Project Watch: Visava City, Gurgaon
One of the upcoming players in the Delhi-NCR real estate market, the Visava Group is soon launching its new residential township in Shahjanapur, Neemrana, in Rajasthan. The project comes amidst rise in demand for affordable residential properties in Gurgaon.
Will it be able to meet the rising demand from the consumers? PropTiger.com reviews the project. The product
Planned over an area of nearly 9 acres, Visava City offers 200 units of 1 BHK, 2 BHK and 3 BHK apartments. The super built up area for 1 BHK is 600 sq. ft., for 2BHK it is 1,000 sq. ft. and for 3 BHK, it is 1,500 sq. ft.
It is useful to compare Visava City with Stanford Developers' Sunrise and Eldeco Hillside, all three being projects that are situated in Neemrana. Sunrise spreads over an area of 11.475 acres and offers 340 units for sale, which means that it has an apartment density of 29.62 flats per acre. Hillside spreads over an area of 11 acres and offers 832 units for sale, which means that it has an apartment density of 75.63 flats per acre. Visava City has an apartment density of 22.22 flats per acre. Therefore, the project offers more open spaces for the residents as compared to other projects in the locality.
Amenities
Some amenities offered in the project are : 1. Basketball , Tennis court 2. Gym 3. Swimming pool 4. Jogging track 5. Children's play area 6. Meditation and yoga clubs
Location
The project is located 80 kms from IFCO Chowk , Gurgaon and 122 kms from Delhi on the Delhi-Jaipur highway or NH-8. Some of the locational advantages are as follows: 1) Neemrana comes under the Delhi-NCR region and is also the part of Delhi-Mumbai industrial corridor. 2) Due to easy connectivity with the capital, the region is a preferred destination for Multinational Corporations such as Daikin, Nissin Brake, Parle Biscuits Hero Motorcorp , etc. 3) The project is located near the RIICO (Rajasthan State Industrial and Investment Corporation) industrial area, Japanese, Korean and Taiwanese zones. 4) The place is in close proximity to the proposed international cargo airport. Infrastructure and future growth prospects
Delhi-Mumbai industrial corridor project is planned in order to facilitate major industrial developments. Also, Neemrana has drawn investments worth a million dollars from the Japanese government because 2,500 acres of land in this area is allotted to Japanese industries. An international cargo airport is also proposed to be built in close proximity to Neemrana.
Currently, NH-8 is the only road connecting to Neemrana . Rajasthan transport buses and a host of private operators ply here on usual basis connecting to the neighbouring areas. Social infrastructure in the locality is rapidly developing and inhabits educational institutions such as Oxford School, St. Margaret School. Additionally, more than 30 universities have received sanction orders to open their institutes here. Some of the upcoming institutes here include Cambay Institute of Hospitality and Management, Raffles University, etc. The place has healthcare providers such as Sunrise Hospital and Baba Khetanath Hospital among others and has a comprehensive network of financial institutions as well. Real estate in Neemrana is has witnessed an upsurge during the last year - the property prices have appreciated to 37.5 %.
Planned over an area of nearly 9 acres, Visava City offers 200 units of 1 BHK, 2 BHK and 3 BHK apartments.
Price Comparison
The average price of the project is Rs. 2,650 per sq. ft. which is lower than the average apartment price of the locality, which is Rs. 3,292 per sq. ft. Also, the average apartment of Sunrise is Rs. 3,114 per sq. ft and the average apartment price of Hillside is Rs.2, 969 per sq. ft. which is higher than Visava City. This means Visava City is a lucrative deal to invest in under construction properties in India with lower price per sq. ft.
PropTiger's Rating
Parameters | Rating |
Builder | Average / Good |
Price | Very Good |
Project | Good |
Location | Good |
Overall Recommendation
The project is good for investors who are looking for long term gains on their investment but end users need to wait for at least 5 years before they can expect to get possession. According to a real estate report, Neemrana should benefit immensely from the proposed infrastructure developments and will yield high returns on investment in a period of 10 years.