Bhiwadi: The rising residential real estate epicentre of NCR

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    Once a sleepy village in Rajasthan, Bhiwadi has emerged to be a prominent industrial hub in Delhi-NCR over the last two decades with mostly blue-collared people working and staying here.

    Rapid urbanization, an influx of job opportunities, and the transformative rise of economical home options have amplified Bhiwadi as one of the top investment locations in the National Capital Region (NCR). Located on the Rajasthan-Haryana border, Bhiwadi is a well-planned city that is easily connected to Gurugram through NH-8 and is located at a mere 45-minute distance from the Millenium city.

    The city is known for its systematic and meticulous town planning, divided into three belts — industrial zone, commercial zone, and residential zone. Oftentimes, it has been credited as a new growth vortex shining as a beacon of hope in terms of growing urbanization, industrial development, and rise of residential real estate with the emergence of affordable housing and plot settlement options compared to cities like Dharuhera, Manesar, and New Gurugram, etc.

    Bhiwadi has also emerged as a growth-friendly industrial corridor attracting international investments and creating valuable job opportunities for the localites. The city is part of the veritable Delhi-Mumbai Industrial Corridor, which is set to boost investments in the region. The government has plans to develop the Khushkera-Bhiwadi-Neemrana unit as an Integrated Industrial Township, channelizing colossal foreign participation in the city’s development. The Dedicated Freight Corridor will also pass through Bhiwadi, making it one of the fastest-growing real estate destinations.

    Sharing his views on Bhiwadi, Santhosh Kumar, Vice Chairman, ANAROCK Group, says, “Once a sleepy village in Rajasthan, Bhiwadi has emerged to be a prominent industrial hub in Delhi-NCR over the last two decades with mostly blue-collared people working and staying here. Thus, it is essentially a low-cost housing hub of NCR with new supply essentially catering to the blue-collared working class over the years. If we consider past and present residential trends in Bhiwadi, the region saw several launches a decade back, but y-o-y the new supply reduced, largely because there was an oversupply situation created in the market.”

    As per ANAROCK Research, a decade back in 2013, the region saw new supply of as many as 19,520 units which dipped to nearly 17,980 units in 2014. But 2015 onwards the supply declined significantly to 5,340 units and in 2016 there was absolutely no new supply added to the market. If we consider the new supply trends from 2017 onwards, Bhiwadi saw an addition of just 4,270 units between 2017 and H1 2023. This clearly indicates that developers are restricting new supply into the market considering that ample new supply was added 10 years back.

    In terms of demand, ANAROCK Research indicates that as many as 46,760 units have been sold in Bhiwadi between the period 2013 and H1 2023. Year 2013 saw the maximum housing sales here (approx. 13,120 units, followed by year 2015 when nearly 9,000 units were sold).

    “In terms of unsold housing inventory, back in 2013-end Bhiwadi had approx. 9,600 unsold units which jumped up to 19,920 units in 2014-end due to ample new supply added here. However, as on H1 2023-end, the overall unsold stock here at Bhiwadi is significantly lower at approx. 3,540 units largely because developers have been cautious in launching new projects and restricting new supply,” says Kumar.

    Whatever be the case, the meteoric rise of the industrial job landscape and rapid infrastructural growth have caused residential real estate to grow and prosper in the region. As a corollary, the emergence of good and healthy living options is evident in the past decade or so. Growing employment opportunities, job permanence, and economic sufficiency have promoted long-term settlements. Thereby, people are investing in large-scale housing options available in the region which are equally diverse from group housing societies to plots requiring much lesser investment and generating strong possibilities of good future ROIs.

    The emergence of diverse property options is not only responsible for Bhiwadi’s exaltation as a new urban corridor of NCR, but the interests of reputed and trusted real estate developers are also acting as primary agents of residential growth in the region.

    Developers such as the Trehan Group, Omaxe Group, Terra Group, Ashiana Housing Ltd, Krish Group, BDI Group, Essencia etc are present in the region. Most of these developers have transformed the realty markets of Tier 2 and 3 cities such as Bhiwadi. The availability of affordable and economical homes is driving the growth of the region’s residential real estate as per the comparative price analysis studies done in relation to adjacent realty hubs.

    The Trehan Group has developed a total of 16.01 mn sq of land in Bhiwadi, Alwar, and Neemrana. Talking about Bhiwadi’s growth, Saransh Trehan, Managing Director, Trehan Group, says, “Bhiwadi is one of the quickly-developing growth corridors in the National Capital Region at the apex of its residential real estate development. The city has witnessed a robust growth of all kinds of housing options from gated societies to plots, marked with holistic urbanized amenities, that too at much more economical rates than other nearby regions. Due to its close proximity to Gurugram and industrial hubs like Manesar, Bhiwadi has seen accumulative growth as an employment center, housing destination, and infrastructural lodestone. With the infrastructural development taking place at a rapid pace, Bhiwadi has a great price appreciation potential in terms of plot investments, especially churning out promising ROIs in the future.”

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