Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Dharuhera: Gateway to growth

Jan 19 2013, 09:09 IST
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SummaryWith its proximity to the Delhi-Mumbai Industrial Corridor, the area is seeing a flurry of industrial and residential activity and has prospects for good returns in the near future

Dharuhera, a satellite city, lies at a distance of 30 km from Gurgaon. This city is emerging as the next realty destination over the last few years. Located in Rewari district of Haryana, it is very strategically located on the junction of NH-8 and SH-28 leading to Palwal. This city is the gateway to the Delhi-Mumbai Industrial Corridor.

DMIC is a mega infra-structure project spanning 1,483 km being developed at a cost of $90 billion with financial and technical assistance from Japan. Dharuhera has the industrial zones of Bhiwadi, Manesar, Bawal and Neemrana in close proximity.

Several multinational corporations like Hero Honda, Delphi Automotive Systems, India’s biggest dairy plant Amul, Harley Davidson, Ray Ban, Asahi Glass, Lumax Industries and Rico Auto Industries have set up their industrial units here in the last decade.

Dharuhera is poised to be a beehive of industrial and residential activities in the near future, which is expected to transform the area into a large industrial and residential hub of the NCR.

Good buying activity is being seen, which has resulted in capital values appreciating over the past few years in the range of 12 per cent to 18 per cent.

With rising demand projects that were launched at a price point of Rs 1,800 per sq ft are now selling around the range of Rs 2,800 per sq ft. The prices in this area are still reasonable if compared to Gurgaon.

Large developers operating across the NCR have also come up with their projects in Dharuhera, like Parsvnath Developers, Raheja Developers, Vipul Group, Piyush Group, Landmark Group, Vardhman Developers, M2K, Dwarkadhish, Bestech Group etc. Currently these developers are selling their projects in the range of Rs 2,400- Rs 3,500 per sq ft, depending upon the location and stage of construction. The local development body — Haryana Urban Development Authority (HUDA) — has also sold some plots at Dharuhera and people are fast carrying out construction on these plots, though infrastructure lacks in most of these colonies.

Earlier, this area used to cater mainly the middle class housing, but did not have better options available for senior management officials, CEOs, top executives and foreign nationals who work in many of the industries.

These officials were dependent on Gurgaon for premium and luxury housing needs. However, some developers such as Landmark Group and Raheja Developers are coming up with luxury projects that are quoting in the range of Rs 3,500-4,000 per sq ft.

Apartments in Dharuhera are available at affordable prices and compares favourably with Noida Extension amd Sonepat, which are also far suburbs of NCR. Housing here is still within the reach of the middle class and is likely to give good returns over a long term.

Several far flung satellite cities in and around NCR are also developing as retirement home destinations, and Dharuhera also qualifies for being one. Many middle income group buyers have turned out to be investors and are purchasing second homes, which can give them rental income and appreciation over long term.

Dharuhera is a destination offering basic amenities at affordable prices, which is likely to improve within a period of 3-5 years. One can expect a minimum of 15-20 per cent returns on their investments here. l

— The author is MD, Bajaj Capital. With inputs from Sunil Agarwal, principal advisor, Bajaj Capital Realty

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