Ghaziabad has been a favoured investment destination for the past few years and in the past six months, the capital appreciations in areas such as Crossings Republik, Raj Nagar Extension and Bhopura have been above average. Those who have invested in real estate in Ghaziabad are now reaping the rewards for their foresight.
Ghaziabad, a city in Uttar Pradesh, is often called the Gateway to Uttar Pradesh. The city is also part of the National Capital Region (NCR) of Delhi. Ghaziabad, the district headquarters, is a large industrial city, with good road and rail connectivity.
According to a survey by City Mayors Foundation, Ghaziabad is the second fastest growing city in the world. The River Hindon runs through the city dividing it into Trans-Hindon and Cis Hindon divisions.
Ghaziabad’s real estate has been thriving mainly because of its proximity to Delhi and being the cheaper option open for both residential and commercial real estate. Ghaziabad is serviced by the National Highway 24 (NH24) which connects Delhi to Lucknow, the capital of Uttar Pradesh. There are plans to widen the NH24 to eight lanes from the current six on the stretch from the Delhi- Ghaziabad border to Dasna. Builders have already started capitalizing on this infrastructure and there are a number of residential and commercial projects on NH24, making it a realty hot spot.
In addition to that, there is a proposal to extend the Metro Rail to Ghaziabad. The project is likely to be completed by June 2017. This 9.41 km long elevated corridor will connect the New Bus Stand in Ghaziabad with Dilshad Garden in Delhi. In the first phase of the Metro, the Blue Line connected Vaishali and the realty prices in these areas, which were earlier not connected by public transport, went up.
Crossings Republik is one of the two sub cities in Ghaziabad, the other being Indirapuram. This high rise integrated township covers an area of 360 acres. This is a joint venture by seven real estate majors and is a modern township with all the amenities and facilities such as walkways and even a golf course. On the cards are a hospital, schools, hotels, post offices and police stations.
Crossings Republik, which is close to Noida and Greater Noida, saw property prices rise by over 50% since last year. Many of the developers have handed over the apartments. Another locality in Ghaziabad is Raj Nagar Extension where there was also an increase of 45% in capital values. This area is popular with the middle income segment and there are number apartments within the INR 40 lakh mark. The rental values in this area have also gone up, so if you are looking for a flat for rent in Ghaziabad this is a good location to look at.
Another area which has witnessed more than 50% increase in property values is Bhopura. One realtor said that the prices were about INR 2000 per sq ft two years ago and the rates were now in the region of INR 3400 per sq ft. Bhopura is also a middle income locality and residents can easily commute by Metro to Delhi. Those who have a flat for rent in Ghaziabad will find that Bhopura has many takers.
According to reports there are a lot of inquiries for builder floors in Ghaziabad. Realtors said that the idea of builder floors are catching on as many people would like to own an independent residence and not pay the price for a bungalow or villa.
Despite the increase in property prices in Ghaziabad, the city remains the place for affordable housing. Santosh Kumar Yadav, Chairman, Ghaziabad Development Authority (GDA) has been quoted as saying that Ghaziabad currently has a shortage of about two lakh houses costing below INR 10 lakh. He said that the government understands that this pricing is difficult for private developers. So GDA is coming out with an affordable policy scheme for builders- the scheme offers many concessions such as direct buying from farmers, free registration, no external development charges, no land conversion charges and so on.
Talking about the development of road infrastructure in Ghaziabad, Yadav said that there are plans to build the Northern Peripheral Road for traffic from Delhi towards cities such as Lucknow, Kanpur and Meerut. This road will allow a free flow of traffic on the north of the city. A third ring road around Delhi is also planned to decongest Delhi and Ghaziabad; this would be the Eastern Peripheral Expressway.
You can also track the price trends of micro markets in Delhi NCR by clicking here.
Image courtesy: indiantravels.com
Nina Varghese for IndiaProperty.com