Ghaziabad is sitting pretty after
development authorities like GDA (Ghaziabad Development Authority), UP Awas
Vikas,the municipal authorities and various private developers put in a
concerted effort to improve the social and physical infrastructure of the city.
It is hardly surprising, then, that property prices have appreciated a good
deal in this hot city.
Two years ago, projects were
launched in Raj Nagar Extension at Rs 1,900 per sq ft; today, they are quoting
at around Rs 2,700 per sq ft. Areas like Kaushambi, Vasundhara, Vaishali,
Indirapuram, Crossings Republik, Govindpuram and Mohan Nagar have shown an
appreciation of 20-35 % in property prices.
Good infrastructure and easy
connectivity to Delhi and other NCR cities like Meerut, Noida, and Gurgaon have
largely contributed to this spurt in property prices. All these have contributed
to make Ghaziabad one of the fastest developing cities in India.
Another reason for the realty
boom in Ghaziabad is the availability of cheaper options compared to Noida and
Gurgaon’s real estate market. Developers like Lotus Sports City,
SVP, Landcraft, Gulshan, Ajnara, Ansal Housing, Amrapali Group, Antriksh,
Supertech Ltd, Ashiana Housing Ltd, Gaursons India Limited, Mahagun, DesignArch
and Ramprastha Group have launched various projects in this area.
Property rates have also
increased rapidly in the last six months after the new Metro line became
operational in the area; on an average, the Metro connectivity to an area
creates an appreciation of 20-30 %.Last year, the going rates in good societies
in Vaishali were between Rs 3,500 sq ft and Rs 4,000 per sq ft. After the Metro
line became operational, the current rates have touched Rs 4,500 per sq ft;
some areas near the Vaishali Metro station are even quoting over Rs 5,000 per
sq ft.
The local authorities here have
done well to resolve the basic problems in Ghaziabad, while private developers
have shown their commitment in providing projects with luxurious lifestyle
amenities like power backup,24×7 water supply, clubhouse and swimming pools.
This is another reason why property price are rocketing, as buyers with higher
disposable incomes flock to these high-end projects.
The area has been facing some
land acquisition issues of late, which the local authorities have taken up on a
priority basis. Recently, the GDA has gave an in principle approval to fund a
Metro link till Loni. According to the MoU signed with the Delhi Metro Rail
Corporation (DMRC) the GDA will fund one-third of the project. The link between
Dilshad Garden and New Bus Stand, which will cost Rs 991 crore, has been
expedited and the funding pattern settled.
Santosh Yadav, the vice-chairman
of GDA, says: “Earlier, the issue of connectivity was the main drawback of
Ghaziabad; today, it has been solved in large measure. The GDA and the DMRC
have agreed to expend the Metro line from Dilshad Garden to New Bus Stand,
which is located near the Meerut road crossing. The Vaishali Metro line, of
course, is operational. Apart from this, bus and auto service have also
improved in the city. Some of the forthcoming projects like the high speed
train and the FNG corridor will also improve the connectivity of the city. The
entire city is being laid with a network of flyovers and underpasses, which
will ease pressure on existing traffic.”
“The GDA wants to ease traffic
congestions in entire city within six months. Three highways pass through
Ghaziabad. The GDA has drawn up a traffic decongestion plan for NH-24 and NH-58
and we have met the NHAI officials in this regard. There is also a contingency
plan for pontoon bridges.
Connectivity with Noida and
Greater Noida will also be improved. Recently, we approved a project for a road
connecting Greater Noida to NH-24,”Santosh Yadav says.
Vijay Jindal, the chairman and
managing director of SVP Group, says: “With city-level development on a fast
track and infrastructure improving by several notches, there has been around
30-35% appreciation in the prices of our projects at Mohan Nagar, Raj Nagar
Extension and Indirapuram.”
“We have projects across
Ghaziabad and are about to complete projects at Indirapuram, Raj Nagar
Extension and Mohan Nagar. Our firm also has plans to launch new projects in
other areas in Ghaziabad, apart from other cities in the NCR,” Jindal says.
Shipra Sun City, a master planned
township, was one of the first projects in Ghaziabad to be built under the
public-private partnership model, between the Shipra Group and the GDA.
Tarun Mehrotra, the chief
executive officer of Shipra Group, says: “We have already delivered over 6,000
apartments in the 200 acre Shipra Sun City. This can be said to be a turning
point in the development of Indirapuram in Ghaziabad. The Sun City offers a
choice of residential options including highrise developments like Regalia
Heights, Royal Tower and Sun Tower; midrise developments like Regal, Regent
Windsor and Nova, as well as independent villas.”
Rakesh Yadav,the managing
director of Antriksh Group, says: “Undoubtedly, Ghaziabad has registered a
steady growth in recent times. Private real estate developers, in
concert with the civic authorities of Ghaziabad, are largely responsible for
this. This has changed the image of the city among homebuyers and has had a
positive impact on the overall growth of real estate in Ghaziabad.”
Manoj Rai, the managing director
of Gardenia Group, says: “Ghaziabad has a rich cultural and traditional
background. Here, old and new areas coexist, as the GDA develops infrastructure
and improves connectivity. Urbanization is better planned now and traffic,
transport and water-related problems are being tackled firmly. The GDA has a
plan to develop Metro routes, flyovers, roads and golf courses in the city in
the near future. This is a perfect times for home-seekers to buy into the
residential projects in Ghaziabad, as the city will have more growth in the
future. Already, there has been 15-25% growth in real estate in the last two
years.”
Achal Gupta, the director of ASG
Group, says: “The main reason that fuelled real estate market in Ghaziabad is
its strategic location on the NH-24.It has easy connectivity with Delhi and
this alone makes it score high in the preference list of business leaders.
After the rapid commercialization of Gurgaon and Noida, it is the turn of
Ghaziabad to be a business destination of India. Ghaziabad real estate
market still has a strong potential for new projects.”
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