Land prices go up with news of proposed Delhi-Jaipur Expressway

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The National Highways Authority of India (NHAI) and the Central Government are emphasizing on fast-tracking the development of the Delhi-Jaipur Expressway and this development has spurred a rise in land prices across several regions to the tune of almost 40%. Areas that are seeing such rapid increases in land prices include Rewari and Manesar in Haryana and Neemrana and Ajeetgarh in Rajasthan.

However, NHAI has not yet acquired the land needed to execute this project. The proposal for this Highway came about in the year 2013. However, progress was stymied due to hurdles related to land acquisition. Real estate prices have historically increased several times whenever there are proposals for road development based projects. This is because there are expectations of connectivity and infrastructural improvements whenever any such announcement is made.

The proposed Expressway connecting Delhi and Jaipur will have 6 lanes and this will help in lowering the overall distance by 40 kilometres between these two cities. The traveling time will go down to 2 hours from the present estimate of anything between 4-6 hours. There was a pressing need to develop this new expressway due to insufficient road networks for linking Delhi more easily to Gujarat, Rajasthan and Mumbai. This increase in land prices will have a positive impact for key realty players such as HDIL and DLF who already have a significant presence in these areas.

As per the latest reports, Rewari, Manesar, Ajeetgarh and Neemrana are the new real estate hotspots and the spurt in land prices may indicate bigger things to come. The NHAI and the Ministry of Road Transport and Highways have reportedly stated that the new alignment is still to be notified officially although it has been finalized internally going by reports. The total alignment is usually considered absolutely ready once the total land required for any such project is fully acquired. This also means deciding on the compensation to be paid out to land owners and full disbursal of the same.

The National Highway 8 is one of North India’s most buzzing highways since it links Delhi to the metropolis of Mumbai with major cities like Ajmer, Jaipur, Gurgaon, Ahmedabad, Udaipur, Surat and Vadodara falling on the way. This Expressway will be starting out from the Delhi-Gurgaon Expressway in close proximity to Gurgaon’s Kheri Daula Toll Plaza and will be passing through a total of 7 districts prior to ending in Jaipur. The total length of the Expressway will be approximately 195 kilometres and there will be access control as well. There will be six lanes with three lanes on either side. The distance between Delhi and Jaipur is 235 kilometres at present.