Tag Archives: Bhiwadi real estate

Time to reposition Bhiwadi as Grade A city

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: If only IT/ITeS was the driving force behind the economy of a given city in general and its real estate market in particular, then Bhiwadi would have no choice but to accept its fate as a city that could never shape up as Grade A City.

- india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news,Track2Media, Track2Realty, ravi sinhaBhiwadi as a city has for long weathered the perception of an industrial belt which was seen to be an alternative destination for those who can not afford Gurgaon or Manesar. After all, office occupancy pattern has been a benchmark of the prosperity of a given city since it indicates the jobs and disposable income which eventually is a catalyst for the growth of housing and retail as well.

The fact that Bhiwadi is an industrial city with no major presence of IT/ITeS, it was enough for the critics to conclude that the city can never scale up as a Grade A city.

However, the latest reports indicating that IT/ITeS has slipped down to fourth position in terms of office occupancy with the BFSI (Banking, Financial Services & Insurance) leading the pack followed by engineering and pharmaceutical clearly suggests that IT/ITeS is not the only driver of the economy of a given city to elevate it as a Grade A city.

This also proves that since the planned development of Bhiwadi as against the crumbling infrastructure in other locations in the vicinity has always been an eye shore, the absence of information technology driven job market was just an excuse for the critics to write off the otherwise robust economy of the city.

Today, Bhiwadi has silenced its critics as a truly realistic market which has many job opportunities and the expat professionals are increasingly opting to buy an apartment to settle down in the city. This also has a chain effect on the overall socio-economic indicators of the city. The old Bhiwadi city is increasingly making room for a modern urban industrial city.

Bhiwadi may not be a happening city like Gurgaon or Pune for the young professionals; it nevertheless has its own traction points. At a time when the unrealistic appreciation across many of the major property markets of Delhi-NCR are leading to the saturation point of those markets the young professionals are finding Bhiwadi to be a realistic market to bet on for not only the appreciation potential but also liveability index of the city.

Even the investors in the region believe that most of the micro markets are over-heated in region and Bhiwadi promises to be an exception for medium to long term outlook.

The Multi-National Companies (MNCs) are hence increasingly scaling up their presence in the city with a long term outlook; something that promises to change the very socio-economic outlook of any given Grade A city.

A definite indicator of the long term outlook of the corporate sector is the office occupancy which is today tilted in favour of buying than leasing; thus indicating long term plans of the companies.

The brands have also realised this emerging reality of the city and today nearly all the big brands have opened their outlets in Bhiwadi. So, it is not just the affordable housing that is the USP of the city. Though affordable housing continues to be one strong attraction in this part of the property market, yet the supply of quality office spaces and a number of upcoming malls clearly suggest that it is time to reposition the Bhiwadi city as a Grade A property market.

In agreement over Bhiwadi’s elevated positioning, Nikhil Hawelia, Managing Director, Hawelia Group says Bhiwadi is fast emerging as a property hot spot and there has been a significant price appreciation in the last four-five years. Bhiwadi is modernizing fast and has all the lifestyle facilities of a city. For the working population of Gurgaon-Manesar, Bhiwadi is still a pocket friendly destination when compared to other areas of the NCR.

“Moreover, with all the surrounding industrial settlements in the city and its smooth connectivity to the national highway & capital of India, Bhiwadi has received mega push for realty to flourish which is expected to grow further,” says Hawelia.

Analysts tracking the market in this part of the world point out that Bhiwadi has always been a Grade A city in the making with the seemingly two contrasting concepts of affordable and luxury shaping up so very well in the city that the aspiring middle class with relatively moderate budget and luxury aspirations and choices found Bhiwadi a natural nestling zone.

Luxury was within the budget not only for the professionals in the city but also the retired persons. To add to it, Bhiwadi does not have the infrastructure bottlenecks of metro cities or other corporate cities.

