The future is bright for Bhiwadihttps://indianexpress.com/article/news-archive/web/the-future-is-bright-for-bhiwadi/

The future is bright for Bhiwadi

The town is emerging as a popular destination and offers good value for money

Bhiwadi lies on NH-8 i.e.,the Delhi Jaipur highway. It is in close proximity to Gurgaon and is termed as the Gateway of Rajasthan. Bhiwadi is one of the emerging real estate destinations in NCR. The place is emerging as the NCR’s next big industrial hub and has seen growth of affordable residential developments within the last few years. Some of the biggest names in the real estate business have come up with their projects here. This town is a fast-developing Tier II town,providing all the lifestyle facilities of a big city. With high property rates in Gurgaon and Manesar,Bhiwadi has come up as a profitable and affordable locality for real estate investors and buyers.

Bhiwadi is in Rajasthan’s Alwar district and has an excellent connectivity with eight lane NH-8 through Dharuhera-Bhiwadi bypass road. This town is only about 55 kilometres from the Delhi International Airport,90 kilometres from Alwar,40 kilometres from Gurgaon and around 60 kilometres from Faridabad. This area will also be connected with the upcoming Kundli-Manesar-Palwal Expressway which is a future connectivity promised in 2021 Gurgaon-Manesar Master Plan.

Therefore,this area holds vast potential for robust growth in the near future. The development that started along NH-8 in Gurgaon has spread to Manesar,Dharuhera and now Bhiwadi,and is likely to go upto Alwar. We feel that this city gives value for money to the investors and the buyers.

This development has also increased its pace with the intervention of an industrial hub,i.e. The Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) is aggressively pushing for rapid development and major investments into the town.

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The infrastructure facilities in the town are increasing with each passing day,and developers have acquired land on both sides of NH-8 where they have launched their plotted developments and group housing projects. With the promise of good employment opportunities,a better standard of living,and good connectivity at very affordable prices as compared to other regions in NCR,this place offers better facilities at affordable prices and is well within reach of the middle class who wish to reside within the NCR.

The availability of apartments and independent floors is greater,as compared to plots. The first developer to move in this area was Ashiana Homes. With the rise in demand,the projects like Ashiana Aangan,which were launched at the price range of Rs 2,200 per sq ft,are now selling in the range of Rs 3,400 per sq ft.

The prices in this area are still reasonable if compared to other areas of Gurgaon. The property rates here have showed stable to positive values and have witnessed an average hike of 12 per cent per annum since the last 2-3 years.

Some top key players in the real estate have come up with their residential projects in the area,like Ashiana who has launched and handed over seven group-housing projects,namely Greens,Bageecha,Gulmohar Park,Gardens,Villas,Rangoli and one senior-living housing society ‘Utsav’. Other players are such as Avalon,Nemai,Terracity,M2K,Cosmos,Essentia,Omaxe and Krish Group have also come up with their projects in this area.

We feel that the existing selling prices of the apartments in Bhiwadi are still reasonable,i.e.,one can get a 2BHK apartment at the price range of Rs 30-40 lakh as compared to Sohna road and Manesar,which would easily cost Rs 60-80 lakh. This area will see a good growth in property prices within the next 3-5 years with the establishment of the industrial area.

Bhiwadi can therefore be looked as a good location for long term investors. With an investment period of 2-3 years,one can expect a minimum of 25-30 per cent returns on their investments.

— The author is MD,Bajaj

Capital. With inputs from Sunil Agarwal,Principal Advisor – Bajaj Capital Realty