Bhiwadi real estate update – Part 1
Bhiwadi, included under the National Capital Region (NCR), is among the fastest developing towns in Rajasthan. Bhiwadi holds huge growth potential owing to its affordable prices, sound infrastructure and proximity to Gurgaon and Delhi.
Bhiwadi is a good choice, mainly for those who prefer to buy residential unit within Rs 50 lakh. Among all the pockets of Bhiwadi, the corridor along Bhiwadi-Alwar Bypass Road has been observing enormous real estate growth. Being located on the national highway 8, Bhiwadi is a hotspot destination for real estate, industrial and institutional development.
Location:
Bhiwadi referred to as ‘the Gateway to Rajasthan’ is located in Alwar district of Rajasthan close to Gurgaon. It is in south western part of the national capital, Delhi. It is strategically situated on NH-8, and offers direct connectivity to Delhi, Gurgaon, Jaipur and other important cities in the vicinity. It is situated at 40 km from Gurgaon, 55 km from Indira Gandhi International Airport, 200 km from Jaipur, 25 km from Rewari and 60 km from Faridabad.
Connectivity:
Bhiwadi has excellent connectivity to Delhi, via the national highway 8. The connectivity will get a boost with the proposed regional rapid transit system (RRTS) from Delhi to Alwar (180 km) and the proposed Kundli-Manesar-Palwal (KMP) expressway, which has emerged as a key driving force. The ambitious Delhi Mumbai Industrial Corridor (DMIC) will add more value to the real estate in Bhiwadi. Once these projects are completed, Bhiwadi will have easy connectivity to various regions of the NCR including Delhi, Alwar, Meerut, Panipat, etc.
Housing Demand and Supply
Owing to the proposed infrastructure projects and improved connectivity, the demand for residential properties in Bhiwadi has recorded about 400 percent growth in the past five years.
Due to the increased trend of nuclear families, the area has been witnessing high demand for single and double bedroom apartments. There is an ample supply of housing units in Bhiwadi which offer a range of apartments in a wide price range. Over 70 residential projects in Bhiwadi offer 2 bedroom apartments while around 35-40 projects offer 1 BHK and 3 BHK apartments. 4 and 5 BHK apartments are offered by few projects.
There are more than 80 ongoing and upcoming projects in Bhiwadi which in the next 3-5 years would add around 20,000 new residential units to the micro-market. Based on this, Bhiwadi will be able to accommodate nearly 50,000 population in the next five years.
Realty growth:
Increasing demand, mainly from the workforce of the surrounding industrial areas, has given way to major real estate development in Bhiwadi. The properties in the region are witnessing a healthy demand since the area seems more promising.
To meet the rising demand for industrial, infrastructural and residential needs, it has been proposed to extend the suburban areas – called Greater Bhiwadi. The draft Master Plan of Greater Bhiwadi-2031 projects Greater Bhiwadi (Bhiwadi‐Tapookara‐Khushkhera Complex) as one of the priority towns identified in the Regional Plan‐2021 of NCR.
Bhiwadi real estate has a wide range of investment options such as plots, group housing, villas etc which are available at reasonable rates. Affordable price range of properties in Bhiwadi, higher rental yield, good civic amenities and need for a better lifestyle have been luring buyers and investors. The region also includes a good number of educational institutions, hospitals, banks, shopping complexes, resorts and more.
(continued in Bhiwadi real estate update – Part 2)