Bhiwadi, as a matter of fact, still carries the tag of affordable destination since land price in this micro market is still on the lower side compared to Gurgaon or even Manesar. This is the primary reason why property in Bhiwadi is available even today at approximately one tenth the price of Gurgaon. However, due to its location and increasing economic opportunities Bhiwadi is today pulling out buyers from across the boundaries of Delhi, Haryana and Rajasthan.

Gaurav Gupta, Director of SG Estates finds the affordable luxury living ingrained in the very basic DNA of the city. He asserts that there are not one or two but a multiple of factors that have helped Bhiwadi getting shaped up as affordable luxury locations. The best part is that this market does have its own distinct identity without competing with the ultra luxury locations in the vicinity, even though in terms of DNA of a smart city Bhiwadi fares better than the more glorified markets in the neighbouhood.

“It is not just about the vicinity to the ultra luxury locations like Gurgaon which is helping this location; rather the economy of the region is driving the market to a point of affordable luxury. Very much like Gurgaon where the young expat professionals have raised the bar of living, in Bhiwadi too they are the prime demand drivers. However, unlike Gurgaon where the presence of IT/ITeS and hence better pay package led to demand of ultra luxury living, in Bhiwadi the major economy is the manufacturing sector. In manufacturing sector you don’t have as high paying jobs as the IT/ITeS and hence the positioning of the city has been as affordable luxury destination. That, however, is changing now” explains Gupta.

In a nutshell, the emerging market dynamics has changed the outlook on Bhiwadi beyond a mere affordable destination; and today it is very much scaling up as a Grade A city in its organic growth trajectory. However, the biggest challenge that the city faces today is the perception in the collective consciousness about the city as a mere affordable zone.

Urban planners in this part of the world also admit that this thought process needs to be changed in order to ensure Bhiwadi gets a few big-ticket investments that could change the urban landscape of the region.

Beyond town planning, the change in outlook also requires the meticulous positioning of the city from a different perspective and altogether new mindset. As of now, what can be conveniently vouchsafed about the city is that it is time to reposition Bhiwadi as a Grade A city.

 

Bhiwadi turning into affordable luxury destination

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Though affordable housing might be its USP for long, the entry of malls, multiplexes and other lifetyle options have turned Bhiwadi into affordable luxury destination.

Ashiana Angan Bhiwadi, Ashaiana Angan Phase 3, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyMayank Talwar, a mechanical engineer was transferred by his office to Bhiwadi in the year 2010; much to his disliking. After all, he had worked in some of the leading cities like Pune, Nagpur and Gurgaon. At a time when the recession was at its peak and companies offering pink slip he had no choice but to move to what he thought like a capital punishment.

Four years down the line, Mayank has all the reasons to feel it was a stroke of luck that brought him to this city. Reason: Today he finds the same kind of lifestyle options emerging in Bhiwadi that he was missing out when he first moved over here. The best part of the deal is that he could afford to buy a relatively luxurious apartment in Bhiwadi; though he could not afford even affordable apartment in other luxury cities that he previously worked.

“I have all the reasons to smile for my stay in Bhiwadi as I could buy a luxury apartment with the kind of moderate budget that could not offer me even a decent roof over the head in other leading cities. Moreover, with the kind of malls, retail brands, hangout zones and night out options that are emerging in Bhiwadi I feel it was blessing in disguise that I was transferred to this city. Bhiwadi truly offers all the lifestyle options today and the best part is that it is affordable luxury living over here,” says Talwar.

Analysts tracking the market in this part of the world are not surprised either. They believe the seemingly two contrasting concepts of affordable and luxury has shaped up so very well in the city that the aspiring middle class with relatively moderate budget and luxury choices finds Bhiwadi a natural nestling zone. After all, Bhiwadi carries the tag of affordable destination since land price in this micro market is still on the lower side compared to Gurgaon and this is the reason why property in Bhiwadi is available at approximately one tenth the price of Gurgaon. However, due to its location, Bhiwadi has been pulling out buyers from NCR, Gurgaon, Manesar to name a few.

