Situated on the eastern part of Jharkhand, Dhanbad is fast rising, as a center of real estate business after Ranchi and Jamshedpur. It has a cosmopolitan culture as people from different parts of the country, mostly Gujarat and South India, have settled here because of the presence of Bharat Coking Coal (BCCL). This is the 3rd largest city of Jharkhand.
Experts say the city’s real estate sector started growing much before Ranchi and Jamshedpur and it is poised for a considerable growth in the future as more and more companies open centers here.
“A significant feature of this city is that the rates are realistic as the flats are not used as an investment tool,” says Shekhar Agarwal, a prominent builder of the city who runs Sristhi Builders. “Therefore, there is no scope for speculation,” he adds.
Besides BCCL, Indian Iron and Steel Company (IISCO) have its office here and Tata Steel has mostly underground mines. These companies have developed townships for its employees, with roads, water, and power and sanitation facilities.
Dhanbad has witnessed an entry of a number of branded companies, bank and insurance offices in the last few years. No wonder, Dhanbad, popularly called the ‘coal capital’ of India, has seen construction of about 20 lakh square feet in the last few years.
The City Centre, located at the Combined Building Square, has almost all the major branded shops, making it the hub of the city. The biggest Reliance store of the state was set up in the City Centre around eighteen months ago though now a new and bigger Reliance Mart is coming up at Ranchi.
According to estimates, as many as twenty five building are under construction while some residential colonies are in the pipeline. “The city has seen enough ‘ertical’ growth (apartments). Now there is a big demand for horizontal colonies. With the entry of more and more retail and telecom players, the real estate scenario is set to see a tremendous growth in the city,” Mr Agarwal adds.
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India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com