NHAI takes over Dwarka e-way project

    Dwarka e-way project
    The 24-km long 8-laned expressway, popularly known as the Northern Peripheral Road seems to be finally on the right track with the central government's decision to acquire the 22 hectares of land that had virtually stalled the mega project. This, in fact, is good news for real estate companies that had invested over Rs 60,000 crore in residential and commercial projects along the 150-metre-wide roadway. The completion of the expressway is likely to revive the prospects of these investments as more than 20,000 apartments and hundreds of thousands square feet of commercial property are ready for possession. But buyers are either delaying taking possession of their properties or are disinclined to occupy them even after taking possession. The chairman of Confederation of Real Estate Developers Association and CMD of ATS Infrastructure, Getamber Anand, said that the expressway would start operating by March 2018. Echoing this viewpoint, Navin Raheja, CMD of the Raheja Group, reiterated that the completion of the Dwarka Expressway would help revive real estate activity in the region. There were two troublesome stretches holding up the road project including the acquisition of a 900-metre patch on the Delhi side of the expressway in Dwarka and a one-kilometre stretch in New Palam Vihar in Haryana as there is presence of some houses within the required land. The government has offered the owners alternate plots in the developed sectors of Gurgaon such as 37D and 110. As the entire land required for completing the Dwarka Expressway now vests with NHAI and the tenders for construction have been floated and now builders are hopeful of a quick completion of the road project, said director, Puri Constructions, Arjun Puri.
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