Dhanbad: The Emerging Real Estate Hub of Jharkhand
Situated in the eastern part of Jharkhand, Dhanbad is rapidly gaining prominence as a center for real estate business, following closely behind Ranchi and Jamshedpur. The city boasts a cosmopolitan culture, attracting individuals from diverse parts of the country, notably Gujarat and South India, due to the presence of Bharat Coking Coal (BCCL).
Early Growth in Real Estate Sector
Experts note that Dhanbad's real estate sector initiated its growth trajectory prior to that of Ranchi and Jamshedpur. The city is poised for substantial future growth as more companies establish operations within the area.
Realistic Property Rates
'A significant feature of this city is that the rates are realistic as the flats are not used as an investment tool,' states Shekhar Agarwal, a prominent builder and owner of Sristhi Builders. 'Therefore, there is no scope for speculation,' he adds, highlighting the stability of Dhanbad's property market.
Industrial Presence and Infrastructure
Apart from BCCL, Indian Iron and Steel Company (IISCO) and Tata Steel, with its largely underground mines, have a strong presence in Dhanbad. These companies have developed comprehensive townships for their employees, complete with roads, water supply, power, and sanitation facilities.
Recent Developments and Growth
In recent years, Dhanbad has witnessed the entry of numerous branded companies, bank offices, and insurance providers. This influx has led to the construction of approximately 20 lakh square feet in the area.
The City Centre: A Hub of Activity
Located at the Combined Building Square, The City Centre houses almost all major branded shops, cementing its position as the city's hub. Although the largest Reliance store in the state was initially set up here about eighteen months ago, a new and larger Reliance Mart is now under development in Ranchi.
Future Projections
Estimates suggest that as many as twenty-five buildings are currently under construction, with several residential colonies in various stages of planning. 'The city has experienced sufficient vertical growth (apartments). Now, there is a significant demand for horizontal colonies. With the entry of more retail and telecom players, the real estate scenario is set to witness tremendous growth in the city,' further elucidates Mr. Agarwal.