The Haryana government is set to invite bids for building an education city along the Kundli-Manesar-Palwal (KMP) Expressway that will connect Sonepat with Palwal in Faridabad district.
Work on the expressway started in 2006. The road takes off from Kundli, the site of a recent realty boom, in Sonepat district on national highway-I (NH-1) and passes through Bahadurgarh in Jhajjar district, the site of the proposed Reliance Industries’ special economic zone on NH-10, and Manesar in Gurgaon district on NH-8. It will terminate near Palwal in Faridabad district on NH-2.
“The government has acquired 2,000 acres for the education city and will soon invite various developers to bid for the project,” said a senior Haryana government official.
The education city will lay emphasis on infotech, biotechnology and nano-technology. The project, say sources, has generated interest among a number of multinational companies from the IT, the ITeS and the education sector. Land prices have appreciated significantly in the region since the proposed development was announced in 2005.
Real estate developers like Ansal API, TDI, Parsvnath and Omaxe have announced major projects in the area.
For example, the TDI township, spread over 1,600 acres, has witnessed a massive increase in land prices to Rs 27,000 per square yard, as against Rs 4,750 per square yard at the time of the project’s launch.
“The price appreciation we have seen is on expected lines. We had envisaged this development along with other leading developers at the time of the announcement of the project,” said Kamal Taneja, managing director, TDI.
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Ansal API Sushant city, spread over 250 acres, has sold all the plots and is seeking to expand the township. “The response to all the projects has been above expectations for all developers.We feel land prices will appreciate by 15-20 per cent further in the near future,” said Kunal Banerjee, president, marketing, Ansal API.
The government has also approved an engineering SEZ, technology parks for IT and biotech and a research and development hub at Manesar. A 500-acre European Technology Park is also set to come up at Palwal along the expressway.