There is good news for investors and end users who bought property along the 18km-long, 150 metre-wide Dwarka Expressway in Gurgaon, with the latest estimates saying that the project is likely to be completed by the second quarter of 2015.

Investments along Dwarka Expressway , experts say , will likely give a return upwards of 20% CAGR. With the revival of the economy , the demand for real estate is sure to pick up in the near future.

As the construction of the expressway nears completion, developers will also focus on expediting the delivery of their projects to coincide with the flagging off of the expressway .

“Work on the realty projects along this stretch is going ahead in full steam, as Dwarka Expressway is likely to be completed by next year,“ Arjun Puri, the director of Puri Constructions, said.

He said the remaining work on the balance 3km of the Dwarka Expressway project is on in full swing and the various petitioners have been given certificates of entitlement for alternative plots in Sector 110A and 37C. “The litigation is likely to be over very shortly and we expect Dwarka Expressway to be operational by next year,“ Puri said.

Builders say that as a new government in Haryana is likely to be formed by November, the development work is likely to further pick up after that.

Getamber Anand, the CMD of ATS, said that the development of other infrastructure like sewer lines, electricity connection, and water supply are also likely to be completed by 2015. He said that by the time the construction of the highway and other infrastructure is complete, the realty projects being developed by scores of developers would also be ready for possession.

R K Arora, the CMD of Supertech Ltd, said that private builders under Credai are ready to help the state government complete the infrastructural development as soon as possible. He said the con struction of the rail bridge is also in t progress. Dwarka Expressway has emerged as one of the most sought-after real estate destinations in the National Capital Region (NCR) and promises hand, some returns to investors owing to its proximity to the national capital and the IGI airport.

Construction of 15km of the 18km-long stretch is already complete and only 3km is left to be delivered with Huda committing to settle all rehabilitation issues.

Originally scheduled to be completed by March 2012, the expressway will bring Delhi and Gurgaon closer. It will also ease , the traffic problems on NH-8 and coni nectivity will become smoother and t faster. Interestingly , the developers who t are implementing projects on the expressway played an important role in ex pediting its construction; this will also pave the way to complete the construction of their respective projects.

Because of the delay in the acquisition of land for the project, Indiabulls, the contractor of the expressway , demanded compensation. As it was the responsibility of the Haryana government to acquire and hand over land to the contractor on time, the loss due to the delay was to be compensated by the state government. But as this settlement could have led to more delay, the developers of projects on Dwarka Expressway--under Credai's Gurgaon Chapter--pooled money among themselves to compensate the contractor.

The state government also did its part in resolving the hurdles in acquiring land for construction of the expressway.

There are only four small stretches where construction has not been completed. Out of this, land for 700 metres of the road is under various Huda utilities, like HT pillars and water works, and the agency is shifting them.

According to the detailed map of the road, 800 metres has been handed over to the Indian Railways for construction of a rail over-bridge. Huda has already paid the railways Rs 38 crore in advance for this project.

The land for the balance 2.5km of road is under a stay order--even then, the acquisition proceedings have not been stayed in totality. All the issues have been settled except for those where houseowners there are bargaining for better compensation.

Huda announced a rehabilitation policy where people with built-up homes or any other structure there are being offered alternative plots in Sectors 110 A and 37C. The plots on offer are of almost the same size as the plots being taken over.

Huda has acquired 145 acres in the two sectors for this purpose. However, only 15 acres will be required to re-settle all the petitioners. A Huda official said that a number of villagers who had houses on the 3km stretch of the expressway have already accepted developed land in lieu of their houses.

More than 33,000 houses are under construction on Dwarka Expressway and the completion of the expressway will open the doors to many more projects here. The main developers on Dwarka Expressway include Experion, Puri Constructions, Ramprastha, Indiabulls, ATS, Supertech, Assotech, Uppals, Raheja, Sobha, and Chintels.