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Real Estate News Delhi Archives»
Manesar: The next Gurgaon
While its position as an auto and auto-ancillary hub has been strengthened
by the location of Maruti's second unit and Hero Honda's new unit
there, as well as a host of ancillary industries in the automobile
segment, IT companies & ITES companies from Gurgaon too are spilling
over into this industrial hub, south of Gurgaon
Due recognition of Manesar's pre-eminent position in Haryana, particularly
in Gurgaon, has been given with its inclusion in Gurgaon's 2021-Masterplan.
Manesar's importance is two-fold now. As residential property
prices in Gurgaon soar beyond the reach of the common man, Manesar
provides the muchneeded infusion of land for middlebudget housing,
especially to service the needs of those working in the industrial
units of Manesar.
With the merger the new "Gurgaon-Manesar" Master Plan,
a total of 1199 hectares of land has been earmarked for commercial
development, as against the 220 hectares in the earlier master plan.
Moreover, the Haryana government has also allowed private investors
to develop 50% of the area of sectors reserved for commercial use.
With this government move, it is clear that there is a push in the
commercial development such as malls, corporate parks and convenient
shopping centres. Since the development here is expected to be an
extension of the new city of Gurgaon, the planned 'lifestyle'
is a takes off from that of the millennium city.
Currently, the Master Plan of Manesar has 9 sectors with provision
for future development. Out of the nine, one sector has been left
aside for residential, one for institutional units, both public/semi-public
unit, and the rest will have industrial as well as commercial units.
As far as residential segment is concerned, the Master Plan for Manesar
has set aside a full sector (Sector 1) for residential development.
The sector will have group housing societies and plots for people
working in the industrial sectors of Manesar. This planning is more
holistic and inclusive than that of Gurgaon, which has been labelled
premium and accommodates a much smaller ratio of the mid-budget homes
than premium. Other utilities and facilities proposed in the sector
are a hospital, schools and a neighbourhood-shopping complex, apart
from a 220 KV sub station. The design of the sector has been such
that the group housing forms the periphery of the sector with the
plotted development in the middle.
Currently, the industrial area in IMT Manesar is spread over 3,500
acres and the primary automobile manufacturers are Honda, Hero Honda
and Maruti Suzuki. The industrial units comprise auto and auto components,
high precision industries, textile exporters, pharmaceutical, and
now, even software companies.
The government has earmarked 140 acres to Technology Park, each divided
into 10 parts. Various companies have taken up land in this IT Park,
including HCL, Agilent Technologies, Bharti. Vigneshwar Developers
have bought land here, which they propose to sell, while Anantraj
will be leasing this out to other companies. The Technology Park is
worth over Rs 3600 crore and the construction is already in full swing,
along with other infrastructural developments. The Floor Area Ratio
too has been substantially increased from 1.25 to 2.25 with an approval
for constructing commercial buildings up to 15 floors in the IT Park.
What gives Manesar a fillip is infrastructure initiatives such as
the expressway being extended till the Haldiram crossing, which will
be complete by January 2008. Besides, it is likely that the Metro
Rail proposed till Gurgaon will be extended to Manesar, in Phase 3.
There is also a proposal for a monorail. Even the Kundli-Manesar-Palwal
expressway will open up more opportunities in terms of investments
by foreign and domestic companies. HSIDC has a dedicated power station
of 220 KV and four substations of 66 KV to cater to the needs of both
the industrial and residential areas.
RESIDENTIAL
Manesar currently
employs people who have to travel from Gurgaon, Bhiwadi and Dharuhera.
According to Sakshi Property's Vinod Goel: "Dharuhera and Bhiwadi
are preferred options for industrial employees as they are cheaper.
Gurgaon is quite expensive but Manesar is locationally positioned
midway - with emergence of good residential options in Manesar people
will opt to stay here only."
The demand for residential property in Manesar is estimated to surpass
supply and this will further push up the values. HSIDC has allocated
250 acres for residential developments in Sector 1 with 550 residential
plots and 50 grouphousing societies. All residential development
is in Sector 1, Manesar (left side on highway when approaching Manesar
from Gurgaon) and has IMT View CGHS, SIDCO CHGS Flats, with around
500 flats. Also the Group Housing Societies made by the factory
employees have 2-BHK (900 sq ft), 3-BHK (1100-1500 sq ft), and 4-BHK
(1800-2400 sq ft) options at the rate of Rs 1900-2000/sq ft. There
are many plots of sizes 250, 312, 450, 900 sq m. There is a quota
for industrial plot holders.
Quota in allotment
- 75% for industrial plot holders
- 25% for general category (non industrial plot holder)
- Rates are different for quota category Industrial Plot Holders
- Rs 15,000-17,000/sq mt and general category Rs 18,000-21,000/sq
mt.
The value of plots have escalated 6 times over in 3 years, from Rs
2,500-3,200/sq mt +PLC in 2004 at the time of allotment.
COMMERICAL
A whole sector has been set aside for commercial activities in Manesar.
Currently, there is one non-air conditioned shopping complex, Raheja
Square, which houses bank branches and ATMs of ICICI, IDBI, Kotak
Mahindra Bank, Yes Bank and HDFC. There are three malls in the pipeline
in Sector 2 - one each by Uppal & Amrapali, which have started
construction, while Eros' digging is complete. There are 9 more
planned in the sector. All malls are in the ground plus seven format
- G+1 for retail and 2-7 for office. The retail rates are Rs 14,000-17,500/sq
ft while office values are Rs 6,500/sq ft on the upper floors. Currently,
the offices in the area are mainly those of placement services,
lawyers, chartered accountants, industry related services, courier-services
and other proprietary firms. Food outlets servicing Manesar include
Manesar Club, Highway-McDonalds, Nirulas, Haldiram on the highway
- retailers are currently negotiating with Haldirams for presence
in the malls too.
Manesar may soon be viewed as a Gurgaon extension and is expected
to cater to a similar lifestyle.
Source: The Times Of India
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