This development would positively impact the capital and rental values along the NH-24 stretch, he added.
Prateek Group Chairman Prashant Tiwari said the areas of Ghaziabad and Greater Noida (West) would certainly become prospective destinations for investments.
The Rs 7,566 crore Delhi-Meerut expressway includes the construction of 28 km long 14 lane Delhi-Dasna section at a cost of Rs 2,869 crore.
The construction of 46 km long, 6 lane Dasna-Meerut section of Delhi-Meerut Expressway will cost Rs 3,575 crore. Besides, 6-laning of 22 km long Dasna-Hapur section of NH 24 will cost Rs 1,122 crore.
On an annual comparison, warehousing space leasing surged
by more than 200 per cent in these smaller locations. This was largely driven by the need to improve operational efficiencies and increase the customer base.
"As competition becomes fiercer and buyer expectations increase, e-commerce majors will have to consider multiple factors such as the quantum of investments in asset improvement, expansion possibilities, rental and other associated commercial terms to determine their optimal real estate strategy," its Executive Director (Head -Industrial & Logistics Services) Jasmine Singh said.
Developers on the other hand, will need to monitor the market carefully to ensure that the right kind of supply at the right price is available for the occupiers, he added.
The report also pointed out that with an increased awareness about the standards and associated cost of construction of Grade A Pre-Engineered Buildings (PEBs), and stricter adherence to environment, health and safety standards, the demand for modern warehousing space has increased.
This trend is likely to continue, and will create an increasing pressure on developers to build better quality assets, going forward, it said.