As real estate prices in Gurgaon city move steadily northwards, many corporates and businesses are looking for other viable options for their real estate needs. As a result, areas like Dharuhera, Bawal and Jhajjar are picking up the pace and becoming increasingly appealing as real estate destinations.
To understand the dynamics governing Jhajjars realty market, we first need to understand the basic concept of uncontrolled zones. These are pockets with virtually no economic or commercial activity. The government strategically brings such areas within the purview of economic and infrastructural development, based on its mandate to uplift these comparatively lagging areas.
As a result of this activity, Jhajjar is picking up pace and emerging as a major freight and logistics hub. Many companies are planning to establish their warehousing facilities in this belt. A number of leading companies are also targeting the region for manufacturing facilities. The Jhajjar Special Economic Zone alone is estimated to result in the creation of around 1.5 million jobs.
In other words, matters are looking bright in Jhajjar in terms of employment generation, with the bulk of the created jobs catering to the rising demand from workers of warehousing and manufacturing plants.
Gurgaon became the way it is today, because of a large influx of domestic and multinational corporations, resulting in the creation of millions of high-paying white collar jobs. This increased the financial appetite of the local population employed in Gurgaon, resulting in the unique development of Gurgaon real estate in terms of residential and commercial properties, including offices and malls. Owing to its proximity to the Delhi, Gurgaon worked as a perfect alternative option for companies as well as the educated high-end working population originally based in Delhi.
The real estate dynamics driving Jhajjars realty market are very different. The spike in real estate development here in recent times is primarily because many corporates chose to acquire land for their warehousing and manufacturing needs at competitive rates. The demand at Jhajjar comes from the current and prospective local population and is decisively skewed towards affordable housing.
Residential property investors with a long-term horizon can therefore take strategic decisions on capitalising on the growing potential of Jhajjar.
It is a well-known fact that affordable housing in corridors involving significant job creation appreciates faster than other real estate asset classes. However, care should be taken in ensuring that all documentation is available from the developer for a project of