Published on: Jul 26, 2015 @ 15:36
Ghaziabad is a fast growing real estate market in Delhi NCR. It’s close proximity to Noida and Delhi and easy connectivity with other parts of Delhi NCR with affordable housing options have been the major factors for being a preferred real estate market destination.
Good infrastructure and issue of connectivity was the main drawback on the overall growth of the real estate market of Ghaziabad. Today, with infrastructure improving, easy connectivity to Noida and Delhi NCR and city-level development on fast track have largely contributed to the changed image of the city among the home buyers.
There has been huge infrastructural development across Ghaziabad which has opened up the prospect for real estate development in areas like Kaushambi, Vaishali, Indirapuram, Vasundhara, Raj Nagar Extension, Mohan Nagar and NH-24 including the Crossings Republic township. The city has seen a vast increase in the number of apartments, flats being constructed by the GDA as well as private builders.
Ghaziabad caters primarily to the mid-segment and affordable housing segments. In fact, it is the most viable option for those working in Noida and Delhi, but due to higher rentals and high property prices, they can not afford to stay there.
The Shipra Sun City is one of the oldest master planned townships in the Indirapuram area. This township has more than 5000 families over an area that spreads over 225 acres. This can be said to be a turning point in the development of Indirapuram in Ghaziabad. The Shipra group has also built the Shipra Mall in Indirapuram.
The GDA has constructed many different kinds of houses such as MIG, LIG, EWS, HIG and a score of apartments in many parts of the city. Vaishali and Kaushambi have a huge number of such flats built by the GDA.
The reason which goes in favour of Ghaziabad is the availability of cheaper options compared to Noida and Gurgaon’s real estate market. Developers like SVP, Gulshan Homz, Ajnara, Amrapali Group, Antriksh, Supertech Ltd, Gaursons India Limited and Ramprastha Group have launched various affordable housing projects in this area.
Other prominent Developers such as SARE, Landcraft, Wave, Mahagun, Ansal API and others are creating large township projects. The Wave Hi-Tech City township is spread over 4,500 acres and more such projects are expected.
The Vasundhara, Indirapuram and Vaishali cluster has a good mix of ready and under-construction units. According to a report, around 13,000 flats are expected to get completed during 2013-15. Around 2,440 units are expected to be completed by 2015. Raj Nagar Extension, on the other hand, has under-construction stock of over 23,000 units.
Property rates have also gone up in the last few years after the Metro line became operational in the area; on an average, the Metro connectivity to an area creates an appreciation of 20-30 per cent. Prices in the Kaushambi and Vaishali areas are in the range of approximately Rs 5,400- 6,600 per sq ft while in Indirapuram prices are in the range of Rs 4,600-5,600 per sq ft. These areas are already developed to a great extent and have a large existing residential population, these clusters have also recorded healthy capital appreciation of around 20-35 per cent.
Ghaziabad offers affordable housing in the average price range of Rs 2,400 to Rs 3,500 per sq ft. Projects along NH-24 are currently available at one of the lowest price points in the Delhi NCR residential market. The launch of Crossing Republik where a host of developers came together and offered affordable apartments units at low cost to the buyers have catered to the large housing needs of the region.
The Raj Nagar Extension corridor on NH-58 is also priced in the range of Rs 2,700-3,200 per sq ft. This area has the highest number of new completed projects or projects under construction in all of Ghaziabad. The selling point of the apartments in this area is that they cater mostly to the budget customers who are looking for a good house but within a budget.
The local authorities of Ghaziabad have done well to resolve the basic problems and have improved the infrastructure of the city. Urbanization is better planned now and traffic, transport and water-related problems are being tackled firmly. The present Vaishali metro line is operational and connects this area to Delhi and other parts of NCR. Some of the forthcoming projects like the high speed train and the FNG corridor will also improve the connectivity of the city.
Ajay Verma, founder, and writer of The Housing World, a real estate and mortgage news website. He has over fifteen years of rich experience in the above-mentioned industries.