Textile city Bhilwara gets a realty weave
Known for its textile units, Bhilwara is attracting realtors in a big way. Slowly but steadily, the traditional city of Rajasthan is donning a modern face. The sleepy town, which once had only industrial buildings, is getting ready for high-rise residential structures.
Realty majors like Ansal Group, Manglam and Essel Group fueled the property prices in the city, which were on lower end of the hyperbole, a year back. Ajay Jain, managing director of property consultants HAM Enterprises, says the prices have increased almost 100% in two years. Developers and investors were concentrating on top three cities of the state - Jaipur, Jodhpur and Udaipur. Now that there is a slowdown property market, smaller cities like Bhilwara are hogging the limelight. Here investment is not that big and prospects are comparatively brighter. People are not minding investing in real estate in this textile hub, he said.
Bhilwara is situated about 120 km away from Ajmer on the National Highway to Mumbai. With a population of around 3 lakh, it is better planned than Ajmer. The city houses around 54 medium- and large-scale textile units with an investment of around Rs 8,440 crore and employing about 20,986 persons. The 10,000 powerlooms have a production capacity of 5 crore meters synthetic fabric. Due to the textile connection, businessmen from Mumbai and Surat have invested in the real estate. The properties are used as guest-houses or residences for their employees based at Bhilwara, property consultant Sunaina Jain said.
More : economictimes.indiatimes.com