Ghaziabad: A Fast Growing Real Estate Market In Delhi NCR

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.

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