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Indian Real Estate News
Realty boom in Manesar: Real estate market growing at a frenzied pace
Source: Source: The Economic Times Feb 17, 2012
Once a sleepy village of about 1,000 dwellings units on Delhi-Jaipur Highway (NH-8 ), Manesar has now transformed into an industrial and commercial hub.With the availability of all basic services like health facilities, schools,a post office,banks,warehouses and cargo facilities, IMT Manesar has seen a massive influx of corporate traders, realty players, manufacturers, industrialists, and also MNCs.

Only 32km from the IGI airport and 45km from Connaught Place, Delhi, Manesar is well connected to Delhi and Gurgaon. The real estate market in Manesar has been growing at a frenzied pace ever since several top MNCs moved in here. Rates of commercial properties in Manesar have increased by 35-40 % in the last six months.

Residential properties in Manesar have also hopped on to the boom bus, and have witnessed an excellent jump of 35-40 %. IMT Manesar is projected to have a shortfall of over 6 lakh housing units over the next 4-5 years,whereas the availability of authorized housing will only be around 65,000 units in the same period.

Thus,the price escalation of property here is bound to be steep. The new developmental plan for Gurgaon-Manesar Urban Complex has been formulated taking into consideration the projected growth of the city up to 2025. The Gurgaon-Manesar Master Plan projects a population of around 40 lakh by 2020. With infrastructural developments taking place at a good pace, Manesar is all set to become an ultramodern city.

Praveen Kumar, the administrator of HUDA, Gurgaon, says: "The Haryana government is intent upon building Manesar as a mega education city, along the proposed 135km long Kundli-Manesar-Palwal (KMP) Expressway, which will connect Sonipat district with Palwal in Faridabad district. The road takes off from Kundli on NH-1 and passes through Bahadurgarh in Jhajjar district, the proposed special economic zone on NH-10 and Manesar in Gurgaon district on NH-8 .It will terminate near Palwal on NH-2.

The government has acquired 2,000 acres for the education city and is all set to make Manesar a dream destination for education." Rakesh Yadav,the managing director of Antriksh Group, says: "The unique aspect of Manesar is the simultaneous development of residential complexes for both executive and non-executive staff. The HSIIDC acquired 250 acres across the national highway and has allotted it to various units for building staff quarters there." The commercial property in Manesar offer state-of-the-art office spaces.

Already, leading global brands like Toyota, Mitsubishi, Honda, Suzuki, etc, are making colossal investments in Manesar real estate.Also,the proposal to build an expressway to Jaipur is adding value to Manesar's real estate. Most of the topnotch builders in India like Reliance, DLF, Unitech, Raheja, Vatika, Orris Infrastructure, Amrapali, Antriksh, etc, have already bought land banks on this stretch to develop townships.

The Raheja Group has launched Raheja Navodaya.Based on a high quality urban community living concept,the project is located in Sector 92-95 adjacent to IMT Manesar. The Amrapali Group has launched a commercial-cumcorporate hub, on 6,804 sq metres in Sector 2, IMT Manesar, opposite the Honda factory.

Anil Sharma, the chairman and managing director of Amrapali Group, says: "Manesar will emerge as a Mecca of industry-specific infrastructure, service ancillaries, commercial services, and an array of other essential services. The developing area is a perfect choice for trade towers, corporate offices, industrial units and shopping malls. A flyover on NH-8 , which links the residential zone with the industrial zone, has helped in making the city more alluring to end users."

Tag: Real estate in india, India property
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