Expressways are one of the most important factors which define the development of a nation. They are the backbone of an economy and India has witnessed tremendous growth in the past years in constructing road network. In a country like India, where almost 90% of the population relies on road transport, it is seriously a big thing. When it comes to stats, India has included more than 70% more highways in the last four years. In 2014, it added 91,287 km in its road network while we have successfully increased this proportion to 1,31,326 km in 2018. All thanks to the initiatives taken by the current union government.
The Kundli-Manesar-Palwal (KMP) Expressway and the Eastern Peripheral Expressway are to name some crucial projects that were completed in all these years in Delhi and NCR. The construction of these expressways has not just contributed to connect regions like Greater Noida, Palwal, Manesar, Sonipat and Kundli but have also pushed the real estate market of these regions.
So, here is a list of upcoming expressways that will shape the Indian real estate market in the coming years.
Traffic jams in a city like Delhi are nothing new. Hence, to save commuters from this agony, the union government came with a proposal to construct a 96-km long Delhi-Meerut Expressway. The cost of construction to develop this expressway would be around ₹7,566 Crore. Delhi-Meerut Expressway begins from Nizamuddin Bridge in Delhi and is planned to construct in three different phases that are Nizamuddin Bridge to UP Border, UP Border to Dasna and Dasna to Hapur.
There are many developers who are struggling to clear their inventory around Ghaziabad, Raj Nagar Extension, Hapur and Meerut. So, once the construction of Delhi-Meerut Expressway is completed there will be a good hike in the sales figure in the affordable housing segment on the entire stretch.
Constructing at a cost of ₹60,000, Delhi-Mumbai Expressway is one of the most ambitious projects of the Indian Government and will pass through Delhi-Gurugram-Mewat-Kota-Ratlam-Godhra-Vadodara-Surat-Dahisar-Mumbai. Once this 12-lane expressway is completed, one can reach Mumbai from Delhi in just 12 hours duration.
However, the commencement of Delhi-Mumbai Expressway will be going to hugely impact the residential and commercial market of Noida, Greater Noida and Ghaziabad. This upcoming expressway will start from Dadri and gives access to Boraki, a container unit in NCR. It is because of this fact that the state government has also planned to connect Noida-Greater Noida Metro or Aqua Line with Boraki. Also, the development of Jewar Airport is like a cherry on the cake for this area. All these factors will create a demand for residential as well as commercial realty to support the quality of living in the region.
The Ganga Expressway
Said to be the longest expressways not just in India but in the world – The Ganga Expressway is more than 1000 km road network that would be constructed at a cost of ₹36,000 crore. This upcoming expressway aims to connect Meerut with Allahabad or Prayagraj. Ganga Expressway will be developed in two phases. The government will construct 596 km of this upcoming expressway in phase 1 that will pass through Meerut-Amroha-Bulandshahr-Budaun-Shahjahanpur-Kannauj-Unnao-Rae Bareli and would end at Malawan Khurd Village in Prayagraj. Phase 2 will constitute of two sections. The first one is 110 km long which connects Tigri, near Garhmukteshwar to the border of Uttar Pradesh and Uttrakhand near Haridwar. The second one connects Prayagraj to Ballia and would be 314 km in length.
The main purpose of this upcoming expressway is to connect the villages located in remote areas with the progressing economic development of the country. The government is also planning to establish of different food processing industries and Special Economic Zones (SEZs) along this expressway. This will automatically open new avenues for employment generation which will pave a way for the residential real estate in the region.
Mumbai-Nagpur Expressway is another ambitious project that will shape the Indian real estate market. Also touted as the Prosperity Corridor in Maharashtra, it is a 701-km long and 120-feet wide high-speed corridor. This aspiring road project features 24 interchanges, five tunnels, 50 flyovers, and over 400 vehicular and more than 300 pedestrian underpasses. There are two phases in the development of the Prosperity Corridor. The first phase is to build this 701 km long expressway and the second phase includes the construction of 24 nodes (townships) along the stretch. These townships would be located in the five divisions of Nashik, Amravati, Konkan (Thane), Nagpur and Aurangabad.