It's advantage homebuyers as three more Haryana districts — Mahendergarh and Bhiwani — join the National Capital Region (NCR), say real estate experts.
Rising property prices in Gurgaon may lead to the Millennium City losing the edge of affordable housing over Delhi. But the expansion of NCR will ensure more options for those looking for cheaper residential property, they said.
The NCR Planning Board, a body under the Union ministry of urban development, on Monday cleared inclusion of the two districts into the NCR. Experts believe that the inclusion of these areas into the region will provide a boost to development there.
"Once Gurgaon loses the edge of affordability over Delhi, neither home buyers nor corporates will hesitate to move to other NCR areas," said Anckur Srivastava, chairman, GenReal property advisors.
Unlike Gurgaon, these destinations have a larger scope for affordable housing. Also, proposed roads and expressways are expected to provide smooth connectivity between Gurgaon and these places.
The upcoming Pink City Expressway, connecting Gurgaon with Jaipur, will reduce the travel time from Bhiwadi and Neemrana to Gurgaon to about 30 minutes and 60 minutes, respectively.
Likewise, a Regional Rapid Transit System (RRTS) is proposed between Gurgaon and Rewari, adjoining Mahendergarh. Also, Rewari and Neemrana are situated on the upcoming Delhi-Mumbai Industrial Corridor (DMIC).
Sunil Dahiya, managing director of Gurgaon-based Vigneshwara Developers, pointed that these destinations will complement Gurgaon's economic boom.
"Gurgaon is a hub of opportunities and will continue to be so. If nearby cities like Bhiwadi, Neemrana and Rewari can provide more affordable housing options with seamless connectivity to Gurgaon, people will flock to such places," he said.
Ajay Singhal, director of Avalon Group — a major realtor having properties in Bhiwadi — said, "Now Bhiwadi is to Gurgaon what Gurgaon used to be to Delhi. With the realty prices going up in Gurgaon and available space shrinking, the economic activity may also shift to other NCR areas," he said.
"The infrastructure at Bhiwadi is already good as it has Rajasthan State Industrial and Investment Corporation estate in its backyard," he added.