After playing a pivotal role in the commercialization
and urbanization of the country, India's metropolitan cities began
to lose some of their glitter in the late eighties. Crumbling infrastructure
unrealistic land prices, over crowdedness and choking pollution
levels took a heavy toll on cities like Mumbai and
Delhi,
stripping them of their traditional charm and attraction. Coinciding
with these developments and perhaps as a direct consequence of the
metros slide, a host of smaller cities and towns have emerged as
the favoured investment locations and new growth centers.
High property prices in these metros was one of the principal reasons
why many companies, MNCs in particular, began looking for new options/cities
which satisfied their requirements of accessibility, business facilities,
skilled labor force and affordability. Thus, there was a gradual
shift towards smaller cities and towns which were offering all the
conveniences of the big metros, but were not yet plagues by their
ills viz,
Gurgaon
and now
Manesar respectively,
are perfect examples of emerging cities at the outskirts of the
metro, where MNCs and Indian companies shifted.
Manesar has all the ingredients of being the next commercial hub
with better infrastructural facilities and tax incentive base viz
being the first licensed industrial Model Township. It would be
one of India's major multinationals such as Honda, Baxter,
Suzuki, Stanley, Mitshubishi, Nippon, Toyota etc. Manesar is home
to many manufacturing units of repute such as largest car and motorcycle
manufacturers in India, namely Maruti Udyog and Hero Honda. In future,
corporate majors like Suzuki has planned to invest Rs. 2500 crores
by 2010 to make its Manesar plant a manufacturing hub for diesel
engines. Japan also will be investing more in Manesar in near future.
Samsung Telecommunications India Pvt. Ltd. Will also be investing
850 Cr to start commercial production of its mobile handset in India
by 2010. Honda Motorcycles and Scooters India will invest 300 Cr
in two yrs to increase the capacity at its plant in Manesar. Such
a huge commercialization, has not only triggered the need for the
office spaces, but has also created a huge demand for residential
properties for people who are/will be working here and in future
would require a abode of their own.
Unfortunately,
there is not a single quality residential unit in the vicinity
of IMT as on date. Real estate has always been about location.
The proposed Expressway to Jaipur and SEZs to be developed by
Reliance, DLF, Unitech and Raheja are already adding value to
Manesar apartments for builders and owners. Driven by positive
growth in the economy and large scale investments in SEZ, the
real estate in Manesar
is booming at a galloping pace and in a recent survey, Manesar
has emerged as one of the top three investors choice for
real
estate investment.
In order to fulfill the expectations, Raheja Developers is coming
up with Navodaya. It is situated on 17 acres of land in sector-92
and 95, Manesar, just two minutes drive from IMT-Manesar, on well
carpeted broad masterplan roads. Navodya is targeted to middle segment
with affordable prices having every amenity of today like 24 hrs
power back up, a club house, swimming pool gymnasium, tennis and
badminton courts along with hi tech security system and CCTV monitoring.
Also, recently, notification for 680 acres of land earmarked by
HSIDC for residential development for IMT staff ha been withdrawn
by Haryana govt on August 24, 2007, thus creating a housing vacuum
in the area. Thus the desperate ratio to demand and supply for housing
will only fuel further escalation of prices.
Raheja Developers shall like to rewind the story of "Raheja Square"
at IMT Manesar. Raheja Square was the first commercial complex at
IMT and we had envisioned that this complex will be "a money spinner"
for the investors only because of the projected demand and supply
gap. This project today is housing banks and feeding the commercial
requirements of IMT and the demand and supply gap has increased
the prices by over 400 percent in a period of less than three years.
This kind of appreciation has rarely been seen in the realty sector
anywhere in India or around the globe.
Source: Hindustan Times
