Sunday, July 15, 2012

IMT Manesar Real Estate

With more land becoming available for residential and commercial purposes under the newly notified Gurgaon Master Plan, Gurgaon Manesar Urban Complex Plan 2021', Manesar is set to emerge as a focal point for future real estate development in Gurgaon. Manesar on Gurgaon-Jaipur NH-8 has got a booster dose as Gurgaon's new master plan projecting massive expansion of the cyber city takes 300 more will start production in 6 months time. The remaining plots allotted after March 31 last will start production in due course of time.
That the IMT Manesar has been the most sought after industrial township is clearly evident from the high demand and steep rise in the prices of industrial plots here. About 3 years back, these industrial plots were available for about Rs 3000 per square meter. Today the market rates have shot up to over Rs 15,000 per square meter, says Sandip Sharma of Nimmi Industrial Consultants.

Manoj Tyagi, General Secretary, IMT Industrial Association, attributes this spurt in prices to entrepreneur-friendly policies of HSIIDC like rebate on land price and speedier clearance of building plans and completion certificates. Good connectivity with NH-8 and excellent infrastructure in the form of well demarcated residential industrial and commercial zones, wide clean roads, dedicated parking, etc are also the major factors contributing to the continuous growth of IMT Manesar.

Maruti Udyog has just kicked off its fourth manufacturing facility at Manesar, envisaging an investment of Rs 9000 crore over three years. This includes a car assembly plant to manufacture premium hatchback shift and a new export model, a diesel engine plant and a 2-wheeler plant of Suzuki Motorcycle India. Says Ramesh Menon of Ground Realty, With Maruti Suzuki and Honda Motorcycles and Scooters already there and now Honda SEL acquiring 600 acres for setting up its plant, Manesar has turned into an Auto hub. And now with Wipro coming up with a green campus, Manesar should turn out to be an attractive destination for IT and BPO companies. And as Bhiwadi, Neemrana and Alwar industrial towns are in the close vicinity of Manesar, the entire belt will turn into a big bustling industrial and commercial zone, especially with the advent of SEZs.

Commercial developments

Manesar is set not just for an industrial development boom but also as a hot commercial destination. HSIIDC has earmarked a complete sector (Sector 2) for commercial developments. It is developing 12 commercial towns. Out of these four have already been auctioned to Rahejas, Uppals, Amrapali and Eros Group and the one by Raheja Developers.

Raheja Square, spread over a built-up area of 2.5 lakh square feet, is already operational. Says Sanjay Khosla,VP, Raheja Developers, The commercial scene in Manesar is looking up. We have fully sold out our commercial complex at a good rental of Rs 140 per square feet. The occupancy is picking up fast and in another six months we expect our commercial complex to be fully occupied.

The new master plan of Gurgaon that proposes to increase the area for commercial development to 1404 hectares is expected to give a big boost to commercial realty. Says SP Gupta, Administrator Haryana Urban Development Authority (HUDA) Gurgaon, Under the new master plan, we are encouraging more malls, corporate parks and convenient shopping centers. Private developers will get greater opportunity to undertake commercial developments as they are now permitted to develop 50 percent of the area of sectors reserved for commercial use. SEZs will also trigger commercial developments. Reliance's SEZ will also trigger commercial developments over massive 5000 acres area. Says Avneesh Sood, Director, Eros Group, Manesar would become a Mecca of industry specific infrastructure, services ancillaries, commercial services and other essential services.

Residential real estate

The vast industrial model township at Manesar and the adjoining industrial belt has created a big demand for housing. In IMT Manesar alone, HSIIDC has allocated 250 acres for residential developments in Sector 1. These are 550 residential plots and 50 group-housing societies over 50acres for industrial plot allottees and employees of industrial units in Manesar. According to Rajesh Sharma of HSIIDC, the residential zone will also have service apartments being developed by Ascot

The residential real estate under the new master plan of Gurgaon will get a big boost as 14,930 hectares of land have been earmarked for residential purposes to meet the housing needs of a projected population of 37 lakhs. And since the Gurgaon master plan 2021 is modeled on the lines of Chandigarh's residential sectors, newer areas including Gurgaon- Manesar stretch along NH8 will witness the emergence of self sustaining townships of 150-300 acres. And to promote that, Town and Country Planning Department of Haryana, according to its Special Secretary, SS Dhillon has allowed planned mixed land use with scope for community, recreational, educational, health, institutions, commercial offices, hotels, restaurants, cinemas, retail shops etc.

