Neemrana and Bhi­wadi in Ra­jasthan and Dharuhera in Haryana are emerg­ing as af­ford­able sub­sti­tutes with im­mense growth po­ten­tial for peo­ple who find Gur­gaon and Mane­sar too ex­pen­sive

HT Estates - - NEWS - Bhupin­dra Singh

Delhi, Gur­gaon and Noida have been the hubs of op­por­tu­nity and will con­tinue to be so. How­ever, due to con­sid­er­able de­lays in de­liv­ery in the short run, the in­ter­est of in­vestors seems to have plateaued. Growth op­por­tu­ni­ties have mi­grated to small­er­known mar­kets like Bhi­wadi, Neemrana, Bharat­pur, Al­war, Dharuhera, and Bhi­wani, which are likely to of­fer more scope for cap­i­tal ap­pre­ci­a­tion.

The Na­tional Cap­i­tal Re­gion has un­der­gone an­other round of ex­pan­sion with three more dis­tricts - Ma­hen­dra­garh, Bhi­wani (both in Haryana) and Bharat­pur (Ra­jasthan) added to it, thus in­creas­ing the to­tal num­ber of dis­tricts in the NCR to 19. The move is aimed at re­duc­ing the bur­den on Delhi, Noida and Gur­gaon, and thus ex­pand­ing the Delhi sub­ur­ban re­gion.

The NCR tag of­fers huge op­por­tu­nity for th­ese new ar­eas. How­ever, a Mas­ter Plan for th­ese ar­eas needs to With real es­tate be­com­ing un­af­ford­able for the mid­dle in­come group in Gur­gaon and Mane­sar the towns of Dharuhera and Bhi­wadi have emerged as af­ford­able sub­sti­tutes with im­mense growth po­ten­tial. Some of the prom­i­nent de­vel­op­ments here in­clude the open­ing of in­dus­tries worth R3,000 crore in Bawal, a car plant of Honda Siel in Khushkhera, the Ja­panese cor­ri­dor, and a rail­way cor­ri­dor. Over 5,000 medium and large fac­to­ries are driv­ing the com­merce in the re­gion. Prox­im­ity to the yet-to-be con­structed KMP Ex­press­way and lo­ca­tion on the NH8 are added ad­van­tages. Over 20 ma­jor de­vel­op­ers are al­ready work­ing on com­mer­cial and resi- be chalked out or else it may lead to un­scrupu­lous el­e­ments ag­gre­gat­ing land, thereby driv­ing land prices up ex­po­nen­tially. It might re­sult in early sat­u­ra­tion of prices, which would leave very lit­tle mar­gin for the gen­uine in­vestor/con­sumer to make gains. den­tial projects in the re­gion. Dharuhera in par­tic­u­lar has been a favourite among de­vel­op­ers. A new trend of hav­ing a sec­ond home fea­tur­ing re­cre­ational fa­cil­i­ties like a spa, a sauna, jacuzzi, a health club, etc is de­vel­op­ing and largely driv­ing this mar­ket. All in all, about 30-odd new res­i­den­tial projects con­trib­ute around 10,000 dwellings units in Bhi­wadi. Eight new projects in Dharuhera add an­other 1000 units. Th­ese two mar­kets are go­ing to be the hot spots in the com­ing years. Dharuhera cur­rently leads in pric­ing and Bhi­wadi in terms of quan­tity and in­fras­truc­tural de­vel­op­ment. Neemrana has long been a week­end get­away for Del­hi­ites and is now wit­ness­ing de­vel­op­ment. The widen­ing of the NH8 to eight lanes is ex­pected to re­duce travel time from IGI air­port to a con­sid­er­able ex­tent. It is also an in­te­gral part of the am­bi­tious Delhi Mum­bai In­dus­trial Cor­ri­dor (DMIC) in Ra­jasthan. A global city span­ning 40,000 acres is pro­posed by the Ra­jasthan Gov­ern­ment. There is also an am­bi­tious pro­posal for a high-speed re­gional rail trans­port sys­tem (RRTS) run­ning from Delhi to Al­war via Gur­gaon and Re­wari which could in turn im­prove Neemrana’s con­nec­tiv­ity in the com­ing years. All th­ese fac­tors have al­ready brought about a lot of ac­tiv­ity in the real es­tate mar­ket of Neemrana. Nu­mer­ous town­ships, hous­ing so­ci­eties and villa com­plexes have al­ready been launched and sold out. Land prices in the past 24 months have more than dou­bled. In­ter­est­ingly, 38 univer­si­ties have re­ceived an in-prin­ci­pal ap­proval for set­ting up cam­puses in Neemrana. When the univer­si­ties come up, the area would be­come a cap­tive township for stu­dents, more on the lines of the satel­lite township of Greater Noida. Sev­eral Ja­panese MNCs and In­dian com­pa­nies have their of­fices in this area, and sev­eral oth­ers are ex­pected to join soon given the rel­a­tively cheaper avail­abil­ity of skilled and un­skilled labour. Neemrana seems to be the most promis­ing lo­ca­tion for in­vest­ment where the cat­a­lyst is the pres­ence of for­eign play­ers in the re­gion. With de­vel­op­ments in Bhi­wadi and Neemrana pick­ing up pace, Al­war seems to be an­other log­i­cal des­ti­na­tion since its com­merce has been bur­geon­ing and is pro­vid­ing af­ford­able res­i­den­tial op­tions. The Bhi­wadiAl­war road and Al­war by­pass are some of the best lo­ca­tions in the re­gion. Prox­im­ity to Jaipur, Delhi and tourist spots in the vicin­ity make it an im­por­tant real es­tate des­ti­na­tion. Al­war be­ing a com­par­a­tively more es­tab­lished town than Neemrana does not leave much scope for new plans in the re­gion but Bhi­wadi and Neemrana will see ma­jor de­vel­op­ment in the years to come. This is one of the lat­est ad­di­tions to the NCR re­gion. The dis­trict has an area of 5,066 square km. It is bound by Gur­gaon in the north, Mathura and Agra dis­tricts in the east, and Dholpur in the south, Ka­rauli in the south­west, and Dausa and Al­war in the west. Bharat­pur is a tourist des­ti­na­tion and a bird watcher’s de­light. Geo­graph­i­cally, it is ide­ally lo­cated with con­nec­tiv­ity to NH2, prox­im­ity to Agra and Mathura. It is chiefly an agri­cul­tural econ­omy. Fur­ther to the an­nounce­ment, land ag­gre­ga­tors have started eval­u­at­ing the op­tion of se­cur­ing larger land parcels in the re­gion. Chances of prices shoot­ing up can­not be ruled out; how­ever, for the de­vel­op­ment spree to reach so far would be noth­ing short of a mir­a­cle given the snail’s pace at which the stel­lar city of Gur­gaon is be­ing de­vel­oped.

