Satellite cities: A reality check
Technically, there are certain favourable factors for the realty markets of Sonepat and Panipat — proximity to Delhi and connectivity through NH1 being the primary ones. Nevertheless, these areas have not been able to position themselves as real estate hubs of any significance, and their realty markets have seen only moderate growth so far.
It should be remembered that real estate and economic prosperity are factors that augment each another. Economic development translates into employment opportunities and increased employment boosts an area\'s realty market, which in turn accelerates the economic growth of the region. It is against this yardstick that these two areas need to be evaluated for their current real estate potential.
Panipat and Sonepat have traditionally been industrial and business towns, typified by the presence of several small and medium enterprises (SMEs) — and, in the case of Panipat, petrochemical and textile industries. Literacy levels in these two areas have remained relatively low. As a result, the income levels of the population residing in these towns have never been able to breach the \'average\' mark.
The additional drivers that would catalyse increased real estate demand — increased employment opportunities in a higher-profile class of workplaces, which would result in increased income levels — have been notably absent. Sonepat and Panipat have been unable to make any kind of headway in positioning themselves as corporate hubs. Indeed, there is no corporate presence at all to be seen in either of these locations.
Another important factor — the availability of cheap and
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