Neemrana emerges as a real estate hotspot
Neemrana, a historical place in Rajasthan’s Alwar district and a booming industrial hub in the NCR, has also been emerging as a prime real estate destination.
The government of Rajasthan seems to be all set to provide enough room for industrial, residential and institutional set-ups in Neemrana. Leading realty biggies have been buying plots in Neemrana and are coming up with many residential projects.
The town has observed significant growth and is on its way to become a hotspot realty destination.
Location and Connectivity
Neemrana is located in the South-West NCR, between Behror and Shahjahanpur on the Delhi-Jaipur highway (NH-8). The national capital is at around 120 km, Gurgaon is at 88 km and Bhiwadi at 53 km from Neemrana.
Through the NH-8, the ancient town has easy connectivity to Delhi, Gurgaon, Bhiwadi, Jaipur, Ahmedabad, Surat and Mumbai. The DMICDC is set to develop a rail-based Mass Rapid Transit System in this corridor. A high-speed regional rail transport system (RRTS) running from Delhi to Alwar has also been proposed, which once ready would further add to Neemrana’s connectivity. A high-speed train between Alwar and Delhi is also in the pipeline, which will also benefit Neemrana to develop in tourism and industrial.
Industrial growth
The Rajasthan Industrial Cooperation (RIICO) has developed seven industrial zones in various stages at Neemrana. Of all the industrial zones, the Export Promotion Industrial Park (EPIP) and the industrial complex Majrakath (known as Japanese zone’ because of a number of Japanese units) are well-known. RIICO is planning to develop a new industrial hub over 239 acres at Kolila Joga village.
The place is famous for automobile ancillary, ceramic, engineering and textile-based industries. Many Indian and foreign companies such as Hero Honda, Ashok Leyland, Nippon Steel, Mitsubishi, Maruti, Eicher and Saint-Gobain are setting up units in these industrial areas. This will lead to increasing job opportunities in this region which will further boost the demand for residential projects.
Infrastructure development
Neemrana, which is well-known for its beautiful tourist spot – the hilltop fort-turned-heritage hotel – has been an excellent weekend getaway for many Delhi residents. Now, the city has been witnessing good development in terms of real estate and infrastructure. The eight-laning of the NH-8 will cut down the travel time from the Indira Gandhi international airport. The ambitious Delhi Mumbai Industrial Corridor (DMIC) will also pass through Neemrana. The state government has proposed a Global City project sprawling over 40,000 acres.
A cargo airport in the middle of Ajarka and Kotkasing is also in the pipeline, to facilitate the cargo transportation of the finished products of the industries situated in and around Neemrana. A 50 km long six-lane dedicated road will also be constructed to connect this airport to Neemrana.
Besides being an industrial hub, Neemrana is likely to develop as an educational hub too. As of now, 38 universities have obtained green signal for setting up their campuses in this part. NIIT, School of Aeronautics and Raffles are already operational. Neemrana holds huge investment potential and has been attracting potential foreign players to the region. All these developments have given a new dimension to the real estate in Neemrana.
Price trend
The average rental value for a 2bhk in Neemrana is around Rs 15,000 to Rs 20,000, while for a 3bhk it is around Rs 20,000 to 25,000. The present average price per sq ft for properties in Neemrana range between Rs 2,600 to Rs 2,800. The plot rates have almost doubled in this area in the past one year.
Real estate boom
Neemrana offers a wide range of properties including township projects, villas, apartments and affordable housing units. However, the town is witnessing demand-supply mismatch, which has led to great hike in the property values and rental rates.
Another major problem prevailing in this beautiful town in the NCR is the pathetic condition of NH-8. It is really important to get rid of potholes, bumps and traffic issues along the highway to boost the area’s growth. The area demands a better social infrastructure including proper schools, hospitals, restaurants, retail shops, etc.
Eldeco Group is coming up with Eden Park and Hillside. Avalon Group is planning to launch Stanford Sunrise residences comprising 800 housing units. Ashiana Housing, Anant Raj industries, Anurag Enterprises, VB Builders, APTP Group, etc are also planning to develop residential projects in Neemrana.
It is estimated that, by 2016, there would be around 4500 ready-to-move-in residential units in Neemrana. But even then, there would be no healthy balance between demand and supply, since the working population is likely to rise and there would be a demand for 10,000 units. Real estate experts say that the investors looking to buy properties in Neemrana have to ensure that the projects have obtained all required clearances.
There are strong economic drivers contributing to the real estate growth in Neemrana which include rapid industrial development, good connectivity and numerous employment opportunities. In the next few years, with the betterment of its social infrastructure, the place is set to witness very high growth in terms of residential, commercial, office and retail sectors.
