Eastern Peripheral Expressway To Ease Traffic In Delhi, Boost Realty in Haryana, UP
Come August 2018 and those who have to travel between major areas of Haryana and Uttar Pradesh will not have to get stuck in jams. An expressway between Palwal and Kundli in Haryana, which would touch some cities in UP as well, would help reduce traffic snarls in Delhi too.
Considering the progress of the construction work at the Eastern Peripheral Expressway, a 135-km bypass that would connect Faridabad, Palwal and Sonepat in Haryana with Baghpat, Ghaziabad and Gautam Budh Nagar in Uttar Pradesh, the National Highways Authority of India (NHAI) is hopeful that traffic bottlenecks within national capital Delhi will see a substantial reduction.
It is to be noted that the contract for the construction of this six-lane project, estimated to cost the government Rs 7,558 crore, was awarded in August last year but the construction work began in May this year. Being developed under the National Highways Development Project Phase-VI, this half ring road is expected to be amongst the many efforts the authorities are making to realise their 'Decongest Delhi' goal.
However, the expressway is also expected to brighten up the real estate scenario. As property market in the national capital region (NCR) struggles to get back on its feet, the bypass would give a leg-up to the home sales.
According to PropTiger DataLabs annual report for the financial year 2015-16, the NRC was the worst-performing real estate markets among nine major cities of the country. Developers with heavy investments in Noida, Ghaziabad, Gurgaon and Manesar have been sitting on a huge inventory pile, waiting for sell their projects.
On completion, the expressway will make property in many cities of Haryana and UP more lucrative and home buyers, who have been refraining from shifting to remote suburbs, will be keen to invest.
For regular updates on real estate, click here