Bhiwadi a Rising Star
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
Indira
Gandhi
International
Airport,
New Delhi, just 55 km away and Gurgaon 40 km away. Being close to
Delhi and well connected by National Highway No.8, Bhiwadi is attracting industrialists not only from the capital but also from
Punjab and other parts of
India. Manesar, lying between Gurgoan and Bhiwadi, is another major industrial town with IT parks and proposed special economic zones. As the prices in Gurgaon are already high, service class people are left with no choice but to go to Dharuhera, Manesar or Bhiwadi. Several private firms like Ashiana, M-tech, Kajaria, MVL, Bhaskar BDI, Parsvnath, Omaxe, Piyush group etc are developing integrated townships and group housing projects along the
, 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.”
Realty Plus