real estate india

Capitol City Mall, a new lifestyle destination in west Delhi, is a project done by Realtech Group with its joint venture partner Thapar Homes. It’s the first of its kind of retail extravaganza in Paschim Vihar covering an area of 1.50 lakh sq. ft. comprising four floors with arrangement for shopping, entertainment and food. Adding to the all-important dimension of space and freedom, the 10,000 sq ft central atrium perfectly complements the building which is conveniently located next to the tri-junction of Punjabi Bagh, Paschim Vihar and Jwala Heri with ample parking area…  The chief architects are Pradeep Sharma & Associates of
New Delhi. It conforms to Zone-V seismic compliance with sophisticated firefighting systems and high-speed elevators. There is also an RO water plant system.

Bhiwadi has today emerged as a bustling industrial township. Around 20,000-30,000 persons commute from Delhi, Gurgaon and Rewari to Bhiwadi on a regular basis to work in around 2,500 small, medium and large industries, which include MNC units that manufacture various types of products like steel, furnace, electronics, engineering, textiles, pharmaceuticals, cables, rolling mills, food processing, herbal care etc.

The Rajasthan State Industrial Development and Investment Corporation (RIICO) have envisaged for Bhiwadi a growth similar to that in Pune and Hosur. Good roads, developed plots, continuous power supply, high-speed data transferring facility and common testing facility are already developed in the industrial area of this town.

RIICO has envisaged developing a dry port that facilitates various value-added services. The facilities planned include container sheds, transit yards, warehouses, railway siding and truck parking, apart from excise payment and customs clearance facilities. RIICO is acquiring more land in Bhiwadi for expansion of the auto complex, which will have an exclusive auto component unit and engineering zone with a tool room and training centre. The automobile hub would generate new investment amounting to Rs.3,000 crores in the Bhiwadi region, creating employment potential for over 7,000 persons. As Rajasthan has the highest livestock population and tremendous bio-diversity, the state has good potential in animal husbandry, genetic engineering and biotechnology. To attract investment in biotechnology sector, RIICO is considering developing state-of-the-art biotech parks. A friendly-investor biotech policy is also on the anvil, under which many lucrative incentives will be provided to the biotech investors.

Some of the other projects that are to be taken up for development by PDCOR Limited, a joint venture company promoted by Government of Rajasthan and Infrastructure Leasing & Financial Services Limited (IL&FS), include an International Trade Centre and Medicity. An export-processing zone by DLF Group and a SEZ by Ansal API are also under implementation.

Future prospects

“The town infrastructure would get a further boost with planned and aggressive initiatives by the government”, R.P. Singh, Executive Engineer with Urban Improvement Trust (UTI), Alwar and Bhiwadi, remarks. He is positive about the future of Bhiwadi. “The proposal for railway station and bypass has been sanctioned. Within 2-4 years, Bhiwadi will be connected to Rewari by a broad gauge rail link and within two years a bypass will connect NH8 and

. This year the state government has set aside Rs 4 crores to develop a commercial/office complex.”

A focal point between all-important existing and upcoming industrial towns of Manesar, Dharuhera, Bawal, Chaupanki and Neemrana, Bhiwadi is on fast track offering great investment opportunities.

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Despite being a small town, Bhiwadi offers great return on investment in commercial property due to its locational advantage. The well-known shopping/commercial complexes in Bhiwadi include Central Market, Dhaba Commercial Complex, Ganpati Plaza Complex and Ashiana Arcade Complex. Central Market is the most pricey. This ground+2 floor market looks dilapidated, crowded and old but commands a price between Rs 8000-15,000/sq.ft. As the price is shooting up, the building is adding additional floors. The present rate prevalent in Dhaba complex is Rs 5000/sq.ft.

Ganpati
Plaza is largely an office complex where the property price is Rs 2500/sq.ft.

Since the mall culture is yet to embrace the town it holds a lot of promise for small developers in terms of retail development. To address this need, several malls are already being constructed in the town like Village Mall by Ashiana group, Capital Mall by R-Tech Developer, Parsvnath City Centre and BB Mall & BB Square by Jagrit Infrastructure Pvt. Ltd.

The 92,000 sq.ft Village Mall is coming up in

Ashiana
Village, targeting 1,000 families residing in this complex and families staying in other Ashiana projects around. It will be a mixed development with two floors dedicated to shopping and the other three marked for corporate space.

