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Bhiwadi - 27th Nov 2015

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The Delhi-Jaipur stretch on both sides of the National Highway-8 has become a hotbed for real estate development.

Thirty-two-year-old Sarvesh Tiwari, a software engineer in a multi-national company in Gurgaon, has bought a house in Bhiwadi in Rajasthan. While he could not find a 2BHK in his Rs.40 lakh budget in Gurgaon, he managed to buy a spacious 3BHK in Bhiwadi in the same budget.

His is not an isolated case. In a new trend, people are moving towards satellite towns of Gurgaon in search of affordable housing giving an impetus to real estate in these areas.

The Delhi-Jaipur stretch on both sides of the National Highway-8 has become a hotbed for real estate development, with areas like Dharuhera, Bhiwadi, Neemrana and Alwar becoming the new catchwords for investors. The NH-8, connecting the various towns has proved to be a major catalyst for development in the region. Dharuhera and Bhiwadi are going to be hot spots in the time to come. Also, it is becoming a trend to have a second home with recreational facilities, which is largely the driving force behind this market.

While Dharuhera has developers like Dwarkadhis, Vipul, Parsvnath, Vardhman, Bestech, and M2K, among others, Bhiwadi is witnessing residential developments by the likes of Ashiana Group, Omaxe, Cosmos Infra, BDI, MVL, Avalon, Krish infrastructure and the Piyush Group. “The major reason for the low-cost housing in the upcoming towns is low land cost. The land values are currently very high in Gurgaon. Hence, it is adding to the project costs of developers,” said Jeewan Bisht, a realtor.

Bhiwadi is only 30 kilometres from Manesar, an emerging industrial and real estate hub adjoining Gurgaon. This has drawn the attention of investors and buyers to this bustling township. Compared to other areas of the NCR, the prices in Bhiwadi are still reasonable. People who are unable to buy in Delhi, Gurgaon, Noida, Faridabad and other areas, find it more affordable and attractive to invest in Bhiwadi.

Thanks to low land cost, 2BHK and 3BHK flats are available in the range of Rs.18-50 lakh in Bhiwadi and Neemrana, while the prices of 2BHK flats start at Rs.50 lakh in Gurgaon, said Ramesh Rawat, another realtor.

Companies from India and abroad have set up their units in Neemrana, adding a new dimension to the industrial progress of the region and creating new employment opportunities. It has led to increased job opportunities and hence increase in demand for housing. Some of the major real estate developers in this area include Trehan, Anantraj, Eldeco, Anurag Enterprises.

However, Gurgaon developers have also come up with affordable housing plans in the past two to three years to provide a low-budget housing and win back investors and end-users.

“Neemrana and Bhiwadi are slowly emerging as two satellite cities of Gurgaon with more planned developments. But with the Haryana Government’s Affordable Housing Policy in place, buyers do have options of real affordable projects in Gurgaon itself and that too at prominent locations like Dwarka Expressway, Sohna Road and NH - 8,” said Pradeep Aggarwal, Co-Founder and Chairman, Signature Global Group.

 

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