Bhiwadi, the destination next
With land scarcity in Delhi, unaffordable prices in Gurgaon and several Real Estate gimmicks prevalent in Noida, Bhiwadi looks as a safe and affordable option for potential buyers/investors.
The city of Bhiwadi which is spread across nearly 5,300 acres, has around 2,700 big and small enterprises. With its close proximity to the IT city of Gurgaon and with the formation of the new industrial corridor, the place is seeing manifolds of development in the residential, commercial and industrial sectors. Due to this, the place has attracted a lot of industrial activity and is presently witnessing a robust development.
According to Rohan Sharma, Senior Manager – Research & Real Estate Intelligence Service, Jones Lang LaSalle India, “Bhiwadi and Neemrana are likely to see faster growth as in the former case, residential projects are progressing at a rapid pace while in the latter,
a promise of all-round industrial and residential led development and a notified master plan will enhance the infrastructure progress at a rapid pace.”
“The influx of increasing corporates working in MNCs in Gurgaon has resulted in a boost in the demand for residential units in Bhiwadi. Over a due course of time, Bhiwadi has undergone rapid change. The most bustling industrial town on NH-8 is today witnessing a frenetic residential and commercial activity, which has turned into a promising Real Estate destination,” states Ankur Gupta, JMD, Ashiana Housing.
Bhiwadi is an affordable Real Estate market for middle-class homebuyers. The town is developing very rapidly and it will soon offer residents, all the lifestyle amenities found in a metro setting. Salaried class working in Gurgaon, who have currently rented apartments there, see Bhiwadi as an affordable yet convenient investment option.
“Bhiwadi is a lucrative investment option for those who wish to reside in the NCR. With prices in core NCR going out of reach of the middle class, salaried people on the lookout for investment opportunities in the range of Rs. 12 to 40 lakh can look towards Bhiwadi and Dharuhera,” says Ajay Singal, Director, Avalon Group.
The plots available in Bhiwadi provide similar facilities available for a luxury living in Gurgaon at a rate much affordable as compared to Gurgaon. Location is an important aspect of Bhiwadi. Being closer to Neemrana, Gurgaon and located merely 10 minutes away from the upcoming airport, Bhiwadi has excellent connectivity.
The price in residential structure starts from Rs. 2,200 per sq ft and with the kind of development happening, the place promises a huge price-appreciation in upcoming years.
“Bhiwadi is a destination for living at affordable price with all modern amenities, the deals made at this time will lead to long time convenience for the individuals,” adds J S Rana, Director, Paradise Infrasolutions Pvt. Ltd.
“The motive of choosing Bhiwadi as a destination was to provide middle class people with the utmost luxurious facilities and the proximity speaks for itself. The city is also witnessing a heavy industrial growth as the Government of Rajasthan is investing in 40,000 acres of land and 10,000 acres are within this region only. The reasonable prices will help make Bhiwadi a blooming destination,” he further added.
Initially, Bhiwadi was established as an Industrial area, but presently, it has been developing as a residential town. Since 2001, its population has catapulted to a figure touching 1,00,000, which was only 34,000 at that point of time. Currently, its growth and development has multiplied at an alarming speed in the town, hence, increasing the demand and supply ratio. Rapid economic development and construction in this place is prompting the established Real Estate developers and even the new ones to come out with their new projects in the area.
“Bhiwadi is witnessing residential development from the likes of Omaxe, Ashiana Group, BDI, Star Raison Landmark, MVL, Cosmos Infra, Avalon, Krish Infrastructure and Piyush Group among other small players that do not have significant development credentials,” says Rohan Sharma.
“The Bhiwadi-Neemrana region is being conceptualised as a Global City. A bullet and metro train with proposed airport and DMIC will be the key driving points of Bhiwadi as a destination. Moreover, what Bhiwadi is offering to customers is comparable facilities to Gurgaon at lower costs”, says Dhirender Gaba, Chairman & Managing Director, Fairwealth Housing Pvt. Ltd, a financial broking house which has recently forayed into Real Estate.
As majority of Bhiwadi lies on the National Highway, so its infrastructure is improving by leaps and bounds and hence, it is an emerging place for those who cannot afford homes in Delhi or Gurgaon. Although it is 70 kms from Delhi, it does not take too long to traverse either way owing to the excellent connectivity with the proposed metro in its vicinity; it will emerge as an integral part of national capital. Bhiwadi is a typical Tier II city and gives value for money to all the investors and the buyers alike.
“Newly-constructed apartments here are generating a lot of buzz, as they offer multiple options to middle class people. Other than this, there are huge industries and good infrastructure value; industries like Honda, Hero, St. Gobain, Gillete, SRF, Usha Sriram, Shree Cement, Lafarge, BKT Tyres, Hi-Tech Gears, Sidgewerk and many more have set up their plants here and are expanding. Infrastructure like schools, malls, medical centres and road and rail connectivity are coming up which will make lifestyle, as well as, commuting easier. I strongly believe, what is good for end user is good for investor,” says Ankur Gupta, JMD, Ashiana Housing.
Bhiwadi- the perfect future destination
Bhiwadi’s advantageous strategic location, and presence of global top notch companies, has opened possibilities for affordable housing and retail and hospitality sectors. The area is proving to be a perfect investment destination for those who have a dream to own their own homes without burning their pockets. With improved connectivity, people working in Gurgaon, Delhi and the adjoining areas of Bhiwadi like Manesar and Dharuhera can settle down in this town. Strong economy generating factors offering good employment opportunities coupled with better standards of living attract one category of buyers, while pleasant climate, good connectivity and reasonable prices attract other category of buyers to Bhiwadi. It is no more considered as the sleeping cousin of Gurgaon.
Gurgaon today, is known as the biggest IT and corporate hub. Around 20,000-30,000 professionals from Delhi, Bhiwadi, or Rewari commute to Gurgaon on a regular basis for work. While Gurgaon with its burgeoning MNCs continues to attract an increasing number of top drawer professionals from different locations, it will never be able to become the first choice of young entrepreneurs as a best dwelling location since the prices in Gurgaon are sky-rocketing, so the service class is left with no choice other than to go to other NCR regions like Bhiwadi.
The residential sector in Bhiwadi contributes significantly to the growth of the city’s realty. It is anticipated that over 16 million homes are needed in the coming 10 years to meet the requirements of the burgeoning middle-class families. According to the present scenario, affordable housing segment and the middle income groups hold the largest share of the demand pie and hence, the flurry of development activities in this new location would meet this need. So, in the present economic condition where housing sector is witnessing an all time high in terms of afforadabilty and availibilty, Bhiwadi seems to be a viable investment and housing option.