Real Estate Boom In Bhiwadi

Touted as a entrance to Rajasthan, Bhiwadi, falling in Alwar district and bordering Haryana is a key industrial growth centre in the NCR with over 2500 operational industries. Bhiwadi enjoys huge location advantage with IGI Airport, New Delhi, just fifty five kilo meter away and Gurgaon forty kilo meter away. Being close to Delhi and well connected by NH-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 key industrial town with IT parks and proposed SEZ. 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 such as Ashiana, Parsvnath, Omaxe, Piyush group etc are developing integrated townships and group housing projects along the Alwar-Bhiwadi Road, the nearest and most reasonable destination.Today the real estate developers are quite upbeat about the brand Bhiwadi. Says Vijay Mohan, Marketing Manager of Ashiana Group, “In 1992 when we launched 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 fame 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 three BHK villas that sold for fifteen lakhs rupees in 2003 today the same villas cost around sixty to seventy lakhs rupees.”
Explaining the reason for sudden real estate development in Bhiwadi,CEO of 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 twenty lakhs rupees per acre then, has jumped to one crore rupees per acre in 2007. In a year or two, it is sure to double.”

One Comment

  1. Posted July 28, 2008 at 4:23 am | Permalink

    India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com

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