The new master plan of Gurgaon according to SP Gupta, Administrator, HUDA Gurgaon, has brought cheers to the private builders as it opens more doors for them. Private developers will be allowed to develop 50 percent of area in every newly created sector of residential and commercial use. Col Prithvi Nath, Executive Vice-president of National Real Estate Development Council, describes it as a happy development. If today Gurgaon has attained numero uno position as a residential and commercial destination, the credit for it largely goes to public- private partnership. And now that the new master plan of Gurgaon continues to focus on this vital partnership, it augurs well for the real estate development in the region.

Sanjay Khosla, VP, Raheja Developers, says that since Gurgaon is pretty much saturated, it is the new sectors where the next phase of growth will happen. And manesar will have the distinct advantage. Rahejas has already planned three new residential projects around Manesar. These include Navodaya Valley, Gulmohar and Aaranya. Navodaya is a 17- acre mid- segment group housing in sector 88, offering over 1100, 2-3 bedroom apartments with a total built-up area of over 2 msf . Gulmohar is a 18.4 acre upper middle class group housing in Sector 78, offering over 1000 apartments over a built up area of 2.5 msf. Aaranya is 12 acre high end group housing in sector 79, offering ove 600 3-4-5 bedroom apartments, villas and penthouses.

According to Ramesh Menon of Ground Realty, value offering will be better in Manesar compared to Sohna Road or other areas in New Gurgaon due to availability of cheaper land. Affordable housing will get a further boost as the new development plan proposes to allocate 45 percent of residential development exclusively in middle-class and poor segments. Realtors opine that all this would ensure apartments of affordable rate of Rs. 2000-2500 psf in new sectors, particularly those between Gurgaon and Manesar.

SEZ Push

Several planned SEZs around Manesar will give further push to speedier industrialisation and real estate growth of the area.

The proposed SEZ along the Kundli- Manesar- Palwal (KMP) Expressway close to Manesar will prove to be a major trigger for catalysing domestic and global investment into Manesar, turning it into a corporate and industrial showpiece.

A joint venture between Reliance Industries Limited (RIL) and Haryana Industrial & Infrastructure Development Corporation (HSIIDC), this multi-product SEZ over 25,000 acres will be the biggest in India.

According to (HSIIDC) authorities, 20 percent of the total area in the SEZ has been earmarked for infrastructure development, housing , an airport and a 2000 MW power plant. Twenty-five percent area is reserved for non-polluting industries, 20 percent for commercial developments, 15 percent for residential purposes, 8 percent for recreational activities and 5 percent for R&D units. To be developed at a cost of Rs. 25,000 crore, the SEZ is expected to bring in investments to the tune of Rs 1 lakh crore.

Real estate development in and around Manesar will also get a boost with Raheja's proposed multi- product SEZ off the NH8, starting from Bilaspur and group across Dharuhera and Rewari. The project is to be built over 1200 acres of processing area and 3750 acres of non- processing area. The processing area will mainly have the manufacturing units and service based industries while the non- processing will mainly have residential and commercial development. The SEZ is to be developed as a modern township for manufacturing of automobiles and auto ancillaries, high precision industries, textiles, pharmaceuticals, IT industry, light engineering goods, food processing, biotech, besides services like BPOs. A number of other SEZs planned around Manesar will act as catalyst for industrial, commercial and residential zeel estate development.

The fast improving connectivity of Manesar that is located strategically on NH8 is paying dividends in terms of real estate development. The proposed 135 km long Kundli-Manesar-Palwal(KMP) expressway to be built on BOT basis at a cost of Rs 1900 crore will open up exciting new opportunities in terms of investments by foreign and domestic companies. A global economic corridor, complete with IMTs, technology parks, hotels and recreational facilities has been planned by HSIIDC along KMP over more than 3000 acres. This is in addition to 1800 acres which is being added to expand the existing IMT of Manesar.

And with the Delhi- Gurgaon Expressway scheduled for completion by the end of the year and the proposed Metro Rail link, Manesar is well on a fast track to real estate growth.

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