Will NCR expansion prompt real estate boom in the ‘new towns’?
Following the inclusion of three new districts- Bhiwani, Mahendragarh and Bharatpur– to the National Capital Region (NCR), the question bothering the residents and real estate market watchers is whether this new status would bring in any good development in the areas?
Some of the real estate experts believe that, Bhiwani and Mahendragarh in Haryana, which are among the less-known places of North India, are expected to witness a real estate boom. Bharatpur in Rajasthan is well-known for its famous bird sanctuary and tourist resorts. It may also gain fame as a real estate hotspot, owing to its inclusion to Delhi-NCR. Some of the realty consultants are even planning to conduct a price projection survey for the new areas of NCR.
If one considers various parts of NCR, that have already been included and stayed in NCR for many years, it is clearly seen that not all the NCR areas have witnessed real estate boom. While Gurgaon has undergone huge transformation from suburb to Millennium City, areas like Hapur, Bulandshahar and Bagpat have seen no good growth since their inclusion in NCR.
Real estate analysts are expecting a 15 percent hike in property prices in Bhiwani and Mahendragarh in the next three years, while the current rates are in the range of Rs 800 to Rs 1200 per sq ft in Bhiwani and Rs 2,000 to Rs 3,000 per sq ft in Mahendragarh. Experts say that soon these areas are likely to see developers and investors lining up to invest in.
The average price of residential plot in Bharatpur is around Rs 1,500 per sq ft while industrial plots are priced at Rs 150 per sq ft. The government is planning to introduce rapid rail transit in this place, which would further boost the reality spur in this area. Some developers have already started foraying into Bharatpur realty business. Many residents are looking to move to apartments which are a welcome sign for residential realty growth.
Some market watchers think that the addition of new areas is merely a pre-poll trick for publicity of the government. However, the news has started influencing Bharatpur realty market. Rajeev Bairathi, executive director of Knight Frank, said that the market will start looking at these areas with a different perspective now. Many international consultants are also aiming towards business in the three new NCR areas.
Bhiwani and Mahendragarh already house outlets of international retail brands like Nike, Levi’s, Reebok, etc. and offices of leading finance companies like Muthoot Finance, which indicates that the areas are open to many such developments. However, the residents of these areas are not much sure regarding the development in the areas. They believe that once real development is kick started, only then the real estate development will begin. They said that the move of inclusion of the areas under NCR will only hike the property prices, though any other development.
