Track2Realty Exclusive: In the expanding boundaries of the National Capital Region (NCR) where Gurgaon has been the biggest beneficiary, it has been quite natural that locations like Manesar, Bhiwadi among other adjoining regions start attracting investment. However, what has actually bucked the trend of such an otherwise organic growth is the fact that these locations once seen as the alternative locations of Gurgaon for those who could not afford it in the main suburb are no more just secondary locations.
The emergence of Gurgaon has no doubt helped these locations to come on the mainline property landscape, but the region has been growing so well of late that places like Manesar and Gurgaon are definitely not taking piggy ride over Gurgaon.
Analysts are bullish on the expanding boundaries of Gurgaon. Neeraj Bansal Partner, Real Estate & Construction with KPMG India believes the emerging satellite towns are considered high on housing demands and low on luxury cost. These locations have a direct connection with Gurgaon. In addition to connectivity, the other factors that make it interesting for the investor are low property rates, new infrastructure, low cost of living, low population density and low pollution levels.
“Already these locations are home to a large number of industrial units, and given the proximity to all major towns of NCR, they are emerging as residential hub. Many real estate players are setting up their projects over there. The residential sector is contributing to the growth of region and its contribution is expected to increase in the near future. Being part of the 2021, National Capital Region Plan, these locations have of late witnessed increased residential and commercial activity,” says Bansal.
Located in south of Gurgaon, Manesar is emerging as an important industrial belt with Phase I of the Industrial Model Town already complete. The work on other phases is going on. Apart from manufacturing, Manesar is attracting information technology and related companies as well. The industrial town is expected to generate a large number of jobs, which will drive demand for residential properties. The Kundli-Manesar-Palwal Expressway, though delayed, is expected to add to the demand.
A recent study by ASSOCHAM says industrial town Manesar in Haryana is likely to attract a massive 1 lakh crore investment apart from additional Rs 10,000 core revenue to state exchequer and will also generate about 15 lakh skilled and unskilled jobs by 2020. The ASSOCHAM study titled “Manesar-Golden city of Haryana” says that large number of Japanese small scale industries (SSIs) are likely to be shifting their manufacturing base to Manesar.
The Haryana Government has acquired 2,000 acres for the education city and is all set to make Manesar a dream destination for education. The unique aspect of Manesar is the simultaneous development of residential complexes for both executive and non-executive staff. The HSIIDC acquired 250 acres across the national highway and has allotted it to various units for building staff quarters there. The commercial property in Manesar offer state-of-the-art office spaces.
DLF that has been behind the success of Gurgaon finds the growth happening in the right direction. The company spokesperson Sanjey Roy says in any given location where phenomenal developments have taken place, it is quite natural that the adjoining regions will be benefitted by that. However, beyond that a lot many factors, including progressive policies, have al larger role and it is here that Manesar has the cutting edge advantage.
“DLF as a company philosophy has always maintained that India needs more of Gurgaon to emerge as the truly world class urban centre that attracts huge investment. The fact of the matter is that in today’s expanding and rather merging boundaries the way Gurgaon is not seen different from Delhi tomorrow places like Manesar will be seen as more or less part of Gurgaon,” says Roy.
Similarly, 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.
Mohit Goel, CEO, 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.
“In 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 – 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 — 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,” says Goyal.
So, the growth story of the Delhi-NCR that was by and large confined to Gurgaon and Noida has been continuously expanding its boundaries. Very few cities across the world has seen this much geographical area transforming into real estate hotspot and investment magnet. The growth of the Gurgaon seems to be creating another couple of Gurgaon in times to come.
