Dharuhera: A next big satellite city
Is it the right time to invest in real estate in Dharuhera? Experts say the affordability factor and new industries will drive the marketreal estate Updated: Sep 04, 2013 18:28 IST
When Gurgaon is bursting at the seams and has nothing to offer to people looking for mid-segment residential options, Dharuhera is gearing up to serve the next best budget alternative to Gurgaon.
A part of Haryana’s Rewari district which lies 40 km away from Gurgaon just along the National Highway 8, Dharuhera looks as promising as the Gurgaon of the ‘80s and ‘90s. Considering the big developments of multi-storey apartments and integrated townships, Dharuhera seems to be in a hurry to catch up with other developed NCR regions.
In the past seven years, big developers such as Raheja, Bestech, Vipul Gardens, Ferrous, Avalon and Dwarkadhish, to name a few, have launched projects with a considerably good response from homebuyers and investors. The latest addition to the Dharuhera real estate market is Raheja Oma, which comes with multiple residential options in high-rise and low-rise residences in sizes of 1,2,3,4 BHK condominiums and penthouses.
Developers are making all-out efforts to project Dharuhera as a next big satellite city in the making after Gurgaon. “It’s a new, upcoming area which is popularly known as New Gurgaon. Since Gurgaon has now become unaffordable, people are taking Dharuhera into consideration as an alternative,” says Mohit Goel, general manager, Bestech Group.
Giving a bird’s eye view of this upcoming city, Shiv Rohilla from Shivsan Buildwell Pvt Ltd, a local real estate consulting firm, says, “If we leave aside the rural belt, there are a total of 25 sectors in Dharuhera, out of which three - 4A, 6-I and 6-II - have been sold to individual buyers by the Haryana Urban Development Authority (HUDA). These sectors have almost 85% occupancy. In the other sectors, there are either industries or private developers who have come up with new residential and commercial projects.” While all the projects are either under-construction or partly completed, the Bestech Group has completed its township Bestech City and offered possession to owners.
“It has been sold out and today commands the highest price in the market. In almost one year, the price of an apartment in Bestech City has moved up from R2200 per sq ft to R3200 per sq ft. Similarly, plots which were available for R22000 per sq yd a year ago, cost R30,000 per sq yd. Keeping in mind the rising demand, we are going to launch another project very soon,” says Mohit Goel, general manager, marketing, Bestech Group.
Another project which has witnessed good appreciation is Raheja Oma. “At the time of the launch, Oma high-rise towers were sold at R3975 per sq ft and low-rises were sold at R2975 per sq ft. Now the prices of high-rises are R4575 per sq ft and R3975 per sq ft for low-rise. Oma has been launched keeping in mind the need of the real estate market of Dharuhera. It is a user-based project and is likely to demand high premium on lease rentals from top executives, directors and expats who have their workplaces in this catchment area,” says Harinder Dhillon, senior vice president, sales and marketing at Raheja Developers.
The current property rates in other upcoming projects vary between R2500 per sq ft to R3000 per sq ft. So a 2BHK measuring 1000 sq ft can come in the price range of R30 lakh to R35 lakh. According to local developers, the under-construction projects will make available around 25,000 flats for sale in another few years. At present there are more investors than end-users over here.
“The real estate market of Dharuhera is largely dependent on Delhi NCR investors because they are attracted by the prices and location. If this segment loses interest in the area, there will be problems for the real estate players here because local consumption is almost negligible. Those who can’t afford to buy in Gurgaon turn towards Dharuhera. Prices have gone up by R200 to R500 per sq ft in many under-construction projects which is steady and average,” says Rohilla.
Many developers have pinned their hopes on upcoming industrial and commercial ventures in the neighbouring areas such as Manesar, Binola, Bilaspur, Bawal, Bhiwadi etc. Local brokers say that a whole lot of automobile companies are already in Bhiwadi and many more are coming in.
“Dharuhera is one of the stations of the ambitious rapid rail project which will connect Delhi to Alwar. This can become a huge driving force for homebuyers and investors once work on this corridor starts. Lots of new industries are coming up, which is likely to lead to an increase in residential demand. Among other positive developments is BML Munjal University which is coming up on about 40 acres of land in Dharuhera,” informs a local broker.
Amidst all these positive projections, residents have complaints about civic woes and local problems. “When private developers started pouring into the neighbouring sectors during 2005, we were very happy because we thought they would take care of the civic issues of the city. Unfortunately, nothing has changed for us till now. In terms of connectivity and location, Dharuhera has an edge over its neighbouring real estate destination, Bhiwadi, but we remain worried about water, electricity, sewage and security issues,” says a resident of HUDA sector 6(I).