The real estate market of Delhi will become more lucrative with the new plans and initiatives were taken by the authority and the central government to decongest its areas. The process of decongestion of Delhi is being undertaken by both the governments. The central government is set to develop Delhi-Meerut Expressway so that the congestion can be reduced to a minimum.
Previously, the Delhi government took an initiative to remove the congestion on the road by applying an odd-even rule. This new rule affected life of all the residents to some extent but brought down traffic congestion. The central government is eyeing an opportunity to decongest the roads and also cater to the pressing needs of an expressway to Meerut for the easement of the commoners. The new expressway proposed by the government will automatically streamline the traffic coming and going out of the city. As per the budget analysis, the project will seek INR 7566 Crore budget for the development of the expressway.
In 2016, a 6-lane expressway to connect Dasna and Meerut was proposed and sanctioned as the environment ministry gave it an affirmative nod. The cost of this new connector will be INR 1658 Crore. The proposed expressway will be built in three different phases.
As per a senior official on the board, NHAI has already sanctioned the proposal to construct the expressway and the connector from the Environment Ministry. The plan was earlier proposed back in 2000 but it only remained on the papers and no action has taken back then. Last year in December 2018, the foundation stone has been led by the Prime Minister. Nitin Gadkari, Road Transport and Highways Minister said, “We are committed to easing the traffic problems in Delhi and are taking a slew of steps. Another major milestone to decongest Delhi will be the Delhi-Meerut Expressway.” There will be less traffic jams and the pressure on National Highway 58 will be reduced to a minimum. The commuters will find it easier to move after the expressway is launched.
Impact on Delhi real estate
As per the analysis of the real estate experts and critics, the new launch of the expressway and connector in this area will give birth to a new dimension of real estate projects in the connected area. The developers are facing a tough phase to sell their properties in the peripheries of the capital city. The new locations in the city boundary were facing a backlash from the homebuyers due to the inconvenience in the traffic and transportation system. Commuting daily from Meerut to Delhi is a very big hassle for the professionals. With the advent of new roadway on the city map, the time taken to reach Delhi will be reduced considerably. The price of open lands here is also low. It means that affordable housing projects will soon start appearing here.
The advent of the expressway along with a connector is very big news for the commuters and home seekers in these locations. The traffic will become smoother and the real estate properties will become more affordable.