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HT Estates - - Front Page - Jee­van Prakash Sharma

From a small non­de­script ru­ral set­tle­ment with a small pop­u­la­tion of 1624 per­sons in 1971, Bhi­wadi’s grad­ual trans­for­ma­tion into one of In­dia’s largest in­dus­trial hubs has opened up a huge res­i­den­tial de­mand. A flour­ish­ing prop­erty mar­ket on both sides of the Bhi­wadi-Al­war By­pass Road bears tes­ta­ment to the fact that Bhi­wadi is emerg­ing in a bolder and big­ger avatar in the re­gion.

Real es­tate ex­perts say that res­i­den­tial de­mand is up by 400% in the last five years with fu­ture pro­jec­tions get­ting stronger be­cause of in­fras­truc­tural de­vel­op­ment projects, prom­i­nent among them be­ing the pro­posed re­gional rapid tran­sit sys­tem from Delhi to Al­war. Ankur Gupta, JMD, Ashi­ana Hous­ing Ltd, says the group, which was the first real es­tate com­pany to en­tered Bhi­wadi in 1993, ba­si­cally set the hous­ing de­vel­op­ment ball rolling. “My fa­ther had the fore­sight to look at this town and see how the sce­nario would change in the fu­ture. A flat which would cost R2.5 lakh used to be rented out at R3000 a month in 1993. The good rental yields were in­dica­tive of the fact that there was a def­i­nite re­quire­ment of qual­ity hous­ing and since then we have not looked back and com­pleted ap­prox­i­mately 4000 homes in Bhi­wadi. We see amaz­ing in­ter­est from buy­ers as more and more jobs are be­ing cre­ated here,” Gupta adds

The place which is the big­gest hub of con­struc­tion ac­tiv­ity at the mo­ment is the first 20-km stretch of the Bhi­wadi- Al­war By­pass Road, which is just 5 km from National High­way 8. De­vel­op­ers who have started their group hous­ing projects and town­ships are Ashi­ana, Avalon, BDI, In­no­va­tive Col­o­nizer, Cos­mos, Ka­jaria In­fra, Konark, Kr­ish In­fra, MVL, R-Tech, Ni­mai, Star Real­con, Tera El­e­gance, Ashadeep etc.

“Group hous­ing projects in which pos­ses­sion has been of­fered are Ashi­ana An­gan, Ashi­ana Bagicha, Ashi­ana Green, Ashi­ana Gar­den, Ashi­ana Vil­lage, BDI Sun­shine City, Avalon Gar­den, Kr­ish Vatika, Ka­jaria Greens, Tre­han Hill View Gar­den etc. The cur­rent prices in projects un­der con­struc­tion are be­tween R2500 per sq ft to R2800 per sq ft while the ready-to-move-in flats cost be­tween R2800 per sq ft to R32,00 per sq ft. Some de­vel­op­ers have also of­fered plots in the price range of R24,000 to R28,000 per sq mt but plots are not so much in de­mand as flats,” says Amit Sing­hal from Di­men­sions In­dia Prop­erty Ser­vices.

Since sec­tors roads have not been con­structed yet, all the ma­jor de­vel­op­ments are just along the Bhi­wadi-Al­war By­pass Roads, says Sing­hal. Once the area is di­vided in var­i­ous sec­tors as per the Mas­ter Plan 2031, and sec­tor roads come up, con­struc­tion ac­tiv­ity will pick up pace, he adds

Many lo­cal bro­kers say that the end-user-in­vestor ra­tio is 30:70, which means there are more fam­i­lies opt­ing for rented ac­co­mo­da­tion than home buy­ers. This is be­cause those who have been work­ing in big in­dus­tries like Honda, Shree Ce­ment, St Gobain, Gil­lette, SRF, Usha Sri­ram, BKT Tyres, Hi Tech Gears, etc pre­fer rented ac­com­mo­da­tion be­cause it’s cheaper than Mane­sar and Gur­gaon. Real­tors and ex­perts lay ma­jor em­pha­sis on the fu­ture de­vel­op­ment plans in the Mas­ter Plan 2031 of Bhi­wadi which has pro­posed a Greater Bhi­wadi Com­plex spread over both sides of the Bhi­wadi Al­war road.

Ac­cord­ing to the Mas­ter Plan 2031, the Greater Bhi­wadi Com­plex (Bhi­wadi-Ta­pukaraKhushkhera Com­plex), which is one of the pri­or­ity towns iden­ti­fied in the Re­gional Plan-2021 of the National Cap­i­tal Re­gion and is lo­cated at the eastern bound­ary of Ra­jasthan in the north eastern part of Al­war dis­trict, com­prises of 99 rev­enue vil­lages cov­er­ing about 250 sq km.

The plan en­vis­ages that the res­i­den­tial use area is planned in the form of sec­tors with an aver­age size of 60 hectare. A to­tal of about 120 res­i­den­tial sec­tors have been planned. Be­sides, 45 sec­tors are kept un­der high-den­sity mixed use where, along with res­i­den­tial, com­mer­cial and in­sti­tu­tional use shall also be per­mit­ted both ver­ti­cally and hor­i­zon­tally as per the re­quire­ment. It is stated in the plan that “Pro­vi­sion has been made to ac­com­mo­date 15 lakh pop­u­la­tion by the year 2031. Out of to­tal 120 res­i­den­tial sec­tors, six are of low den­sity, 98 are of medium den­sity and 12 are of high den­sity.”

The for­ma­tion of National Cap­i­tal Re­gion Trans­port Cor­po­ra­tion (NCRTC) to de­velop the re­gional rapid tran­sit sys­tem (RRTS) from Delhi to Al­war is a ma­jor de­vel­op­ment. De­spite such a pos­i­tive out­look, prop­erty ex­perts sug­gest that in­vestors should weigh the pros and cons be­fore in­vest­ing their money as any ex­pec­ta­tion of short-term gains would be too op­ti­mistic.

“The Bhi­wadi Chap­ter of Credai has been closely work­ing with govern­ment bod­ies on var­i­ous de­vel­oper is­sues and push­ing hard to get things done. But it will take at least five to seven years to de­velop proper in­fra­struc­ture -- whether its RRTS, stormwa­ter man­age­ment sys­tem, solid waste man­age­ment sys­tem, sec­tor roads or in­ter­nal trans­port sys­tem. So any­body who is putting his money here should ex­pect good re­turns only af­ter five to seven years,” says Vishal Gupta, man­ag­ing di­rec­tor, Ashi­ana Hous­ing Ltd.

Many ex­perts say that the an­nounce­ment of rapid rail tran­sit cor­ri­dor be­tween Delhi to Al­war has not had any im­pact on real es­tate prices in Bhi­wadi. “It’s eas­ier said than done. It still sounds like a dis­tant dream be­cause it’s an el­e­vated cor­ri­dor which re­quires huge amount of work,” says Sing­hal.

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