Moreover, Rajasthan State Industrial Development and Investment Corporation (RIICO) is providing excellent facility with no issues on infrastructure, water, power whereas these are the bottlenecks even in the neighbouring industrial model township Manesar. It is working two ways—while it is attracting more and more industries over here, even the aspiration level of the local population has gone up and that spells well for the overall economic growth and property market of Bhiwadi.

Nikhil Hawelia, Managing Director of Hawelia Group thinks for long the markets in general and the housing market in particular has been characterised by two contrasting mindsets of affordable and luxury but the quest of the biggest buying group in middle class has been a fine balance of both. He says it can easily be vouchsafed that Bhiwadi fits into this space and ideally this should be the positioning of Bhiwadi.

“The best part is that affordable luxury living in Bhiwadi has not emerged by design but by default to a large extent, as the city was initially planned as the industrial zone from commercial standpoint and retirement zone from residential standpoint. This natural evolution, instead of a concept being pushed by the market forces, suggests that affordable luxury is a sustainable concept in the city and it is here to stay. For the ultra luxury seekers there is always a high end property market in the nearby Gurgaon city,” says Hawelia.

However, Gaurav Gupta, Director of SG Estates finds the affordable luxury living ingrained in the very basic DNA of the city. He asserts that there are not one or two but a multiple of factors that have helped NCR locations like Bhiwadi and Raj Nagar Extension getting shaped up as affordable luxury locations. The best part is that these markets do have their own distinct identity without competing with the ultra luxury locations in the vicinity.

“It is not just about the vicinity to the ultra luxury locations like Gurgaon which is helping these locations; rather the economy of the region is driving the market to a point of affordable luxury. Very much like Gurgaon where the young expat professionals have raised the bar of living, in Bhiwadi too they are the prime demand drivers. However, unlike Gurgaon where the presence of IT/ITeS and hence better pay package leads to demand of ultra luxury living, in Bhiwadi the major economy is the manufacturing sector. In manufacturing sector you don’t have as high paying jobs as the IT/ITeS and hence the positioning of the city has been as affordable luxury destination,” explains Gupta.

Dhirender Gaba, Managing Director of Fairwealth Housing does not seem to agree with the theory of economy of sustenance that has positioned Bhiwadi as the affordable luxury destination. According to him, this is the first wave of luxury and lifestyle choice in the city and the process of evolution will take its own time before the city transforms into a complete corporate city that is a choice destination for the upwardly mobile young professionals. The early indications are definitely encouraging for all the stake holders in the city.

“Bhiwadi has rather picked up fast due to peer pressure of lifestyle choices in Gurgaon-Manesar region. Most of the urban corporate destinations have taken time to scale up in the value chain of luxury and lifestyle. But if the aspiration quotient of the city as affordable luxury destination is any indication, there is a mega global city emerging out of Bhiwadi. What I can bet over at this point of time is the fact that the positioning of Bhiwadi as a key corporate city can only be delayed but not denied,” says Gaba.

The question is in the absence of high paying economic activity like IT/ITeS will the city keep the desired pace to sustain the projected growth and the life style. Critics often point out that in the absence of steadfast pace of economic activity the market may end up being another investors’ haven. However, developers active in this market maintain that more employment opportunities have seen people preferring to stay in Bhiwadi than commute to work. Also, a large number of floating population from nearby cities and across the country is still high, which needs to be catered to in terms of their aspiration and lifestyle choices. The rise of nuclear families have further seen emergence of more demand for dwelling units in the region.

The biggest challenge for Bhiwadi for quite some time has been the socio-economic barrier as spending habit was not there in the old Bhiwadi population. But with the expat young population settling in the city not just the eco system but the whole mindset changed over a period of time.

Today, malls and lifestyle driven brands are further promising to change the lifestyle of the city and Bhiwadi may change its outlook in another few years. Most of the real estate developers in the city are also seasoned players in business who understand the opportunity cost with land being cheaper. They may eventually have the first-movers advantage and their initial foray have already been proved to be a game changer move for the city. It is still a transition phase of lifestyle and it is also a learning curve for Bhiwadi.