Gurgaons real estate development from a city suburb to a hi-tech city is a model for other cities to follow. Almost all cities of the National Capital Region (NCR) developed on the lines of Gurgaon and upgraded their property profiles. In fact, Gurgaon is now serving as a city centre for neighbouring towns like Dharuhera, Bhiwadi and Manesar. Real estate developers and home seekers from Gurgaon are now spreading into these areas.
Manesars real estate development needs a special mention here. Manesars proximity to Gurgaon is its biggest asset. Also property prices in Gurgaon are almost on the lines of Delhi. The average capital value for a residential apartment in Gurgaon is Rs 900 1,3000 per sq ft, which is almost similar to the property prices prevalent in Delhis Saket and Karol Bagh areas. Commercial property rates follow the same trend.
Considering all these factors, many corporate houses and manufacturing units have bought land banks in Manesar. The city would host the manufacturing units of automobile giants like Maruti Udyog, Suzuki and Hero Honda. Suzuki would be investing Rs 2500 crore to develop their Manesar plant. In fact, technology leader Samsung Telecommunications would also be setting up their India unit in Manesar. The company would be investing Rs 850 crore in Manesar in near future.
All these developments have prompted the property developers to consider residential development in the region. Prominent real estate builders like DLF, Unitech and Raheja have announced a slew of residential projects for the region.
An expressway has been proposed that will connect Gurgaon to Manesar and property builders have taken huge land banks across this expressway. Also, about 10 SEZs have been notified in and around Manesar. This too has triggered residential developments in the region. With so much happening in and around Manesar, this region has become a favourite with the real estate investors.