Hisar Industrial Smart City (IMC) Haryana: Real Estate and Investment Outlook

Current Legal Status: What Can and Cannot Be Bought

As of June 2026, there is no plot booking, allotment window or brochure through which an individual or company can legally purchase land inside the Hisar IMC boundary. Unlike several other NICDC smart-city sites, the core land parcel is not privately owned agricultural land awaiting acquisition — it is already government land. Notably, IMC Hisar began with a significant advantage as it has nearly 2988 acres of encumbrance-free government land already transferred by the state government that has given the initial advantage to this project.

The project is being executed through a dedicated special-purpose vehicle. The NICDC Haryana Integrated Manufacturing Cluster Hisar Project Limited (NHIMCHPL) has floated this tender for the development of trunk infrastructure at the proposed IMC in Hisar under the Amritsar-Kolkata Industrial Corridor (AKIC). Until this trunk infrastructure — roads, water supply, sewerage, drainage and power — is built and individual plots are surveyed and priced, no enforceable sale, lease or allotment deed exists for land inside the 2,988-acre cluster.

NICDC's own investor FAQ confirms plot rates are not yet public: Please contact us at [email protected] for the latest land rates. and directs allotment queries to the same channel: How can investors apply for developed land parcels in NICDC cities? Answer: Share your queries/requests at [email protected].

What is legally possible today is the ordinary purchase of private agricultural or residential land in villages outside the notified 2,988-acre boundary, under standard Haryana land-transfer and revenue-mutation rules. Such purchases carry no assurance that the land will ever be absorbed into a future IMC extension, rezoned for industrial use, or connected to the trunk infrastructure being built inside the notified area.

How Land Is Expected to Be Released

The 2,988-acre site is being rolled out in stages rather than released all at once. Phase 1 covers a defined sub-area: A total of 1,605 acres is in Phase I. Land values still remain at an affordable level. Environmental clearance for this phase is well advanced: The Integrated Manufacturing Cluster, known as IMC Hisar, covers 1,605 acres. An official statement said a large section already has environmental clearance. Clearances for the remaining land are at an advanced stage.

Connectivity is being built out on a set timeline. With the freight terminal proposed in the IAH area connecting to the Eastern Dedicated Freight Corridor, the IMC will benefit from multi-modal connectivity with air, road and rail initially through the Hisar city Junction in the first phase of its development (2027) and the rail terminal for freight in the airport by 2032 and final phase (2037).

Physical works began with a large tender for basic services: The trunk infrastructure will include internal roads, water supply, sewerage, stormwater drainage among others. Power planning is running in parallel: When completed, the IMC is expected to require around 232 MW of electricity. To meet this demand, the Haryana Vidyut Prasaran Nigam (HVPN) will establish a 220-kV grid substation for the project. Only after this trunk infrastructure is substantially built would a formal plot-demarcation and allotment process — of the kind already running at comparable NICDC sites — be expected to open.

Comparable Precedent Regions: What Happened to Values There

Two older, more advanced NICDC/DMIC-linked projects offer documented precedent for how land economics can evolve once a cluster moves from planning to allotment — though neither outcome is a guarantee for Hisar.

Dholera Special Investment Region, Gujarat

Dholera, under the Delhi-Mumbai Industrial Corridor, has the longest price track record among comparable regions. Dholera Special Investment Region in Gujarat has experienced a significant 10-fold increase in land prices over the past decade. Major infrastructure projects like an international cargo airport and expressway are driving investor interest. Land prices now range from Rs 3,000 to Rs 10,000 per square yard. That rise took roughly a decade and tracked the build-out of an expressway, an airport project and anchor manufacturing investment, not the initial notification.

AURIC (Shendra–Bidkin Industrial Area), Maharashtra

Shendra-Bidkin, also under the Delhi-Mumbai Industrial Corridor and now listed among NICDC's completed/near-complete projects, shows what allotment-stage demand looked like once trunk infrastructure was ready. Phase 1 (Shendra) is almost sold out; Bidkin is selling out fast. Concrete allotment data from the same site: Major trunk infrastructure works are completed with 93 plots allotted, including allotment of 100 acre to major investors like a South Korean company Hyosung. An investment of over Rs 6,500 crore has been attracted in this area. When plot sales first opened there in 2011, the entry rate was documented at a specific level: The Aurangabad Industrial Township Limited (AITL), which is overseeing the process, has fixed the rate at Rs 320 per square foot. As many as 266 applied on the day one in the online process for sale of plots.

Both precedents share a common pattern: land values and demand accelerated only after trunk infrastructure was completed and a formal, government-run allotment process began — not during the planning or land-transfer stage Hisar is currently in.

Key Risks

• Timeline slippage. Government sources have themselves flagged delays: "The IMC-Hisar was envisioned as a major manufacturing, logistics and advanced industrial hub aimed at attracting large-scale domestic and global investment. However, years after approval, the project remains largely confined to the planning stage," said an official. A separate account noted procedural bottlenecks even after land was secured: the appointment of consultants still under process and the Engineering, Procurement and Construction (EPC) tender—which marks the beginning of physical infrastructure work—yet to be floated.
• Execution lagging comparable projects. Officials have directly benchmarked Hisar against a faster-moving peer: "The slow pace is more evident when compared with other corridor-linked projects such as the IMC at Rajpura, where EPC-level execution has already advanced, strengthening investor confidence," the government official added.
• Sector/ecosystem diversion risk. Concerns have surfaced about associated flagship investment plans potentially shifting elsewhere: Concerns are also being raised in regional industrial circles about potential investment diversion, including the proposed trainer aircraft manufacturing initiative associated with Shakti Aircraft Industries. The project gains significance as Hisar is emerging as an aerospace and advanced manufacturing hub.
• Title risk is concentrated outside the notified boundary, not inside it. Because the core 2,988 acres is already government-owned and encumbrance-free, buyers face little classic acquisition-dispute risk within the cluster — but any land bought speculatively in surrounding villages, on the expectation of future rezoning, carries ordinary rural title, mutation and boundary risks with no statutory guarantee of inclusion.
• Rate and allotment terms are undefined. No published land rate, RERA registration or allotment policy for Hisar IMC plots was found as of this writing; NICDC directs all such queries to a general investor email rather than a published rate card.

Signals to Watch

• Award and physical progress of the ₹707-crore trunk infrastructure EPC contract, and whether consultant appointments (flagged as pending) are completed.
• Completion of environmental clearance for the remaining Phase 1 land beyond the section already cleared.
• Progress on the 220-kV HVPN substation and DHBVN power-distribution rollout, a precondition for any industry to operate.
• Any formal announcement from HSIIDC/NICDC of a plot-allotment policy, application window, or published land rate for Hisar IMC — the trigger point after which precedent from Dholera/AURIC-style demand and price movement becomes directly relevant.
• Outcomes of high-level state review meetings, such as the one where Chief Secretary Anurag Rastogi reviewed the progress of the IMC-Hisar project and directed all concerned departments to ensure timely and expedited implementation of decisions related to the project.
• Whether the Shakti Aircraft Industries trainer-aircraft initiative and other anchor investors formally commit to or divert away from the Hisar site.