Bhiwadi-based developer Jagrit Infrastructure Pvt Limited is making BB Mall. According to
Col. (Retd.) D.K.Sawan, Vice-President of the company, BB Mall is coming up close to the highway and BB Square plaza near Central Market, which is the prime but highly unorganized shopping locality. BB Mall will be fully air-conditioned, the first mall to have such a facility in Bhiwadi. Spread across 1,50,000sq.ft., this ground+5 storeyed mall will have shops, office space and multiplex. Sawan adds, “We will be investing Rs 50 crores to commission BB Mall. It will be ready by the end of 2009. Ground, first and second floors will be the shopping zones, while on third floor we will have corporate offices, shops, food court and hotel, and on 4th and 5th we intend to have a 3-screen multiplex. The shops on the ground floor are priced at Rs 7700/sq.ft and the rate gets reduced by Rs 1,000 for shops on each upper floor. The office space is priced at Rs 4711/sq.ft.

will be a plaza of 25,000-35,000sq.ft. The rate is Rs 8,000/sq.ft here.”

Bhiwadi will soon witness the emergence of service apartment culture. Parsvnath City Centre, by Parsvnath Developers Ltd. will be an exemplary combination of shopping, multiplex and serviced apartments. With three floors of boutiques and high quality merchandise stores, it is claimed to be the largest shopping mall in Bhiwadi. Wing Commander R.K Maheshwari, Vice-President (Marketing), says, “There are a lot of industries coming up in Manesar, Bhiwadi and surrounding areas. We are developing a township with fully furnished service apartments with club facilities, food court and shopping mall targeting at the floating population who visit these factories. The project will be complete by early 2009 and we are expecting 50% return on investment. The apartments are priced at Rs 2450/sq.ft., and the shops are priced at Rs 5,750 for the ground floor, the deduction being Rs 1000 with each floor upwards.”

R-Tech Developers Pvt. Ltd. will complete Capital Mall in April 2009. With a grand frontage of 325 ft. and spread over 1,75,000 sq.ft., the six-floor mall will be dedicated to retail and entertainment with branded showrooms, boutiques, hypermarket, fast food joints and a four-screen multiplex. The ground floor shops are priced at Rs 5750/sq.ft., upper ground floor at Rs 5000/sq.ft. and the first floor Rs 4,500/sq.ft. Says Akhilesh Tyagi, GM (Sales), R-Tech, “The population of Bhiwadi has risen to six lakhs and 50,000 apartments are expected to be completed in the next two years. The primary catchments will be from surrounding residential and commercial pocket,”

Real estate experts believe that with boom in residential developments and propensity to spend on the rise, there is great scope for earning good returns on investments from malls.

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The continuing growth of industries has naturally accelerated the demand for housing and it was in this context that in the 80’s, Rajasthan Housing Board (RHB) constructed 985 lime and stone houses on 40 acres of land for the industrial workers on

. In 1991, RHB and UIT (Urban Improvement Trust) together developed Sectors 4 and 7 with 862 concrete houses built as part of this scheme (53% of them for the low-income group), while 266 of different categories are planned in the Milkapur Gujar locality situated to the south of Dharuhera-Pawal Road.

The housing options currently available in this town are the ones constructed by the RHB, plots of UIT that is purchased on which houses are constructed, Ashiana projects and Konark’s Oasis group housing colonies developed by private builders. To meet the scarcity of classy homes, Ashiana has given

Bhiwadi
Gulmohar
Park, Bagicha, Gardens, Greens, Rangoli and Ashiana Villas, which are fetching a good price for the investors.

Ashiana Group’s exclusive project, called Ashiana Utsav, is slated to be
India’s first resort offering a comfortable post-retirement life to elderly citizens. The owners are free to sell or rent their flats and the builder also extends this facility for a fee. Anticipating a huge demand for housing by the employees of the proposed projects like car plant of Honda Siel in Khuskhera, SEZ of Reliance, Kundli Manesar Palwal (KMP) Expressway etc., several private developers are making contem porary-style apartments. MVL Coral boasts of podium garden, M-Tech markets

Camellia
Garden’s luxury villas complete with personal swimming pool and fountain while Ashiana and Cosmos promise high quality residential developments. Kajaria Greens and Residency by Kingfisher are the other projects wooing the lifestyle-conscious people. And the yet to be launched

Green
City’s NRI City will bring in the concept of golf homes. Besides, local developers like Nishita Builders Pvt. Ltd, Piyush Group, BDI Group & Bhaskar Media Conglomerate are coming up with integrated townships. With increasing consumer awareness, the developers are striving to redefine their product offering in terms of quality and design.

