The picturesque and peaceful city of central India is on its way to become a major urban hub. Earlier only known for its magnificent forts and traditional society, Gwalior has slowly and steadily changed its façade to become a major commercial and residential real estate destination. A report.
Lying on the foothold of the rock solid and imposing Gwalior Fort, the ancient city of Gwalior is surrounded by three small hills from its three directions. It has been a city of paramount historic importance owing to its strategic location at the heart of India. Its proximity to Agra, the Mughal capital, Khajuraho, the epicenter of cultural activities in India and Delhi, the national capital has played an important role in making Gwalior the most important city of strategic importance in central India.
The Counter Magnet City, Gwalior
Fast forwarding to the current times, the city of Gwalior has acquired the status of a counter magnet city in the National Capital Region plan 1989. This means that the city will be responsible for reducing population pressure in the Capital city of Delhi. With the kind of area that the city covers, it will indeed be a major economic antagonist of modern India. Taking steps in the same spirit, the state government declared Gwalior a priority urban region. Further, to facilitate its purpose of a counter magnet city, the Madhya Pradesh government constituted a Special Area Development Authority which has under its jurisdiction an area of about 30,000 hectares, sometimes also known as Gwalior West owing to its western directional properties.
Real estate and infrastructural developments
Owing to its counter magnetic city status, a slew of real estate companies have made up plans to make inroads in Gwalior. Easily accessible by different modes of transports, it has tremendous potential for developments. Gwalior already possesses a good industrial base with large investments in industrial infrastructure in areas like Malanpur, Banmore and Ghirongi. The city is blessed with rich water supply resources, sufficient to support the population of Gwalior. Till now, most of the land infrastructure was developed through government channels. However, with burgeoning population and the need of rapid development, private sector has started partaking in the residential as well as commercial real estate development of the city.
Notable real estate developers active in the city
Some of the major realty developers that are coming up with new projects in Gwalior include names like Mantri Realty Constructions. Mantri Realty Constructions is a leading name in real estate development, a flagship company of Sunil Mantri group having building activities all over the country. The company has completed 140 projects till now and they have now two new landmark projects coming up in the city, Mantri Imperial and Mantri City. The latter is planned to become the biggest fully integrated township in Gwalior, the first of its kind that the city has ever seen. This is a great step ahead in planned urbanization of the city.
Supply –demand market dynamics
The real estate market is mostly supply driven and the local consumer has a healthy appetite for new projects. Most new projects are a total sold out within few days of launch, irrespective of price, quality and user preferences. Furthermore, the local government is also providing loans to finance the land development and construction activities. The developers are unlikely to keep their focus on only on big spenders, as the city’s spender is spread across a wide spectrum.