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On Road To Boom : Rohtak Among The Most Promising Cities In Haryana For Investment in Real Estate By ugesh sarkar, Section Project Profiles
The status of CM (Chief Minister) city coupled with an extensive expansion and development programme, has brought Rohtak among the most promising cities in Haryana for investment in real estate.
Development of as many as 17 new sectors, including 11 residential sectors, is on the cards. Though the residents here appear to be dissatisfied with the growth of the planned residential areas (sectors) in the city over the past few decades, it is perhaps the first time that the Haryana Urban Development Authority (HUDA), which has been the main agency for carving out such pockets in urban areas in Haryana, has announced its plan to develop as many as eight new sectors in the next couple of years.  The city has, at present, just five residential sectors, out of which four are inhabited, while the fifth is being developed, and plots have already been allotted there. The prices of property in the city and its adjoining areas have gone up manifold in nearly all the colonies due to an increased demand as the city is just about 60 km from Delhi, and investors anticipate good appreciation in property prices in the next few years, said an official of the district Town and Country Planning Department. Admitting that the development of the residential colonies by private persons in the past few decades had been a matter of concern as many of these lack the basic facilities, including proper roads, sewerage, streetlights and space for parks, the officials have claimed that sectors developed by HUDA were equipped with the required amenities, and there was hardly any chance of violation of norms. The property market in the city picked momentum in late 2004 when real estate saw a nationwide boom. In 2005 when the Congress came to power in the state, Rohtak got the status of CM (Chief Minister) city and the much-needed boost on the economic front. Source: The Tribune On Road To Boom : Rohtak Among The Most Promising Cities In Haryana For Investment in Real Estate Click On "Full Story" For More...
As a result property prices zoomed, said local realtor Ravinder Kumar. Though there has been a slight slump in the past 18 months, the overall trend has remained very positive and the rates have almost doubled in the past four years in the urban sectors developed by HUDA, he claims.
While this has helped those who had invested in property about five or six years back, the prices have been out of the reach of many new buyers. "This is perhaps due to the fact that there are very few residential sectors in Rohtak. Only five sectors had been fully developed where a majority of plots have been occupied and resold already, said Rajesh, another property consultant. He said the sectors available here included Sectors 1, 2, 3, 4, 5 and 6, which had been under development, besides Sector 14, where very few vacant plots are available at present. About the rates of the open market, he said these were between Rs 25,000 and Rs 30,000 per sq. yard in Sector-14, while in other sectors the rates were between Rs 15,000 and Rs 24,000, depending upon the location and size of the plots. The surge in the rates in HUDA sectors had prompted some private players to develop their own sectors, but these had not been able to make much dent as the rates there were much lower -- between Rs 8,000 and 12,000 at present. "Though a majority of the plots floated in these sectors developed by groups, including Suncity and Omaxe, have been sold, delay in handing over the possession and providing the required infrastructural development has forced many of the owners to resort to "distress" sale, claimed a local resident. He said recently several of the plot owners had staged a protest demonstration outside the office of one of the developers. But a representative of one of the private developers claimed that there was better scope of returns if one invested in these sectors. He said while the rates had already hit the roof in the existing HUDA sectors, there would not be many who would invest in these sectors. They would look towards the areas having lower rates and the projects floated by private developers. The new proposed sectors of HUDA would be the centre of attraction for the investors. The sectors meant for commercial use, include Sectors 18-A, 30 and 31-A, while Sectors 18 and 21-A will be transport zones. Sector 21 will be a Special Zone. The Joint Inspection Committee (JIC) of almost 11 new sectors has been done, while notice under Section 6 has been served for the creation of six more sectors soon. These sectors have been planned to keep in mind the requirement of the city's population by 2025, said the DTP, Sanjiv Mann. He said the new Controlled Area of the district includes about 25 villages located in the vicinity of 10 to 15 km, and any construction activity will now require prior permission of the department.
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