Manesar is more than New Gurgaon
Manesar shows promise as an upcoming urban centre,and is emerging as a favoured realty destination for both the wealthy investor and the bargain seeker.
Manesar is one of the fastest growing industrial hubs and has become increasingly popular after the recent developments in the Greater Noida area. As a part of the National Capital Region NCR,it has undergone a transformation from a sleepy village to one of the fastest growing townships in the country. It is seen as an area with great potential,second only to the rapidly developing Gurgaon. It is also acquiring an identity as the “New Gurgaon” and some developers are marketing their projects by that name.
Its location confers distinct advantages. Delhi’s IGI Airport is 32 kilometres away and the NH-8 runs through the town,making it well connected with both Delhi and Jaipur. It is also home to some of the best urban infrastructure that can be found in northern India with many factories,offices,hotels and educational institutes situated there.
There are certain advantages that make Manesar a sought-after realty destination: its emergence as a suburb of Gurgaon and several developers offering a number of affordable housing projects. Most projects are being launched within a radius of 4-5 kilometres around the town. The activity happening on the affordable housing front has attracted further investments in the area.
According to the Gurgaon-Manesar Master Plan 2021,the residential sectors of Gurgaon will ultimately reach Manesar. Therefore,a majority of developers have launched projects across Gurgaon,such as sectors 82,83,85,91 and 92. The working population and residents of both Gurgaon and Manesar will be able to take advantage of the amenities of both cities.
In addition to the NH-8 running through the town,other initiatives by the Haryana government at enhancing connectivity are paying dividends in terms of real estate development. The proposed 135 kilometre Kundli-Manesar-Palwal KMP Expressway to be built at a cost of Rs 1,900 crore will open up new opportunities in terms of investments by domestic and foreign companies. The Haryana State Industrial amp; Infrastructure Development Corporation has planned a ‘global economic corridor’ over 3,000 acres along KMP Expressway complete with industrial model townships IMTs,technology parks,hotels and recreational facilities. This is in addition to the 1,800 acres already being added to expand the existing IMT Manesar.
The notable developers active in Manesar are Vatika Group and DLF. The heightened interest is seen in the prices. Residential plots of 100-150 square yards were being quoted at Rs 18,000-Rs 20,000 per square yard in December 2010 have seen an average of 30 per cent appreciation and are today going for Rs 23,000-Rs 27,000 per square yard.
The residential real estate market in Manesar is in the developing stage and there is not much scope for resale,as there is no availability in this category. The rental market is not well developed as housing projects are still under construction.
The commercial real estate market is quite active owing to the presence of many large and small industries. Improvement in infrastructure and the proposed Delhi Metro connectivity will see appreciation. Early birds stand to reap substantial gains in the near future.
Manesar shows great promise as a realty destination,with many infrastructure development projects underway. Buyers would need to factor in short-term connectivity issues. Investors,however,need to be patient and maintain an investment horizon of 10 years and above.
The case is similar to that of Gurgaon,which shows promise but will take time to mature.
But Manesar offers a common meeting point for both the wealthy investor and the bargain seeker.
Author is MD,Bajaj Capital
Share
