Healthy Prospects for Real Estate in Bhiwadi

Bhiwadi – As property rates soar in the NCR, corporates are opting for Bhiwadi in Rajasthan on the Delhi-Jaipur highway as a more advantageous location to expand their operations.Bhiwadi in Tijara tehsil, Alwar district is 55 kms from Delhi’s international airport, 90 kms from Alwar and 200 kms from Jaipur. As the gateway to Rajasthan, property developers operating in the NCR are making a beeline for the Bhiwadi industrial zone which promises to be the next commercial hub after Gurgaon. Private developers – 27 of them so far, have jumped into the fray with modern commercial and residential projects in Bhiwadi.

Real Estate Projects in Bhiwadi

Commercial property: Bhiwadi’s proximity to Delhi and Gurgaon has been critical to its commercial growth in the last few years. The Rajasthan Industrial Investment Corporation (RIICO) has developed 15 industrial areas in Alwar district which support over 300 large and medium scale manufacturing units.

Omaxe Limited has announced its plans to set up an Export Processing Zone and a multi-products SEZ project in Alwar district. Also up for approval are SEZs in the vicinity by Adani Exports, Kajaria Housing and Infrastructure and SRM Infrastructure.

A number of SEZs are coming up in and around Bhiwadi, which will add to the employment prospects of residents further. Reliance’s mega SEZ will be at a motorable distance of 20-25 minutes. Two SEZs from Uppal group – one a 263-acre multi-service SEZ and another, a single-product 62-acre SEZ on NH 8 will be easily accessible from here. A 1,125-acre SEZ is also being developed at Kushkhera, 12 km from Bhiwadi on the Alwar Bypass Road by RIICO

As for shopping options, Parsvnath and Ashiana have 2 retail malls coming up spread over 200,000 sq. ft and 80,000 sq. ft respectively. Commercial property rates in Bhiwadi range between Rs. 2800 to Rs. 5,500 per sq. ft, while rentals could range between 10 to 11% of the capital value or Rs. 30 to Rs. 40 per sq. ft.

Residential property: The already established industry corpus, nearness to Gurgaon and improved road links has fuelled the demand for residential property and commercial property in Bhiwadi…

Property rates in Bhiwadi rest on actual demand in ready and under-construction projects. The workforce from 2500 industries here supports the residential property market in Bhiwadi. as it offers affordable housing at Rs 1,350-1,450 per sq ft. as compared to Manesar which is just 30 minutes away by road.

Ashiana Housing has constructed all of 1300 units in 6 projects in Bhiwadi, and Ashiana Utsav the self-contained mini-township for senior citizens is complete with medical facilities, a temple and a health club. Rates of apartments range between Rs. 1,750 per sq. ft.to Rs. 1,950 per sq. ft. in Ashiana Angan, and Rs. 1,600 per sq. ft. in Ashiana Utsav.

Parsvnath’s upcoming residential project in Bhiwadi is currently available at Rs. 1450 per sq. ft onwards, as is the Omaxe residential apartment project. Residential apartments in MVL Coral on the Alwar Bypass are available for Rs. 1350 onwards. The Trehan Home Developers residential project is under construction and being sold at Rs. 1250 per sq. ft. The Piyush Group has obtained a licence to develop residential property on 50 of the 125 acres acquired by them, and is expected to launch its residential project in Bhiwadi in April 2007. Rates here range between Rs. 1450 to Rs. 1950 per sq. ft. Kajaria Housing and Infrastructure also has a 2 bedroom apartment complex under construction.

Pre-launch projects are investor-driven, and rate appreciation of such residential properties in Bhiwadi is currently slow. MTech Developers with Camellia Garden Estate, Kingfisher Constructions, Avalon Group, and Dreamland have properties in Bhiwadi in the pre-launch stage, and suitable for long-term investment.

Some real estate experts are of the opinion that the expansion of Gurgaon as per the new Master Plan could adversely affect rates in Bhiwadi. On the other hand, the linear expansion of commerce and industry along NH 8 upto Jaipur as one contiguous corridor will soon become a reality, and Bhiwadi with its own cluster of industrial estates could prove to be a good long-term investment, irrespective of Gurgaon.