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The Union Minister of Road Transport and Highways has announced that a new economic corridor would be established between Dehradun and Delhi by 2023. This corridor, which would be known as the Delhi-Dehradun Expressway, would significantly bolster connectivity between the two cities, reducing transit time. A major benefit as a result of this would be that the real estate industry in both these cities would get a boost, thanks to the new economic corridor which would be awarded by August 2021. This thoroughfare would be a six-lane corridor, extending for 210 kilometres. Presently, it takes around five hours to travel to Dehradun from Delhi. Once this road is completed, it would reduce the travel time by three hours.
In the new economic corridor, the road will connect Haridwar, after starting off from Saharanpur Bypass. Eventually, people would be able to travel between the two cities in just a couple of hours. Given that both Dehradun and Delhi are commercial strongholds of India, the real estate industry would benefit from enhanced connectivity. In the coming years, new residential and commercial projects are likely to be launched along this area. Obviously, real estate developers and other key players in the market are enthusiastic about this development.
Besides, once the road is constructed, reputed developers are likely to come up with fresh projects on this stretch. Presently, real estate prices in Delhi are already high. For buyers, these new properties may come at a relatively lower cost. Considering the transportation benefits to the capital, homeowners are likely to explore the new residential zone. Moreover, Dehradun continues to be a favourite holiday destination for the residents. People from Delhi and the surrounding areas would be able to visit Dehradun in a much shorter time.
Over the years, India has witnessed a common trend in the real estate industry. New residential zones come up in areas alongside the popular corridors. For instance, the state and national highways are already witnessing substantial growth of the real estate industry. Along with adequate industrialization and job opportunity creation, such areas are experiencing a fast migration of the masses. Besides, the availability of public utilities, production units, logistics, social infrastructure, environmental protection and administrative services further enhance the liveability in these areas. All these factors have significantly leveraged the economic growth along the main thoroughfares.
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