Positive Trends in Neemrana Real Estate

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Neemrana in Alwar district located off NH 8 is gaining ground amongst investors for the potential it offers for real estate development. Barely 155 kms from Delhi, Neemrana has been in the news for the major commercial projects and industrial estates proposed by the Rajasthan Government in 2006.Known more popularly for its majestic heritage hotel and fort, commercial and residential property rates in Neemrana have almost doubled with the announcement of the Global City and the Special Economic Zones and the Kundli-Manesar-Palway expressway which will intersect NH 8 when completed.

Real Estate Projects in Neemrana

Commercial property: A Global City is slated for development in Shahjahanpur-Neemrana-Behror on 40,000 acres of land and will house 1 million people. The Global City would have cluster cities within – the Cyber City, Medicity, Knowledge City, Entertainment City, SEZ City, World Trade City, Bio-diversity Park, a Dry Port City and an airport facility. All the cluster cities would be self-contained with residential and commercial spaces.

Apart from the Global City, RIICO is also putting up large industrial estates extending 2000 acres called Neemrana Phase III. The Rajasthan Government has approved 1,100 acres of land to RIICO for a large industrial estate which would also have a residential colony with educational, medical and recreational centres. An Export Promotion Industrial Park (EPIP) spread over 210 acres is another project where some plots have already been occupied by industries.

The industrial estates are drawing industry majors to set up their manufacturing facilities here. Liberty Whiteware is setting up a sanitaryware plant in Neemrana at an investment of Rs. 100 crore. Hero Honda, Pallavi Copper Pipes and AMD Metplast are also setting up their units, while facilities of Parle, Ginni, Prena Syntex, and Rochee Breweries are already operational. Three Japanese logistics companies are also likely to set up operations over 75 acres of land in Neemrana. Quipo, India’s first infrastructure equipment bank will also invest Rs. 200 crore in a project to be completed by 2009. Japanese automobile giant Nissan may set up a manufacturing unit in Neemrana. The real estate market in Neemrana has been encouraged by the entry of these large corporates.

Ansal API will set up a Rs. 6553 crore multi-products SEZ in Neemrana, over an area of 2500 acres. The Reliance group’s multi products SEZ will be spread over 2,500 acre on NH8 near Rewari. Though located in Haryana, Neemrana’s proximity to the project have influenced property prices to almost double during the last year, and RIICO’s rates for commercial, residential and industrial plots are expected to rise to Rs. 3000, Rs. 2000 and Rs. 1000 per sq. metre respectively from the current rates of Rs. 140 to Rs. 600 per sq. metre. Suncity Rajasthan Developers’ proposal for a multi-product SEZ at Neemrana has also been approved at a cost of Rs. 3000 crore.

Residential property: The announcement of the Global City and the SEZs had real estate developers rushing to Neemrana with mega residential projects. M-Tech Developers has launched Camellia Valley in Neemrana on 200 bighas of land, with options of plots and villas in a township equipped with banquet halls, tennis court, swimming pools, medical and school facilities. Villas measuring 2500 sq. ft at moderate rates of Rs. 1250 per sq. ft. are on offer.

Konichiva Builders is similarly coming up with South City, an integrated project on 1,30,000 sq. metres of land, combining commercial and retail spaces. Located on NH 8 at Behror, it promises to be a world-class township.

Ashiana Housing is developing 280 residential units in their Ashiana Greenhill project in Neemrana.

With these, and several more who have applied for licences, Neemrana is geared for quantum growth in residential property development to match the booming commercial market. Investors in Neemrana’s real estate can expect good returns on their investment in the next couple of years.