As the country continues to make rapid strides in the infrastructure sector, cities lying in the periphery of the big cities or Metros are making the most of it. Being on the suburb of a commercial hub is a strategic advantage for a town or a district and as we have seen the trend across the country, Palwal located in the Delhi-NCR, is coming into limelight. A flat bought in Palwal now costs more what it used to four years back.
The state of Haryana is already reaping rich dividends being located near the National Capital. Not only in terms of geography, economy, administration or infrastructural development, the towns or districts falling under the National Capital Region have seen an overall growth since the last decade. Haryana’s two districts Gurgaon and Faridabad have seen unprecedented rise in terms of industrial, infrastructural and economic growth. So much so, that these areas have left many parts of Delhi behind as far as overall growth is concerned.
The same story can be repeated in the nondescript areas like Palwal, which are away from the limelight at the moment but hold a potential for the future. This quiet agricultural town in Haryana is proximate to Delhi and Faridabad and holds infrastructural promise in times to come as the distance from the National Capital is less and those who are employed in the areas touching Faridabad or industries in Faridabad are finding a reasonable option to live in. A flat in Palwal is easily available and low cost at the moment.
Also the upcoming Kundli-Manesar-Palwal Expressway (KMP Expressway) will further boost the connectivity of the area and boost property prices here.
The future beckons this small town in Haryana and the private builders have already started pouring in the area and are launching new residential projects. If we look at the price rates for a flat in Palwal, then they range between Rs 1700 per square feet to Rs 2470 per square feet (January to June 2013 figures). The prices are reasonable if we look at other areas in NCR but according to the previous prices here, they have gone up and majorly due to new constructions and the upcoming expressway.
Property Trends in Palwal
The trends for an area which has a potential for future are always looked upon with scrutiny and eagle eye by everybody concerned. The realtors and experts think twice before giving an opinion or prediction. The trends for Palwal currently indicate an increase of around 6 to 8 per cent in the prices of flats in Palwal (March to June 2013 figures). But this growth is basically referred to those projects which are developed by big builders of repute.
For those who have a little bit of vision and can see that the real growth lies in the residential plots in the town, as with time they will become expensive and difficult to buy. Gradually, as the land is becoming costlier and more and the rapid advancement of the National Capital Region is happening, sooner or later the area will become pricey and be in demand.
The current growth rate of the town is an indicator for things to come and like Gurgaon or Faridabad, this small township can also emerge as the next generation city for those not able to afford houses in the former two cities.
Probably this is the reason why the residential plots have seen a growth rate of around 10 to 12 per cent per annum and there are investors or buyers who realize that property in Palwal is going to become hot.
Gaurav writes on behalf of 99acres which is leading online real estate portal providing information about property prices, best real estate destination and affordable residential apartments and different properties available across various cities in India.