By: Ravi Sinha
Track2Realty Exclusive: Bhiwadi in Alwar district may be seen as a gateway to Rajasthan by many, its emergence as a property hotspot has more to do with the thriving economic activity in the neighbouring state of Haryana. Of course, Rajasthan Industrial Development and Investment Corporation (RIICO) is also aggressively pushing to make the place a destination magnet.
What has actually goaded investors to Bhiwadi property is the skyrocketing property prices in Gurgaon-Manesar. That, however, is only the beginning of the story. Today Bhiwadi seems to be stepping out of the shadow of Gurgaon-Manesar to emerge as a destination realty on its own.
In terms of connectivity, Bhiwadi has an excellent connectivity with eight lane NH-8 through Dharuhera-Bhiwadi bypass road. This town is only about 55 kilometres from the Delhi International Airport, 90 kilometres from Alwar, 40 kilometres from Gurgaon and around 60 kilometres from Faridabad. This area will also be connected with the upcoming Kundli-Manesar-Palwal Expressway which is a future connectivity promised in 2021 Gurgaon-Manesar Master Plan.
Developers who were the first movers in the Bhiwadi market have already been benefitted. For instance, Ashiana Homes has been witness to this rise in demand, with the projects like Ashiana Aangan, which were launched at the price range of Rs 2,200 per sq ft, are now selling in the range of Rs 3,400 per sq ft.
Today, many of the key players in the real estate have come up with their residential projects in the area, like Avalon, Nemai, Terracity, M2K, Cosmos, Essentia, Omaxe, BDI, Genesis, Innovative colonizer, Jagrit Infra, Kajaria Infra, Kingfisher, Konark, MVL, Parasvnath, R-Tech, Star Realcon and Krish Group have also come up with their projects in this area.
Vishal Gupta, MD, Ashiana Housing says this upcoming destination has turned away from the sleepy hamlet and is one of the largest industrial hub and guarantees a future growth with opportunities for residential, commercial and hospitality. Advantageous strategic location and presence of global top notch companies have also opened the atrium to fulfill upcoming humongous demand of affordable housing, retail and hospitality, proving to be a perfect investment destination for those who have a dream to own their own home without burning their pockets by the skyrocketing prices of Delhi.
âApart from thriving corporate MNCs, recession proof education and hospitality sectors, residential sector in Bhiwadi contributes significantly to the growth of cityâs realty. As anticipated over 16 million homes are needed in coming 10 years to meet the requirements of burgeoning middle class families. According to the present and future scenario, the affordable housing segment and the middle income group hold the largest share of the demand pie and hence the flurry of development activities in this new location would meet the needs,â says Gupta.
Many believe within 2-3 years, the area will be able to fully realize its potential and will gain foothold in the market. The immense development of MNCâs and commercial real estate markets in Bhiwadi has driven the growth of residential property in the city. Enhancing its appeal as a serious real estate market, Bhiwadiâs real estate has seen a steep escalation in property values.
Ignored by investors and developers earlier, the region has now witnessed a surge in real estate activities both commercial and residential. The biggest gripping advantage is that the property is available at affordable rates and there is ample land that can be developed.
Not just comfortable affordable housing facilities, the city also offers superior educational facilities with the presence of reputed institutions like Modern Public School, St. Xavier School, Starex International, DPS, UCSKM, Presidency the International School which cater to the educational needs of the region.
Shopping complexes like Village Center, Aangan Plaza, BB Mall, Genesis, Hotels including Treehouse, Optus group, Fortune hotels along with branches of premier Banks like HDFC, ICICI, SBI, SBBJ, PNB, OBC, BOB, Yes Bank, etc., makes Bhiwadi an ideal residential hub. A lucrative option to invest and yield profits in return.
Omaxe has also been an early mover in Bhiwadi with two townships â Omaxe Panorama City and Omaxe Meadow Green City consisting of plots, villas, group housing, independent floors, commercial space etc. Company claims these properties have earned a premium of as high as 200% in the last six years.
Surender Goyal, AVP, Omaxe believes location has always played a key role in the development of Bhiwadi. Its proximity to Delhi and Gurgaon, affordability of residential units, presence of industries, fast-paced infrastructure development and a lot of working population has helped the city emerge as a destination of choice. The authority has been proactive in ensuring that the town has all the necessities like schools, hospitals etc.
âIn order to make Bhiwadi further attractive for investment, including attracting large amount of FDI, the government has proposed several measures in and around the region â among the seven NIMZ along the Delhi-Mumbai Industrial Corridor (DMIC), one is at Khushkhera-Bhiwadi-Neemrana belt, which is already approved, two new airports â in Neemrana and Jodhpur, the operational Dharuhera-Bhiwadi bypass road, bullet train from Delhi to Neemrana etc are some of the proposals that are bound to take Bhiwadi on the World Map. Fast-pacing the above is the need of the hour,â says Goyal.
In the coming times, as most of these proposals take shape, the price and demand for real estate projects in the region is bound to go up. Bhiwadi has been successful in pulling out buyers from NCR, Gurgaon-Manesar. Realty analysts assess that it is just a matter of time that Bhiwadi will come into full circle and become a much preferred destination with ample job opportunities.