Bhiwadi in 1971 was a small
non-descript rural settlement and had a population of just 1624 persons.
However, over a period of time, this small village gradually transformed into
one of the country’s largest industrial hubs and has opened up
to plenty of residential demand. The Alwar-Bhiwadi Bypass Road
sides are witnessing a flourishing property market on both its sides. This
bears the testament of the fact that this town is fast emerging to be a great
player, in regards to the property market.
Real estate experts state that
the demand for residential projects is up by
around 400% and this has taken place in the last 5 years. Hence, the future projects are
said to be getting quite stronger and this is because of the presence of
infrastructural development projects. One of them is the projected
regional quick transit system from Alwar to Delhi.
JMD of Ashiana Housing Ltd.,
Ankur Gupta told that this group was actually the first property company that
entered Bhiwadi in the year 1993 and it is credited to set the property market
to roll from there onwards. He added that his father projected a better outcome
for this town and the present is evident of his projections. In 1993, a flat
that would be priced at Rs. 2.5 lakhs, was rented at Rs. 3,000 per month then. Ashiana
Housing has developed more than 4000 houses in Bhiwadi. Since, plenty of jobs
are created here, there is a growing interest among the buyers.
At this point of time, the
place that is the biggest hub in regards to construction activities, if the
initial 20 kilometer stretches of Bhiwadi-Alwar Road, that is just 5 kilometers
away from NH 8. The developers who started the townships and group housing projects are
Avalon, Ashiana, BDI, Cosmos greens, Innovative Colonizer, Kajaria Infra, MVL,
Krish Infra, R-Tech, Star Realcon, Nimai, Ashadeep, Tera Elegance, etc.
Amit Singhal of Dimensions
India Property Services stated that the Group housing projects,
where possessions are being offered are Ashiana Bagicha, Ashiana Angan, Ashiana
Green, Ashiana Village, Ashiana Garden, BDI Sunshine City, Krish Vatika, Avalon
Garden, Trehan Hill View Garden, Kajaria Greens, etc. The present project
prices that are under construction are around Rs. 2,500 per sq. ft. to Rs.
2,800 per sq. ft., while the ready to shift flats are priced around Rs. 2,800
per sq. ft. and Rs. 3,200 per sq. ft. Several developers also have offered
plots at a price between Rs. 24,000 to Rs. 28,000 per sq. mt., however, the
demand for plots is not as much as flats.
As the sector roads are yet to
be constructed, every major development is present along the Alwar-Bhiwadi
Bypass Road. Once, this area is divided into different sectors, according to
the 2031 Master Plan, and the sectors road being ready, the activity in
construction would pick in pace.
Most local brokers state that
investor-end user ratio is 70:30. This effectively means that plenty of
families are ready to go for rented accommodation rather than buy homes. The
reason is that those people working in the bigger industries such as Honda, St.
Gobain, Shree Cement, Gillette, Usha Sriram, Hi Tech Gears, SRF, BKT Tyres,
etc. tend to prefer rented accommodations, as it is more affordable than
Gurgaon and Manesar.
Future plans
Experts and realtors lay
important emphasis on the forthcoming developmental plans in the 2031 Master
Plan. It has projected a Greater Bhiwadi complex that is spread both the sides
of Alwar-Bhiwadi Road.
This 2031 Master Plan also
states that the Greater Bhiwadi Complex is actually on the of most important
towns that has been identified in the 2021 Regional plan of the NCR and is
situated in Rajasthan’s eastern boundary, in the North-east part of the
district of Alwar. It consists of 99 revenue villages that cover around 250 sq.
km.
This plan also envisages that
the area for residential use is planned in sectors and having
an average size of around 60 hectares. Around 120 residential sectors
are planned. Apart from this, 45 sectors are reported to be kept under the high
density mixed usage, where with the commercial, institutional and residential use,
would be permitted both horizontally and vertically according to the need. The
plan states that the provisions are made for accommodating 15 lakh people by
2031. Moreover, out of 120 residential sectors, around 6 are
considered to be of low density, 12 of high density and 98 to be of medium
density.
The NCRTC formation for
developing the RRTS from Alwar to Delhi is considered to be an important
development.
Too much optimistic
Inspite of this positive
outlook the real estate experts do suggest that the investors need to weight
both the cons and pros before actually investing their money, since expecting
short term profits would be too much optimistic.
The Managing Director of
Ashiana Housing Limited, Vishal Gupta said that Credai’s Bhiwadi Chapter has
been working quite closely with the government bodies on different issues of
the developers and trying to push hard for things to process. However, this is
expected to take a minimum of 5 to 7 years for developing appropriate
infrastructure, irrespective of it is stormwater management system, RRTS, solid
waste management system, internal transport system or sector roads. Hence, any
individual trying to put his money out here can expect returns only after a
period of 5 to 7 years.
Most experts are of the opinion
that the announcement made by the government on the rapid transit corridor
between Alwar and Delhi did not have much of an impact on the prices of real
estates in Bhiwadi. Singhal says that it still seems to be a distant dream, as
this is an elevated corridor that would need a good amount of work to be done.
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