While one found no camels here, the adage “the straw that broke the camel’s back” is probably true both for the traveller and this first town located just across the Shahjahanpur border in Rajasthan and 125 km from Delhi. This is because by the time you reach this beautiful town surrounded by the Aravallis, your back is, well, literally broken, thanks to the massive jams and the bumps that you encounter on the NH8.
As for Neemrana, which is being developed as a prime industrial destination on the Delhi-Mumbai Industrial Corridor (DMIC), things can only get better where business is concerned, but to find an accommodation on rent can be a tough call as rents here start at an alarming R15000 because of a massive demand-supply mismatch. It’s also being developed as an education city, with 38 universities already receiving sanctions to open their institutes here. NIIT, Raffles, School of Aeronautics are operational.
Vishal Gupta, managing director, Ashiana Housing Ltd, explains that the group launched its first project in the area called Greenhill (that is now ready to move in) at just about R450 per sq ft way back in 1997. Today, projects in the area are available upwards of R2500 per sq ft.
“The biggest driver of the area is job creation,” says Gupta, , adding the rents in the area (hovering above R15000) are not sustainable and are primarily driven by demand and supply. This is a matter of concern.
“Property buyers should make sure that they buy into projects that have received clearances,” he cautions.
The group launched the first project in the area called Ashiana Greenhill in 1997 at R450 per sq ft and was able to sell only 15 units initially. It relaunched the project in 2003 at R1100 per sq ft. This is the biggest residential project so far in the area where people are residing.
The group launched Ashiana Angan, spread across 11 acres seven months ago. It came up with 336 2BHK and 3BHK units at a price point of R2500 per sq ft. The remaining 336 units will be launched once clearances are received. The group halso holds about four acres of land in Neemrana.
The Eldeco group is developing two projects in the area – Eldeco Eden Park and Eldeco Hillside. It is building a total of 1600 units. While possession of Eden Park is due in mid next year, the Hillside project will be delivered in 2015.
“People who have bought from us include investors from Delhi and Bhiwadi who have been attracted to the low-density and the ticket size. People residing within a radius of 25 to 30 km away in Behror and Kothputli who wish to live in gated communities have also shown interest. We’ve also received 45 bookings from people living in Jaipur. The game changer of the area will be the DMIC,” says Pankaj Bajaj, managing director, Eldeco.
The Avalon Group is launching 800 units (2BHK and 3BHK) spread across 12 acres to be called Standford Sunrise residences in Neemrana. They will also be launching studio and service apartments below their commercial project in the same area, says Ajay Aggarwal, director, Avalon Group.
Aman Chander of Best Realty says that the rental demand in the area is huge. Rents for a 2BHK range between R16,000 and R20,000 and for 3BHK units from R20,000 and RR25,000. A total of 4500 units will be ready in the next three years. However, the demand-supply mismatch will persist as the total demand during that time will be around 10,000 as more companies become operational in the area.
Ask any resident here and he will inform you that though the area has all the basic facilities in place, the chief drawbacks include lack of a hyper market in the area, no quality restaurants or CBSE-affiliated schools or hospitals.
Dhiraj Yadav, who moved to Neemrana with his family in 2007, and runs a borewell business says that he bought an apartment in the Ashiana project because it was close to his workplace. Though there are enough shops to meet your regular needs and ATMs from almost all banks, the traffic jam on the NH8 is a big issue. The area also needs a good hospital with all facilities and quality retail.