One can, how­ever, def­i­nitely wait and watch and see how things pan out. Bhi­wani till now has been a small and medium en­ter­prisedriven in­dus­trial area. The prospects of the mar­ket seem slow in terms of res­i­den­tial or com­mer­cial prop­erty, but labour and in­dus­trial ben­e­fits can draw a few MNCs. It is well-con­nected to the cap­i­tal and ar­eas like Ro­htak and Hisar. The Bhi­wani story seems to have no ma­jor suc­cess driver till now and one should wait to see if the state gov­ern­ment comes up with an am­bi­tious Mas­ter Plan and in­cen­tive schemes.

If one were to draw a com­par­i­son be­tween the two states, Ra­jasthan ap­pears to be more promis­ing in terms of fu­ture in­fras­truc­tural de­vel­op­ments but con­ven­tional school of thought says that de­vel­op­ment is a func­tion of prox­im­ity to Delhi and Gur­gaon ,thus mak­ing Bhi­wani and Dharuhera in Haryana more at­trac­tive.

Clean, lit­i­ga­tion-free land acquisition and in­clu­sive growth of farmers and lo­cals is es­sen­tial to sus­tain real es­tate in­ter­est in th­ese new re­gions. The in­fra­struc­ture de­vel­op­ment needs to keep pace with price es­ca­la­tion and de­vel­op­ers need to im­prove trans­parency and re­li­a­bil­ity.

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