One major factor that has always helped in the appreciation of the property value is the ‘road connectivity’. Whenever you see the advertisement by any builder, their new project launches often carry a list of amenities and facilities, and connectivity to major hubs has a very prominent place on the list. Developers take great advantage of this ‘good connectivity’ factor and it opens up the possibility of an appreciated value of the property in the future. But does any relationship actually exist between better roads and real estate values? Let’s find out:
From the past examples it is evident that there is an extensive real estate value appreciation whenever any new major road link has been announced. We have a lot of customers feel that with the infrastructure development their plot value along the development corridor will rise phenomenally and thus it will fetch them a bigger value if they sell now. It majorly helps the residents of the area. A very simple example being that it helps the office goers to reach and return from their workplaces faster, aside from enabling them to spend some quality time with their families.
The recent news of the initiation of the land acquisition process for the new 'super expressway' that NHAI is building between Delhi and Jaipur is a good news for not only the travellers, but also the residents in this periphery. Above all it will reduce the distance between the two cities by around 40 km. It will pass through seven districts before terminating at the Rajasthan capital. With a length of about 195km and a main carriageway of six lanes which will be fully accessed-controlled. The road is unlikely to bring the commuting time between Gurgaon and Jaipur down to 90 minutes+, but will still cut by half or more the total commuting time to the Pink City.
Last year the development of The Faridabad-Noida-Ghaziabad (FNG) Expressway was considered a very smart move. The 56-km-long FNG Expressway, which is predicted to begin in mid 2017 is all set to change the urban landscape of the region. Not only will it unlock the land parcels in these regions, but also help the working class to buy. It will further give a boost to the properties around the surrounding areas like Sohna Road.
Opportunities for the developers: Developers have always sensed big opportunities when such developments take place. Just for an example, while FNG will improve the connectivity between Noida and Faridabad, developers are sure that the FNG Expressway is bound to transform the property markets of these areas and their urban landscape. The fact remains that the improved connectivity leads to more big-ticket investments and economic opportunities. All these factors have a chain effect on the affluence of the real estate market of that particular area. Real Estate developers have also quoted that there is a high demand for homes in well-connected areas because they provide easy, safe, healthy and cost-effective life style to residents. So even if the surrounding markets have a lesser market value, such moves help them to scale up and thus boost liveability.
So while the highway minister has promised that work on Delhi- Jaipur super expressway will start this year, the infrastructural addition consequently makes the real estate prices along the stretch to soar. It also opens up avenues for revenue and investment.