NH- 8: A Key Contributor to India’s Realty Growth
The National Highway 8 (NH-8) which connects Delhi to Mumbai through Gurgaon, Jaipur, Udaipur, Ajmer, Gandhinagar, Surat, Ahmedabad and Baroda is considered the futuristic lifeline of the country’s industry and trade. It will also anchor the 1,480 km-Delhi Mumbai Industrial Corridor (DMIC).
The DMIC has a huge potential as a commercial, industrial and investment destination as lies on NH-8. The entire stretch is providing tremendous opportunities for investing in residential and commercial real estate as it is seen as one of the regions in India which will give investors the highest returns, once the economic condition of the country improves.
Importance of NH8 and DMIC
The Delhi-Mumbai Infrastructure Corridor is developed by the government Of India in association with the Japanese government. The estimated cost of the project is $90 billion. The Delhi-Mumbai Dedicated Freight Corridor will complement the DMIC and will run for a distance of 1,500 km along NH-8. The scope of projects taken up by the DMIC Development Corporation Ltd along with HSIIDC is massive. The development projects in this region are expected to put the region on the global business map.
There are several special economic zones (SEZ) that have been approved by the central government along NH8. These SEZs are attracting foreign direct investment (FDI) from various countries in various sectors such as IT and ITeS, glass technology, automobile and real estate. Companies such as Saint Gobain, Honda Motors, Asahi and others have already set up their plants along the corridor.
There are multiple investment regions and areas already developed under DMIC in Haryana and Rajasthan. There are also multiple state government and Centre-aided projects initiated in the region. This investment zone is expected to provide job opportunities to almost 22 lakh people by 2017.
Real estate development and projects
Some of the major investment regions currently along NH-8 are the Manesar-Bawal Investment Region (MBIR) in Haryana and Khushkhera-Gurgaon-Neemrana Investment Region (KGNIR) in Rajasthan. Many prominent builders such as Falcon Realty Services, DLF, Godrej Properties and Raheja Developers have already launched mega projects in these area.
Falcon Realty is coming up with Global Eco-City in the proximity of MBIR, which will be a commercial and residential project. It is also close to the Integrated Multi-modal Logistics Hub at Rewari and all the forthcoming investment regions in the area, which makes this project ideal for investment. Nearby areas such as Kasola and Garhi Bolni at Rewari are also expected to develop due to this project.
Khushkhera, Dharuhera, Bhiwadi and Neemrana are few other developing areas along the NH8 belt in terms of real estate. Vardhaman Real Estate and Raheja Developers have launched their residential projects in Dharuhera.
While these are the regions that are picking up in the northern regions of the country, there are business districts being developed along NH 8 in Mumbai. Bandra Kurla Complex (BKC) is a Central Business District (CBD) being developed in Mumbai. The CBD is a residential and commercial complex.
