“I moved to Bhiwadi because I could not afford to buy a house in the neighbouring markets of Gurgaon or even Manesar,” shares Joginder Rawat, a retired bank employee. “It was not a choice but my budget constraint that brought me to Bhiwadi, five years ago. However, looking back, it has been one of the best decisions of my life, not just from an investment standpoint, but overall, in terms of living a peaceful and quality life,” insists Rawat.
Bhiwadi was conceptualised, as an affordable destination for the blue-collared workforce, who could not afford to buy a home in Gurgaon or Manesar. However, with the shifting of industries, the increasing economic activity and the workforce preferring to not only work here, but also stay in this sleepy town; Bhiwadi’s property market changed completely. Today, the region is no longer seen as a poor cousin of Gurgaon–Manesar.
Property prices on an upswing
Nevertheless, Bhiwadi remains one of the most affordable markets of the extended NCR region. In terms of the quality of life, while it still gives the comforts of a tier-2 city, its infrastructure, amenities and access to business destinations, are akin to metropolitan cities. As it is located within a 100-km radius from the three key business destinations of NCR (Delhi, Gurgaon and Faridabad) and has good connectivity, professionals are increasingly shifting to this market.
Hence, property prices in the region are reflecting this change. A property that cost Rs 1,900 to 2,000 per sq ft in 2012, today commands Rs 2,900 to Rs 3,100 per sq ft. Property analysts point out that such an appreciation is extremely good, keeping in mind the slowdown in the adjacent markets over the last five years. Once the market picks up the momentum and the proposed infrastructure projects are completed, property prices may appreciate by as much as 60-70%.
Beyond mere affordability
According to the Master Plan of Greater Bhiwadi 2013, the Greater Bhiwadi Complex, comprising Bhiwadi, Tapukara and Khushkhera, has been outlined as priority areas for overall development. According to Ankur Gupta, joint managing director of Ashiana Housing, the growth of Bhiwadi will be inevitable, when major infrastructure like roads, transportation, water, sewage facilities and education facilities, are provided. Retail and commercial projects, like Village Center, Angan Plaza, are already there and many more landmark developments are coming up, he points out.
“A number of healthcare facilities, including private clinics, nursing homes and government hospitals, are located here. Malls and shopping complexes are also coming up. Recreation facilities like Treehouse, a golf course, the Wet & Wild Resort, Country Club Resort and Heritage Village, are in proximity too,” adds Gupta.
For investors, it is one of the safest markets of the extended NCR, as there have been no land acquisition issues. Due to the lower per sq ft cost of doing business, the corporate sector is also increasingly spreading out in Bhiwadi. If the growth projections for Bhiwadi hold true, it may not remain a market, where affordability is its only USP, for long.
- Bhiwadi is the most affordable market in the extended Delhi-NCR.
- Prices in Bhiwadi are one-fifth of those in neighbouring Gurgaon.
- The region has witnessed 50% appreciation in prices, from 2012 to 2016.
- Affordability will no longer remain Bhiwadi’s only USP, as increasing economic activity will change the market’s outlook.
(The writer is CEO, Track2Realty)