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After Gurgaon, Manesar has caught the eye of the Haryana government, which is going all out to turn it into the new centre of development, says SHRI RAM SHAW
After playing a pivotal role in the commercialization and urbanization of the country, India's metropolitan cities began to lose some of their glitter in the late eighties. Crumbling infrastructure, unrealistic land prices, overcrowded metropolitan areas and choking pollution levels took a heavy toll on cities like Mumbai and Delhi, stripping them of their traditional charm and attraction. Coinciding with these developments and perhaps as a direct consequence of the metros' slide, a host of smaller cities and towns have emerged as the favored investment destination.
High property prices in these metros was one of the principal reasons why many companies, MNCs in particular, began looking for new options in other cities, which satisfied their requirements of accessibility, business facilities, skilled labor force and affordability. Thus, there was a gradual shift towards smaller cities and towns, which were offering all the conveniences of the big metros, but were not yet plagued by their ills. First Gurgaon, and now Manesar, are perfect examples of emerging cities at the outskirts of the metro, where MNCs and Indian companies shifted.
Manesar is situated on the main Jaipur-Delhi highway and is well connected to Delhi. Next, the international airport is just 32km away, while the showpiece of Lutyens Delhi, Connaught Place, is 45km away. It takes about an hour and a half to reach there. The real estate market in Manesar has been going at a frenetic pace ever since MNCs decided to set up their establishments here. It was earlier a small village which has now been transformed into an industrial and commercial hub over the past few years. The real credit goes to the IMT Manesar Industrial Area, which has boosted up the commercialization of the area.
Property rates in Manesar are witnessing a steep appreciation across the commercial and residential segments. Currently, a three bedroom flat in Manesar is selling in the range of Rs 1,800 per sq ft and Rs 2,200 per sq ft. The development of Kundli-Manesar-Palwal (KMP) Expressway, over 135km long, has pushed property prices in Manesar yet again.
According to Gurgaon-Manesar Master Plan 2021, the residential sectors of Gurgaon will ultimately reach Manesar. Therefore, a majority of developers have launched projects across Gurgaon, like in Sectors 82, 83, 85, 91 and 92. Manesar is already well connected to NH 8. The proposed DMRC link (Delhi Metro Rail Corporation) and also to the KMP expressway provides a momentum to real estate development in the area. Commercial activities in Manesar have also increased the demand for residential properties in Manesar.
To fulfil this increasing demand, developers are launching residential housing projects in Manesar. The Vatika Group has launched Indian Next, having single floors, in Sectors 82, 83 and 85. The ORRIS Group has launched Carnation Residency in Sector 85, which is spread over 25 acres. They will have approximately 1,000-1,200 units. The project has been planned and construction will soon start. They plan to complete the project by the end-2012. The various sizes that would be available are, 2BHK of 1,050 sq ft, 3BHK having 1,350 sq ft, 3BHK plus servant room of 1,500 sq ft, and 4BHK of 1,800 sq ft. These apartments will be available at Rs 1,980 per sq ft.
Residential market of Manesar has improved, since May-June 2009. A number of enquiries for residential real estate have always been there but now, since May 2009, these have translated into, on an average, 50% transactions for apartments. The capital values that had dropped during the recession period have since increased by nearly 15%. The value of residential plots of 100-500 sq yard, which was Rs 18,000-20,000 per sq yard in December 2008, had fallen to Rs 15,000 per sq yard by April 2009. The value of the same plot, in July 2009, has again risen and is now Rs 16,500 per sq yard. The Manesar residential market has just started developing. There is not much scope for resale as there is no availability in this category.
The rental market, as of now, is also not too well developed as housing projects are still under construction. The commercial market is also quite active as Manesar is a hub of many small and large industries. Improvement in infrastructure and the expected Metro connectivity will further increase real estate prospects in the city. End users from different areas are establishing their base here. The increase in values of the commercial market of the city will also directly boost capital and rental values of the residential sector and also increase demand for property in Manesar.
After Gurgaon, Manesar has caught the eye of Haryana government and has become the new centre of development. Builders like Unitech, Raheja, Vatika, DLF and various others have bought land here to create townships. The forthcoming projects like an expressway to Jaipur and SEZs are bolstering the value of property in Manesar. These projects have been undertaken by Reliance, DLF, Unitech and Raheja.
The IMT (Industrial Model Township) is the main attraction of Manesar for industrial buyers as it now houses more than 500 industrial units worth over Rs 3,600 crore. As happens with every developing city where the demand for residential property is upped due to commercialization, the trend is well followed by Manesar too. The professionals employed by the multinationals have generated demand for housing and accommodation ushering in a boom in real estate market here.
The current major project in Manesar is the IT park being developed on the land is allotted by Haryana government. Builders who are planning projects here are Ramprastha, Sahara, Uppal and the Amrapali Group. The state government has granted permission to builders to raise buildings up to 15 floors.
Driven by positive growth in the economy and large-scale investments in SEZs, the real estate in Manesar is booming at a rapid clip and in a recent survey, Manesar has emerged as one of the top three investors choice for real estate investment. Raheja is coming up with "Navodaya", which is situated on 17 acres of land in sectors 92 and 95, which is only a twominute drive from IMT Manesar, on well-carpeted broad roads. Navodaya is targeted at the middle segment of end users and even with the tag of affordability, it offers lifestyle amenities like 24x7 power backup, a club house, swimming pool, gymnasium, tennis and badminton courts along with hi-tech security system and CCTV monitoring. People will definitely get good value for their money.
Upcoming investment plans in Manesar
A large numbers of leading corporate houses like Nippon, Baxter, Stanley, Toyota, Mitsubishi, etc, have setup their business units in Manesar.
Already home to the largest car and motorcycle manufacturers -Maruti Udyog and Hero Honda - another corporate major, Suzuki, is also coming up with plans to invest Rs 2,500 crores in Manesar.
Japanese majors and other MNCs like Samsung Telecommunications will soon establish a unit worth Rs 850 crores in Manesar to commence the commercial production of their products.
Next in the pipeline are Honda Motorcycles and Scooters India with a plan of pumping in Rs 300 crores in its plant in Manesar to improve its capacity.
Forthcoming real estate projects in Manesar:
Corporate Tower: Expected to fulfill business requirements of shops, offices, etc. Commercial Towns: HSIIDC has earmarked a complete sector (Sector 2) for commercial development. It is developing 12 commercial towns. Vatika Township: DLF City is planning to develop a huge township while Vatika would undertake construction of plots and villas. Karma Lakelands: Unitech will bring in ultra luxury villas with an 18-hole golf course. DLF City 2 Manesar: The construction giant, DLF, offers a range of options in its residential apartments; has planned a huge township in Manesar. Golden Heights: It is an exclusive township to be developed by Land Mark Developers. This is a prelaunch project.
Courtesy by : Times Property Dtd : August 21st 2010
THE MONEY SPINNER
By: deepak
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