MORE VALUE FOR YOUR MONEY
The advantage of buying property in Manesar is that you can get a 2BHK for lakh
The hills of Aravalli tempted Col (retd) SC Gulati and his wife to opt for a permanent residence in Manesar. “When we were planning to buy a house, we went to several places in Delhi and Gurgaon but finalised a plot of land in Sector 1 in Manesar because of this brilliant view of the hills. I feel I am close to nature,” says Gulati.
Manesar as a lot more to offer in terms of planned development and affordable property. That’s the reason why, in past three to four years, prices have witnessed more than 100% appreciation. “In spite of the price rise, however, it remains an affordable destination when compared to other sectors of Gurgaon, because you can purchase property in the range of R3500 per sq ft to R4500 per sq ft in Haryana State Industrial and Infrastructure Development Corporation’s (HSIIDC) society flats in Manesar and for R5000 per sq ft to R5000 to R9000 sq ft in Gurgaon’s new sectors 86 to 95 which are close to Manesar,” says Pradeep Mishra, a property consultant.
Manesar has eight sectors out of which only Sector 1 has residential peroperties. Over a period of time, three segments have been made available here. There are 548 plots available from sizes ranging from 280 sq m to 900 sq m. These have been allotted by HSIIDC to private homebuyers, many of whom have built villas here. The second property segment includes group housing societies set up by workers of various corporates and industrial houses such as Toyota, Mitsubishi, Honda, Suzuki etc on land bought from HSIIDC. There are about 53 such projects. In the apartments category, there are offerings by DLF, Anantraj and ABW. “Construction work is progressing on the DLF project. Private developer ABW’s Aditya Niketan offers 3BHK and 2 BHK finished ground +2 independent floors. These are the only developers in Sector 1 (Phase II) in Manesar,” says Shashi Pal Singh who is also an active member of IMT Manesar Residents’ Welfare Association.
The other seven sectors of Manesar have been demarcated for industries and have round 500 units and other organisations, software and R&D hubs and a host of Indian and multinational firms. “It’s called the Industrial Model Township (IMT) and also offers residential options for those who work in these industries. Almost all the residents of Sector 1 (the residential area) are engaged at different levels with these companies/industries,” says Mishra.
Large-scale real estate development is also taking place close by, ie, along the National Highway 8. These areas fall within Gurgaon’s new sectors, 86 to 95. Prominent projects in these sectors are Unitech Karma Lakelands, Raheja Navodaya and Raheja Sampada, DLF New Town Heights, Ansal API Fernhill, Bestech Park View Ananda, Sare Homes The Grand just to name a few.
“Raheja Navodaya is spread over 17 acres and it is aimed at providing international quality housing to the residents of Delhi NCR, including the executives of IMT Manesar and peripheral industrial areas of Gurgaon, including SEZs,” says Harinder Dhillon, senior vice president, sales and marketing, Raheja.
A 2BHK measuring 1498 sq ft cost approximately R85 lakh in Raheja Navodaya in Sector 92.
While price appreciation has been quite moderate in Manesar Sector 1, projects in sectors 86 to 95 have yielded handsome returns for investors in the last few years.
In the next one year, experts predict, property prices will appreciate by at least 30%. “In the last three years, prices have already almost doubled in most of the good projects in Gurgaon’s sectors 86 to 95. Most of them will be completed in another six months to one year. According to my estimates by the time possessions are offered, prices will rise by 30 to 40%,” says Dhillon.
There are many other factors and government initiatives which will push the residential demand up in the coming years.
David Walker, executive director, SARE Homes, says, “Housing demand in Gurgaon (including Manesar), has been rising, most of which can be attributed to the mid-income segment. Initiatives such as Metro-rail connectivity to Delhi and the development of the Kundli-Manesar-Palwal (KMP) Expressway have played a significant role in this trend.”
PROPERTY RATES IN IMT-MANESAR