Delhi- Meerut Expressway to boost NCR Real Estate Market

Prime Minister Narendra Modi on 31^st December 2015 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 (at a cost of Rs 2,869 crore). The construction of Delhi-Meerut Expressway will have a positive impact on the housing supply and demand in the NCR real estate market particularly Ghaziabad, Indirapuram, Noida and Noida Extension.

The construction of this expressway would boost both supply and demand of housing in these areas, he said. Real Estate market of the areas lying in and around NH-24 is expected to grow leaps and bounds with this development project. It is expected that mainly locations like Greater Noida (West), Crossings Republic, Raj Nagar Extension, Indirapuram, Vaishali, Kaushambi and Sidharth Vihar would be benefitted the most from construction of this expressway as the development would ease the lives of people living on the Ghaziabad-Indirapuram stretch by decongesting 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.

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 at a cost Rs 3,575 crore, and

·         The 6-laning of 22 km long Dasna-Hapur section of NH 24 at a cost Rs 1,122 crore.

Background: On 18 November 2013, it was confirmed that center not Uttar Pradesh government will build the much delayed Delhi–Meerut Expressway starting from Nizamuddin Bridge on Ring Road. Once complete, commuters will be able to reach Meerut in 45 to 60 minutes and cut travel time to Haridwar and Dehradun by almost an hour.The Cabinet Committee on Economic Affairs (CCEA) under the Narendra Modi government approved the Delhi–Meerut Expressway with construction of connected roads to be undertaken. On 2 August 2015, after years of waiting, the National Highways Authority of India (NHAI) has floated tenders for a 14-lane road on the critical section of NH-24—from Nizamuddin Bridge to Dasna (28km)—a move which is expected to ease massive congestion on the stretch.