Looking For A Property Under Rs 40L In NCR? Head To Bhiwadi
The National Capital Region (NCR) is known for its wealth of opportunities and choices for both jobs as well as housing. This growth is attributed the fast-improving infrastructure that lead the real estate developers to move into these growth corridors touted as investment hotspots where price points are still reasonable. One such corridor is Bhiwadi. Prices are the primary determinant here and on an average, most units on sale are within Rs 3,200 per sq ft.
Attractive entry point
Real estate development is moving up slowly and gradually in this region driven by major infrastructural development in the city. At present, Bhiwadi boasts its reasonable property prices and its proximity to Gurugram, also known as Gurgaon. An hour away from the Millenium City, home buyers looking for an investment destination with a potential would know that Bhiwadi is an apt choice. The hotspot has seen a marginal growth of 2.3 per cent in prices in past 30 months.
Looking for an affordable unit?
Bhiwadi is a perfect destination for those looking for an affordable unit in an upcoming market. Home buyers can buy units in the price range of Rs 10 lakh and Rs 40 lakh. At this price point, the developers are also offering some exciting deals. Some of the prominent localities within this budget include Bhagat Singh Colony, Sector 14, 16, 15, 18, 22, 33, 56 etc. See the full list here. Most units are in the size range of 500-1500 sq ft.
Strategic location
As of date, there are over 70 projects in the region at various stages of construction while over 10 projects are yet to be launched. As per reports, about one lakh affordable units will be coming up in the NCR market. Bhiwadi is on the list with other areas including Raj Nagar Extension, Greater Noida, Yamuna Expressway, Tronica City, Faridabad, Bahadurgarh, Gurugram and Daruhera.
After affordable housing received the much-awaited infrastructure status, though initially developers were cold in this regard, many companies are now reportedly converting their housing projects into affordable ones by capping the maximum unit size at 60 sq mt or about 645 sq ft. Most developers would keep the prices as low as Rs 35 lakh. This benefit will be furthered to home buyers too as they will be able to save a few lakhs under the Pradhan Mantri Awas Yojana. You may want to read PMAY Affordable Homes Make Way For Big Savings.
Given the size of these affordable homes, it allows the mid-income segment home buyers too to consider it as an investment. Hence, the demand could be double targeted. Thanks to such developments, Bhiwadi is shedding its image of an industrial town and it is known for much more than Chopanki, Khushkhera and Sare Khurd- its chief manufacturing centres.
Pain areas
Considering Bhiwadi? Mind the pain points as well. The pace of social and physical infrastructure may be slow for your liking. Transport, waste water management, Metro services, and security are some of the aspects that require more attention. However, real estate insiders say that facilities follow people and therefore, it is a matter of time.
Prabhat Rajput, a broker in NCR says, “Bhiwadi needs to become end-user friendly. This will happen only when more buyers settle here. As of now, the only settlers are those who work here. The others buy into the area but are waiting for some time to move into this place. There are more investors by that calculation. Bhiwadi is popular and forms part of the Rajasthan industrial triplets along with Neemrana and Khushkhera.” Having said that, malls along Bhiwadi-Alwar highway and more commercial development within the region are not uncommon.
The region is still a beneficiary of being part of the Delhi-Mumbai Industrial Corridor as well as being on the radar of the Rajasthan State Industrial Development and Investment Corporation.