REALTY DEMAND TO PICK UP AS KMP EXPRESSWAY UNWRAPS
After a drought of nearly seven years, the much awaited KMP Expressway was recently given a green signal by our Honourable Union Minister of Road Transport, Highways and Shipping, Mr. Nitin Gadkari. Out of the much delayed 135.6 Kms long Kundli-Manesar-Palwal (KMP) stretch, the first phase from Palwal-Manesar, which is 52.3 Kms in length, has been inaugurated. The other phase of 83.3 Kms (Kundli-Manesar) is likely to be completed in the next one year. With the first phase ready for traffic use, National Highway 2 (NH 2) is now connected to National Highway 8 (NH 8). An elevated corridor on NH 2 has also been announced that will cover all the four intersections in Palwal. The opening of KMP Expressway will not only reduce the traffic burden from Delhi, but increase the real estate prospects for regions falling along NH 2 and NH 8.
“The first leg of the KMP Expressway has been finally opened after a seven years long delay. This will allow vehicles coming from Jaipur to bypass Delhi towards Faridabad or even Agra. With this, there will now be a much greater footfall across these Highways that will help in enhancing the housing and commercial demand in the long run”, comments Kushagr Ansal, Director, Ansal Housing.
Since the opening of this stretch, NH 2 has been directly linked to NH 8 via Palwal and Manesar, the patch which has been completed at a cost of Rs. 457.81 crore. The stretch is free for commuting for the next two months, post which, cars will have to pay Rs. 1.3 per Km and Rs. 4.5 per Km for heavy vehicles. The stretch will have four toll plazas that will allow the commuters to pay for the desired stretch rather than the whole corridor. Explaining the geographical advantage that this stretch holds, Avneesh Sood, Director, Eros Group says “Once the entire 135.6 Kms long KMP Expressway is complete, the regions falling along NH 1, NH 2 and NH 8 which are mostly tier 2 & 3 in nature, will see an upsurge of realty demand in the long run. Apart from decongesting Delhi, this will allow greater footfall in Kundli, Manesar, Palwal and its adjoining regions that will result in better infrastructural development. Investors in particular are sure to see this as a boom as prices in these regions are much more competitive than Delhi and Gurgaon.”
The KMP Expressway, also known as the Western Peripheral Expressway will pass through Palwal, Gurgaon, Mewat, Jhajjar and Sonipat districts. The Eastern Peripheral Expressway will connect Kundli, Ghaziabad, Gautam Budh Nagar and Palwal; thus allowing a wonderful network. “This stretch is now active for public and will allow commuters to travel without touching Delhi. Having a major road transit facility in vicinity helps save travel time and money as well; and history has been a witness to how infrastructure plays a vital role in the upbringing of real estate prospects of a region. The realty prospects of the regions across Western U.P. and Haryana are sure to witness a flourish which will promote commercial and housing development in the micro pockets”, avers Rajesh Goyal, Vice President CREDAI-Western U.P. & MD, RG Group.
Boost to Realty
It has always been observed that infra upgradation and connectivity play a vital role in shaping up the realty projection for regions. The news of KMP becoming active is very crucial for the real estate markets of Gurgaon and Ghaziabad specifically, as these regions were nearing saturation due to price escalation. Other regions in the vicinity will now come up as a result of the blend of Western and Eastern Peripheral Expressways. “Several emerging destinations across the country are unable to make an impression on the potential buyers due to the absence of proper infrastructure. A residential property buyer will always buy once the region where he’s investing has a sound infrastructure in place. This not only allows residents to receive a good habitat but at the same time, receive future capital appreciation which is usually possible with developing regions. KMP Expressway will now act as a perfect catalyst to fuel to the realty growth in the regions”, elucidates Rakesh Yadav, Chairman, Antriksh India.
This Expressway holds extreme significance not only because it will ease the traffic flow but will connect Northern Indian states with Central and Southern counterparts. KMP Expressway will connect four of India’s major National Highways; NH 1 (Delhi-Ambala-Amritsar), NH 2 (Delhi-Agra-Varanasi-Dankuni), NH 8 (Delhi-Jaipur, Ahmedabad-Mumbai) and NH 10 (Delhi-Hisar-Fazilka-India & Pakistan Border). “KMP Expressway is extremely crucial if we look at it from a PAN India perspective. Major tier 1 realty regions such as Delhi, Mumbai, Punjab, Gujarat, etc. are connected through it. This Expressway will take real estate sector interstate and allow NCR specific developers to expand their regions for development. NCR real estate has received a tremendous gift that will allow micro regions to develop and investors to find a new hub”, concludes Ankit Aggarwal, CMD, Devika Group.