Bhiwadi: A rising star in NCR real estate
New Delhi: Bhiwadi is located is the Alwar district of Rajasthan, and is an emerging industrial destination in the NCR region. Located at just 40 km from Gurgaon, Bhiwadi is witnessing a shift from its erstwhile image as a mere industrial area to destination with full-fledged real estate viability. Being a part of the Delhi-Mumbai Industrial Corridor (DMIC), Bhiwadi is now an acknowledged as an investment zone.
Still primarily driven by its industrial sector, Bhiwadi encompasses the manufacturing centres of Chopanki, Khushkhera and Sare Khurd. There is a massive amount of additional industrial development activity planned by The Rajasthan State Industrial Development and Investment Corporation (RIICO).
Advantageously located along the borders of Rajasthan and Haryana, Bhiwadi has been seeing improving connectivity with Delhi and Gurgaon, which has reflected favourably on its realty market. Due to the relatively cost-effective land prices, growing housing demand and excellent connectivity afforded by the Delhi-Jaipur National highway (NH-8), there has been a spurt in new residential housing projects catering primarily to the people employed in this industrial belt as well as for people looking for reasonably-priced properties around established centres of Gurgaon and Delhi.
As a result, Bhiwadi has attracted the attention of various reputed developers primarily offering affordable housing projects, with only a scattering of luxury projects. The average ticket size for apartments in Bhiwadi is between Rs. 2400-3500/sq.ft, and the annualized appreciation to the tune of 5-10 per cent, which is consistent with the overall market dynamics of NCR.
Apart from rapid residential development, Bhiwadi is also witnessing growth in retail and office spaces. For instance, Bhagat Singh Colony – the prime residential area of Bhiwadi – is also turning into a retail and commercial nerve centre. V Square Mall, located on Bhiwadi-Alwar Highway, is a multiplex-cum-shopping mall in the city. The mall-cum-office complex Sky View Tower, BB Mall and Ganapati Plaza are upcoming developments on the retail real estate front in this region.
Realising the potential of this corridor, government is working towards improving the social and civic infrastructure. Bhiwadi's infrastructure is improving rapidly, with various projects on the anvil. The proposed Bullet train and Metro connectivity will further enhance Bhiwadi's real estate investment attractiveness quotient. As a result, Bhiwadi is firmly on property investors' radar.
(Santhosh Kumar is CEO – Operations at JLL India)