In days of yore and still in many pockets of our country, connectivity or building a road is the biggest indicator of political and administrative performance and the future prospects/prosperity of a locality. This is of course logical for several areas remain unsung heroes in the property market until a big wave of development makes them go-to destinations for homebuyers and investors alike. Something similar has been observed along major infrastructural projects in northern India like the Dwarka Expressway or even the Yamuna Expressway and even the Northern and Southern Peripheral Roads.
The Purvanchal Expressway is purportedly the next big thing on the radar of the Government for boosting infrastructure, connectivity and real estate in multiple northern India markets. How will this pan out? Things do seem promising at least for the moment according to experts.
All you wanted to know about the Purvanchal Expressway
The Purvanchal Expressway is a mega infrastructure project that will transform realty markets in several areas. Here are some of the key facts that you need to know about the same:
- The Purvanchal Expressway will link 9 Uttar Pradesh districts, namely Amethi, Lucknow, Ghazipur, Azamgarh, Mau, Faizabad, Barabanki, Ambedkarnagar and Sultanpur.
- The UPEIDA (Uttar Pradesh Expressways Industrial Development Authority) is the executing authority in charge of this major project.
- Construction is already ongoing for the ambitious expressway which will run for a whopping 354 kilometres.
- It will be one of India’s biggest expressways once it is completed and will commence from Lucknow’s Chand Sarai and conclude at Ghazipur’s Haidaria.
- The foundation stone for the Purvanchal Expressway has been laid already by Prime Minister Narendra Modi in 2018.
- The foundation stone was previously laid by Akhilesh Yadav, the ex-Chief Minister of Uttar Pradesh in the year 2016 although land acquisition was not completed by then.
- The previous tender was cancelled for the project by the Central Government led by Narendra Modi owing to absence of sufficient land.
- The project got specific alignment changes and was revived once again by the current political dispensation.
- There will be a link road connecting the Purvanchal Expressway with Varanasi as well.
- Delhi will also be connected to the expressway through the Agra-Greater Noida or Yamuna Expressway which spans 165 kilometres and also the Agra-Lucknow Expressway which covers 302 kilometres.
- Traveling time will reduce to 4 ½ or 5 hours once the expressway is fully completed enabling lower pollution, savings on fuel, lower accidents and savings on overall time for travellers.
- The EPC (engineering, procurement and construction) system is in place for development of this expressway.
- The whole stretch will be a large industrial zone once it gets linked to the Agra-Lucknow Expressway.
- Uttar Pradesh will benefit since the western and eastern boundaries will be connected, leading to swifter development.
- This is a 6 lane expressway and may be scaled up to 8 lanes in the future.
- The project cost is expected to be approximately Rs. 23,000 crore and completion is expected in a record time frame of 3 years.
- There will be an air strip built in the Sultanpur district for enabling emergency landings for Indian Armed Forces’ aircraft.
- There will be industrial zones coming up along the expressway and it will boost real estate, tourism, agriculture and social development in all areas through which it will go through.
The Uttar Pradesh Government has already fast-tracked construction and development of the Purvanchal Expressway as per several reports.
Impact on real estate markets
Quite obviously, experts feel that the Lucknow real estate market will benefit greatly from the Purvanchal Expressway along with all the other districts through which it is passing through. Several districts, towns and cities in Uttar Pradesh including Varanasi will witness a new spate of development and increasing demand for residential projects.
Additionally, the Uttar Pradesh State Government has planned to build 10 industrial parks all throughout this stretch of 340 kilometres. This will lead to rapid industrialization and commercial development while spurring growth of tourism and hospitality likewise. Commercial realty markets will be boosted and this will create more employment opportunities, thereby spurring demand for residential real estate in turn. More people will be interested in buying property along the expressway, keeping future appreciation potential in mind and also the improved connectivity. The linking of the expressway to the Agra-Lucknow Expressway and Yamuna Expressway will be a masterstroke and will fuel swifter residential real estate development in turn as per experts.
Indeed, expressways are major infrastructural developments that do hold a lot of promise for residential real estate markets in the future. It should be no different in case of the Purvanchal Expressway although real estate developers in these regions are still holding their cards close to their chest. Time will tell if there is a realty boom along this stretch or not.
