Textile City Bhilwara gets a Realty Weave

March 24, 2008	(Be the first to rate this story!)  Loading ...
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Known for its textile units, Bhilwara is attracting real estate developers in a big way. Slowly but steadily, the traditional city of Rajasthan is donning a modern face. The sleepy town, which once had only industrial buildings, is getting ready for high-rise residential structures.

Realty majors like Ansal Group, Manglam and Essel Group fueled the property prices in the city, which were on lower end of the hyperbole, a year back. A leading property consultant said “Developers and investors were concentrating on top three cities of the state - Jaipur, Jodhpur and Udaipur. Now that there is a slowdown property market, smaller cities like Bhilwara are hogging the limelight. Here investment is not that big and prospects are comparatively brighter. People are not minding investing in real estate in this textile hub,” he said.

Bhilwara is situated about 120 km away from Ajmer on the National Highway to Mumbai. With a population of around 3 lakh, it is better planned than Ajmer. The city houses around 54 medium- and large-scale textile units with an investment of around Rs 8,440 crore and employing about 20,986 persons. The 10,000 powerlooms have a production capacity of 5 crore meters synthetic fabric. “Due to the textile connection, businessmen from Mumbai and Surat have invested in the real estate. The properties are used as guest-houses or residences for their employees based at Bhilwara,” another property consultant added.

The city, connecting two important cities-Ajmer and Udaipur, is growing at a fast pace on Ajmer Road. Delhi-based Ansal Group is coming up with a 330-acre township on this road while the Essel Group is planning a 30,000 sq feet commercial complex, housing two multiplexes. “The Ansals are selling plots at Rs 475 per sq m while in Essel Group commercial mall, the rates range from Rs 3,500-8,000 per sq feet. The Jaipur-based Manglam Group is also planning a 30,000 sq feet commercial complex in the heart of the city-Shastri Nagar. The rates range from Rs 3,500-10,000 per sq feet”.

The uprising of commercial complexes is the result of a sudden spurt of retail activities in the city. With swelling disposable incomes and improving lifestyle, the city, like any Tier-II and Tier-III city, is attracting all the big brands, telecom operators and private banks. In the retail segment, Vishal Mega Mart is the only entrant at the posh Pur Road. Other retail biggies are scouting for locations. “The rentals for a commercial place in the city centre range from Rs 40-50 per sq feet at ground floor while for first and the second floors the rates could be in the range of Rs 15-25 per sq feet,” Ramesh Sharma of Jaina properties said.

Apart from big-ticket developers, a local developer Nawkar Builders is also coming up with a 45-bigha residential township in Vasant Vihar, adjoining the industrial belt of the city. “We are constructing a 35-flat residential complex, besides developing residential plots. The flats are available at Rs 1,650 per sq feet while the rate for the plot is Rs 1,500 per sq feet, Amit Surana of Nawkar Builders said.

According to Ajay Jain, the land at posh locality like Shastri Nagar is available at Rs 3,500 per sq feet while the rates at R C Vyas Colony and R K Colony are Rs 15,000 and Rs 2,000, respectively. “The fast growth of business and trading has created a strong middle-class that is investing in real estate at an early age. With the land prices shooting up, the city can now only grow skywards and that too with the help of builders,” he said.

News Published Under:   Real Estate India, Real Estate Developers |

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