Cost of land near highways to increase 60-80% in short term: JLL

02 Jul 2021 CW Team

In the short term, property prices near India's national highways are expected to rise by 60-80%. According to a JLL report, the price of real estate around micro-markets will rise by 20-25% once the facilities are operational.

Prices will surge by 60 to 80% in the short term as the government focuses on providing world-class infrastructure in its highway networks. Increased connectivity and infrastructure improvements will lead to a short-term price increase. According to JLL's report, after wayside amenities open up, the price of land around micro-markets will rise by nearly a quarter.

The National Highway Authority of India (NHAI) is ready to capitalise on these market conditions and has already identified several potential development sites. The National Highways Authority of India (NHAI) has identified 650 properties in 22 states across India with a total area of over 3,000 hectares that will be developed with private sector involvement over the next five years.

There will be 94 sites along the Delhi Mumbai Expressway, nearly 180 sites along existing highways, and 376 sites along new or under-construction highways.

Over the next five years, private investors will invest a total of Rs 4,800 crore in the projects, with capital expenditure ranging from Rs 1 crore to Rs 10 crore per site, or an average of Rs 2 crore per hectare of site area.

Shankar said bids have already been invited for 138 of the 650 identified sites, with enthusiastic participation from market players. As of June 30, 2021, the majority of the 138 site tenders were still open for bids.

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Also read: India's first green and safe highway to be developed in Rajasthan

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