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Infrastructure Pushes Property Prices in Kundli, Levels Rates in Hyderabad
Monday, June 11, 2007

Kundli

As the construction of the Kundli-Manesar-Palwal (KMP) Expressway gathers steam, investors to properties in Kundli and Sonepat may soon see their dream of Kundli going the Gurgaon and Noida way turn into a reality.

  • The KMP Expressway

The Rs.1,800 crore project has an exhaustive list of facilities attached to it which would support the Government’s initiatives in developing the 2,000 acre Rajiv Gandhi Education University specializing in the IT, Biotechnology and Nanotechnology sectors. These services include: a trauma centre, helipad, parking zones, refilling booths, refreshment courts, police stations, car washing and recreational outlets.

The cloverleaf interchange at the crossroads of the Expressway and NH 1 was recently approved, leading to elation amongst the developer community in Kundli. Residential and commercial properties in Kundli are expected to ramp up faster as the expressway project advances.

  • Upcoming projects in Kundli

TDI City by the Taneja group is one of the large scale properties in Kundli coming up on 1,200 acres of land. Real estate developers Parsvnath, Omaxe and Ansals have also chalked out large residential and commercial projects in Kundli.

Steps to improve Kundli’s infrastructure have already been taken, with a proposal to take the Delhi Metro to Faridabad, Bahadurgarh and Kundli. The Rajiv Gandhi Education City, or Knowledge City is being planned on 1500 acres on NH 1 and the KMP Expressway.

  • The Global Urban Corridor

The Special Purposes Vehicle on the project promises to complete the expressway by 2009. The project is expected to fuel real estate development in the Global Urban Corridor, with the development of Special Economic Zones, financial hubs, residential and mixed-use townships, Industrial Model Townships (IMT), food processing units and tourist getaways. Pedestrian crossings have not been overlooked, and cattle crossings, agricultural vehicle crossings and underpasses have been adequately provided for, keeping in mind the countryside the expressway runs through. Proposals for truck parking lots, bus ways and rail over bridges have also been made to the railway authorities.

The KMP Expressway will bring property investors flocking not only to Kundli, but also to Sonepat, Jhajjar, Gurgaon, Mewat and Faridabad in the NCR region

Notable developments along the expressway include the Rai-Kundli Multi-Functional Complex, which has an Export Promotion Industrial Park and a Food Park. The Industrial Model Township in Manesar near Gurgaon on 5,000 acres has already been spotted for investment by MNCs Denso, Honda, Suzuki, Mitsubishi and Duracell

  • Property Rates in Kundli-Palwal-Manesar

Property prices in Kundli have escalated from Rs. 25-40 lakh per acre to Rs.2-3 crore per acre. Similarly, property rates in Bahadurgarh have grown manifold, fetching Rs. 50 to 90 lakh for an acre, as against Rs. 13 lakh to Rs. 18 lakh two years ago. Manesar property prices have also quadrupled to Rs. 1.1crore - Rs.1.4 crore per acre. In Palwal, property rates have multiplied more than 5 times in some neighbourhoods.

Experts predict a further doubling of property rates once all the projects are under way.

  • A word of caution

Investors in Kundli have been advised to get a no-objection certificate from the Haryana State Industrial Corporation before finalizing on any deal falling within a kilometer on either flank of the KMP Expressway as the land is controlled by the HSIDC

Hyderabad

If infrastructure is driving the real estate Delhi market , it is leveling off prices in Hyderabad. The new international airport in Shamshabad has had a stabilizing effect on property rates in Hyderabad, slipping by almost 35%.

The downturn in property prices in Shamshabad follows the rush for property investments after the airport project was announced. Investments however have narrowed down to a trickle in the last few months, having its effect on property rates in the Shamshabad airport zone as well.

A possible reason for the downturn could be the development of the Greater Hyderabad city, as new localities have mushroomed with good infrastructure and lower rates. Over 40 million sq. ft of commercial space in Greater Hyderabad is expected to develop over the next three years to meet the growing demand from industry. Infrastructure in Shamshabad however, is progressing slowly - this could be another reason for the slide in prices.

After the spirited performance over the last 2 years, property rates in Hyderabad in general have corrected by 15%, but ready-to-move-in properties are still hard to come by in the city. This factor has managed to prop up real estate in Hyderabad, but as more ready properties enter the market, a further correction is expected.

Related Readings

MP included in DMIC Project
FDI Welcome in Indian Infrastructure Sector
Invest in Indian Real Estate
Real Estate Developments in Hyderabad

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