If one has to invest in residential property in Bhiwadi today, the plots by UIT are available between Rs 600-1200/sq.ft., the rates in housing colonies by RHB are around Rs 1500/sq.ft. and flats that are developed by private builders are quoted at a price between Rs 1400-2000/sq.ft.

Says Col. Dilbagh Yadava, Project Head, MVL, “There are several latent factors about Bhiwadi like the proposed airport, railway station, bypass, SEZ and Honda Siel Company, which have attracted real estate companies like us to develop our projects here.” Adds, Prem Adip Rishi, CMD, MVL, “We entered Bhiwadi seeing rapid industrial growth and for its excellent connectivity. At present, there is an over-supply and so this is the time for wise investors to invest because once these projects materialize, the prices will escalate.”

In fact, the price appreciation is already there. Amrit Pal Singh, GM (Marketing), Kingfisher Construction Pvt. Ltd. observes, “We had launched our project in January 2007, then the price quoted was Rs 1550/sq.ft. Today we sell our flats at Rs 1725/sq.ft. and by August 2008 when the project will be ready for possession it may go upto Rs 2200/sq.ft.”

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Once a sleepy hamlet shunned by the property developers, Bhiwadi, a bustling industrial town on NH8, is today witnessing frenetic residential and commercial activity, fast turning into a promising real estate destination.

Touted as a gateway to Rajasthan, Bhiwadi, falling in Alwar district and bordering Haryana is a major industrial growth centre in the NCR with more than 2500 operational industries. Bhiwadi enjoys immense locational advantage with

, the nearest and most affordable destination. And today the real estate developers are quite upbeat about the brand Bhiwadi. Says Vijay Mohan, Marketing Manager of Ashiana Group, “In 1992 when we introduced our group housing scheme, we had to sell Bhiwadi first and then our product but today, from the marketing point of view, it is much easier for us to sell because Bhiwadi is gaining popularity and we are established as a brand in this locality. In 1992, people who had purchased flats from us for Rs 800/sq.ft. are today reselling them for Rs 2600/sq.ft. The 3 BHK villas that sold for Rs 15 lakhs in 2003 today fetch not less than Rs 60-70 lakhs.”

The price appreciation is more discernible in retail arena as there is hardly any decent commercial complex in the town. In 1999, Rajender Gupta, a property dealer of Bhiwadi, bought a retail space in Central Market for Rs 5 lakhs. Today it has touched the Rs 50- lakh mark. He added, “Usually, every four years there is a boom in property prices and I believe that in 2009, the investors will get 100 per cent return for their investments.”

Citing the reason for sudden real estate development in Bhiwadi, Rajesh Gulati, CEO, Infocus
India, says, “Government’s plan to develop Mumbai-Delhi industrial corridor (Bhiwadi will fall under phase I) and the entry of several new multi-national companies in and around Bhiwadi have acted as catalysts.” He added, “In 2005, with the development of Gurgaon, Bhiwadi started gaining visibility. But the land, which used to cost Rs 20 lakhs/acre then, has jumped to Rs 1 crore/acre in 2007. In a year or two, it is sure to double.”

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Lakhani Constructions, based in Navi-Mumbai, has launched three new realtyoptions at CBD-Belapur. The G+10 storeyed Lakhani Centrium at plot No. 27, Sector 15, offers plush offices measuring between 2,500 sq. ft. to 50,000sq. ft. Alternately, the G + podium + 14 storeyed Suncoast, at the same address, offers a choice between multi-level duplexes (2/3/4 BHK flats) and penthouses with modern amenities that include a swimming pool, indoor games area, gymnasium and meditation area. The project is scheduled for completion in the next six months. Lakhani’s Galaxy offers ready possession options that stretch G+12 storeys at CBD-Belapur’s plot No. 83 at Sector 15.

