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 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 highspeed 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.”