Taj Expressway: the Golden Goose

By: George Gonigal

The travel time between Delhi and Agra would come down from 5 hours to 3 hours once the Taj Expressway becomes operational in 2010. At an investment of Rs 2,250 crore, the six-lane access controlled expressway will provide seamless journey of 165 kms, covering three-fourth of the total distance of 203 kms, between Delhi and Agra.

Not just the inter-city travel, the project will also help de-congesting the traffic within the national capital region. It will interlink the townships and commercial centres on the eastern side of Yamuna, in Delhi. As per estimates, more than 25 million square metres of land will come under the ribbon development area of Taj Expressway project.

Subsequently, this corridor opens a new channel for real estate development, especially in Noida and Greater Noida. The Greater Noida Industrial Development Authority (GNIDA) has already invited bids for the construction of hotels near Taj Expressway. The authority is planning to build five-star and three-star hotels across the highway.

Approximately 2,500 hectare of area would be developed for commercial, amusement, industrial, institutional and residential real estate development purpose, sources informed. Its impact can be clearly seen on the real estate markets of Delhi, Noida and Greater Noida. The property values in sectors such as Chi-Phi, Eta, Sigma and Delta are gradually escalating. With this, the real estate market in Noida and Greater Noida will come under the radar of developers and investors alike. Meanwhile, real estate developers such as DLF, Unitech, Parsvnath, Eldeco, Omaxe and BPTP have sensed the opportunities in the corridor and are coming up with various projects across the board.

Notably, the project, which would be implemented on build-operate-transfer (BOT) model is likely to be completed by February 2010, before the launch of the Commonwealth Games.

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