Indian Real Estate: Comes Full Circle
By property Vertical
Indian Real Estate: From NCR, the Action Shifts To …..
For anyone in the know, with land in Gurgaon and Noida already taken up, the action has shifted focus to other areas, as Delhi NCR is at the take-off stage of an industrial boom.
With an Education City coming up in Kundli, Haryana that’ll provide world class education in bio-technology, nano-technology and information technology, it is the first of its kind in the country designed to serve as a centre of excellence. By way of a special thrust on infrastructure, a mega petro-chemical hub is also being set up near Panipat. As well, three new industrial modern townships of international standards, special economic zones, industrial clusters, IT parks have been proposed, similar to the Western Periphery Expressway (Kundli – Manesar – Palwal). In addition, Haryana State Industrial Development Corporation is setting up two technology parks at Manesar near Gurgaon and Panchkula, on the outskirts of Chandigarh.
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Subsequently, UP has also been witness to a similar kind of frenetic activity, though things are still at the initial planning stage. Yet, nothing has deterred private developers from busily adding new housing colonies, office towers, malls and multiplexes. Already, 16-proposals have been received for developing hi-tech townships in large urban centres across the state, of which eight are expected to materialise with a cumulative investment of Rs. 8,000-crore. Spread over 1,500-acre, each of these hi-tech townships will comprise of 24,000 housing units and an infrastructure to support a population of nearly a lakh each. With a minimum investment required of Rs. 750-crore, the government has plans to develop at least one hi-tech city each in Varanasi, Allahabad, Gorakhpur, Lucknow, Kanpur, Agra, Moradabad, Ghaziabad, Meerut, Bareilly and Saharanpur.
Coming up with bids, Unitech, Ansals, Sahara Group, Uppal & Chadha, Sun City plan to develop minimum area 100-acre integrated townships with an investment of Rs. 500-crore. Fast growing as an IT hub, with the mushrooming of BPO / ITeS centres, UP has seen a recent addition in the upcoming Logix Techno Park, Sector 127, Noida. North India’s largest STP, it will cover a total area of 6-lakh sq. ft. at a projected designing cost of Rs. 75-crore, of which Rs. 50-crore has been invested. And, blue chip companies like HCL (NEC), Mentor Graphics, Patni Computers, Citi.fifteen have already moved in.
As is obvious, despite saturation, real estate activity continues unabated across the length and breadth of India. That is, because, as India becomes the economic engine thrust of the world, there is a mass exodus of the world to Indian shores. Ultimately, the sub-continent is left with little choice but to put on an international show that features world class townships, malls, office and residential towers, etc. And, in cities with no available land blocks left, such as Bangalore, Mumbai and Delhi, old bungalows are being used as the foundations for raising a tower of luxury flats.
Until and unless, India has not transformed itself into a glittering skyline of office towers and residential flats to rival the best and the brightest city in the world, the Indian real estate boom will continue. A real estate boom that has considerable strength left to survive considerable years into the future! Indian real estate is your investment in the future!
