In the Delhi NCR, two expressways provide residents the possibility of convenient community living and remote work opportunities. One extends 22km through Noida and Greater Noida in the eastern part of the region. Another spans 18km in Dwarka.
These expressways improve connectivity within Delhi NCR, which allows real estate developers to create more properties in Noida and Dwarka.
Originally, the intention was to allocate land to developers planning to construct commercial properties and offer office spaces for rent in Noida, Greater Noida, Dwarka, and Gurugram. This transformation has turned these regions into major hubs for working professionals from across the nation. Consequently, it spurred significant growth for real estate developers focusing on residential complexes.
However, the rapid transformation into residential areas led to water and sewage issues in the southern sectors. Developers were unable to adequately meet residents' daily needs. While the eastern region maintained consistent access to water and sewage services, it struggled with funding. Developers relied on funds acquired from farmers, which became a central issue in managing resources to meet growing demands. Additionally, demonetization further delayed the completion of launched flats, such as the Unitech Grande project in Greater Noida, which was launched in 2007 but remained unfinished after a decade due to insufficient funds. Now, with government directives pushing developers to increase supply, these flats may sell at significantly reduced prices due to delays. These properties, located along the Yamuna Expressway and near an 18-hole golf course, were initially aimed at luxury buyers.
As a consequence of these issues, compounded by the post-demonetization environment where consumer confidence and home-buying aspirations waned, reducing property prices appeared to be the viable solution. Lower prices could potentially fill vacant flats and moderate the construction of new units intended to satisfy demand following the Union Budget of 2017.