Mumbai-based Harsh Kaushal Corporation has launched its state-of-the-art

Crystal
Point mall at New Link road, Andheri (West), near the residential hubs of 4 Bungalows, 7 Bungalows and Lokhandwala Complex. The highlights of this centrally air-conditioned mall are a food court and entertainment zone on the fourth floor, with a banquet/conference hall spread over a massive 8, 000 sq ft. of area. An open terrace, measuring 30,000 sq. ft., is to be attached to it There will be two high-speed transparent capsule lifts that will afford a full view of the mall and its surrounding areas, ample parking space for more than 500 vehicles, high-class glass façade and a glass-roof atrium. Having already roped in Star India Bazaar as their anchor tenant, the mall is now open for booking shops on lease

In fact, roads are meant for transportation but these bring riches which way these pass.

has been sent by several districts to the administration  

Formula-1 Race Track There is a proposal to construct a Formula-1 Race Track in Greater Noida. The authority has selected 700 acre land for it. An estimated amount of Rs 1600 crores is expected to be spent on this project  

 Night   Safari,   Tourism & Entertainment.  Night Safari work will also be started soon in Greater Noida. Green signal has also been given for construction of transportation hub in Bodaki. While Corporate offices and Financial Hub will be constructed in Parthala Khanjarpur, Tourism & Entertainment Hub will be constructed near Night Safari. While a hundred types of animals may be soon by national & international tourists at night safari, pubbar, discothèque and casino can also be enjoyed simultaneously. 

 Lush Greenery Will Spread  in Abundant 
Forest department’s 280.9 hectare vacant land near night safari on Murshadpur land shall be made green again. It will be given a shape of forest by doing plantation. The authority will get the plants planted by the forest department and it will be given a shape of forest  

Multi-Speciality
Hospital & Inter College One multi- speciality  hospital in 10 to 15 acre land and two residential inter colleges in an area of 20 to 25 acres shall be opened in Greater Noida. Both the colleges and hospital shall be constructed and ready within a period of two and a half years.   

World’s Fourth Night Safari, Ganga Express Way, Formula One Race Track like several other things make Greater Noida special. It is evident that this city is attracting people to make their house.

Greater Noida is outstripping all other cities of NCR in the race of development. This city appears to be well ahead in the matter of better infrastructure and word class projects. This is the reason that big & small, resident & non-resident investors are focusing the city. This city has its unique identity due to its World’s Fourth Night Safari,

, Transport Hub,
Delhi – Mumbai Industrial Corridor, India Expomart Centre, Education Hub, Container Depot and IT city etc.etc.

During the forthcoming time, greater noida will show a special sparkle on the world-map. Situated near the country capital
Delhi, this city has several such special things which are well enough to captivate each & every person. Then why every one would not like to have his beautiful house here. For this, while Greater Noida Authority brings housing scheme from time to time, the private developers are also accelerating more and more the development speed of this city. The people need not bother due to the distance from
Delhi here. Here on one side the proposal for construction of an airport is being passed, while on other side it is hoped to bring the metro early. Express Way facility is already there for commuter by their own vehicles. After construction of Faridabad- Noida road, here traveling will become more comfortable

New projects:-

Omaxe Group is constructing NRI city in an area of 80 acres in Greater Noida. It will be given shape of a

Unitech
Heights
etc.

High-Tech Transport

City’s transport system will be altogether high-tech. On the lines of
Indore city buses will be plied here. All the buses will be pollution free. Tata Company’s 80 low floor buses will be plied in first phase for it.

High-Tech
City

Preparations here already been completed to settle several high-tech cities like Noida & Greater Noida along with Taj Express Way Cities to constructed on it shall be completed in three phases. First phase master plan has been passed by Taj Authority Board during its meeting. The features of these cities shall be that the SEZ, institutional, ware housing, automobile zone, transpaort, sports centre, group housing and commercial pieces of land will be allotted not in yards but in hectares. Its development will be done by big groups.

Arrival of boom in real estate has seen mergence of many realtors/ builders. Among the fore runners, one is Amarapali group. Over a span of 12 years, the group has build scores of residential building, commercial complexes and corporate houses. It is now foraying promisingly into the extremely challenging space of SEZs. This remarkable success of Amarapali group owes to no. of factors namely man, machine and mantra.    Amarapali group is head by its chairman / MD Mr. Anil Kr. Sharma, who is great visionary in his own right. After creating a vast repertoire of top class residential projects, malls, SEZs and IT parks, the group the set to take a giant leap by foraying into the high growth hospitality business in the country. In the first phase, the group is going to launch its international class 4 / 5 Stars hospitality projects in the cities of Virindavan,
Bareilly, Jaipur,
Udaipur,
Indore and Greater NOIDA.                                                                                 

Courtesy: TOI dtd: - July 11, 2008