DELHI: Ghaziabad is going through a phase of rapid economic growth with huge investments being made in various sectors. Ghaziabad is being touted as one of the fastest growing cities in India with its thriving real estate market being a prime attraction.
As work here is proceeding according to the master plan, the demand for residential projects has catapulted and this has resulted in appreciation of prices.
Areas like Vaishali, Kaushambi, Indirapuram, and Vasundhara have become a big hit amongst end users as these places are in close proximity to Delhi.
With several MNC offices in the vicinity, these areas saw a lot of residential projects being occupied overnight, as it were, and thus became the focus for further infrastructural development.
This growth trend soon spread to other areas like Crossings Republik, Mohan Nagar, Raj Nagar Extension, NH-24, and NH-58.
Rakesh Yadav, MD of Antriksh Group, says: “The property market here expanded rapidly, catering to different category of buyers by offering plots at attractive prices. Even as some locations became hubs for affordable or budget homes, others became ripe markets for appreciating rentals. Along with this residential growth, Ghaziabad also saw a steady expansion of the commercial and retail segment.”
Infrastructure and improving connectivity
Connectivity and infrastructure have played a big role in the exponential growth of real estate in Ghaziabad.
All the residential colonies of Ghaziabad are well connected to Delhi, Gurgaon, and Noida through the Metro rail network, which is within a radius of 3km from all these residential hubs.
There are plans to connect Noida’s Sector 62 to Indirapuram through the Metro network, while another line will connect the new bus stand with Dilshad Garden. Apart from the Metro, the Anand Vihar Inter-State Bus Terminal (ISBT) and the Anand Vihar Railway Station are within a radius of 1km from these places. The city is also connected with 2 national highways-NH-58 and NH-24-which provide direct connectivity to the neighboring states. A proposal to widen NH-24 to 14 lanes will bring immense relief to the commuters on this stretch.
Builders are developing individual and group-housing projects in these areas. Developers like SVP Group, Antriksh, Gaursons, SG Estate, KDPMGI, Ashiana, VVIP, Ascent Buildtech, Ajnara, Panchsheel, Mahagun, Gulshan Homes, etc, are offering options in independent villas, 2-, 3-, and 4BHK apartments.
Manoj Gaur, MD of Gaursons India, says: “Ghaziabad has given handsome returns and is an enviable living experience for its residents. Though the place was initially seen as an alternative option for the inadequacy of land and unaffordable prices in Delhi and Noida, it has now managed to grow as a more mature market by making a name of its own.”
Gaursons has developed Gaur Homes at Govindpuram, which offers penthouse of 3,248-4,240 sq ft area in the 3BHK format.
Panchsheel Group has Primrose on 10 acres at Govindpuram (along the Hapur Road). The project has 1-, 2-, and 4BHK apartments in the size range of 649-1,562 sq ft, with facilities like power back-up, a clubhouse, retail outlets, etc.
The price of property varies from area to area. While a 3BHK in Kaushambi is available at Rs 1.05 crore, a 4BHK costs between Rs 50 lakh and Rs 70 lakh in Raj Nagar Extension. Similarly, in terms of rental returns, a 1,000 sq ft apartment that is available for Rs 30-35 lakh can be rented for almost Rs 8,000-9,000 per month in Raj Nagar Extension.
A similar apartment, selling at nearly Rs 50-60 lakh in Indirapuram and Vaishali, can be rented for around Rs 14,000-16,000 per month. SVP Group has Gulmohur Greens in Mohan Nagar, Gulmohur Garden in Raj Nagar Extension, and Gulmohur Residency in Indirapuram. Opulent Mall is adding a new cosmopolitan flavour to Ghaziabad-it is over 3,50,000 sq ft with two levels of structured parking, three shopping levels, and one entertainment level in the heart of the city. Apart from this, there is Shoppers Square, one of the largest commercial complexes at Raj Nagar.
Realty Projects in Kaushambi
Kaushambi has emerged as the harbinger of growth and development in Ghaziabad. As developers sensed the potential, Kaushambi turned into a property hub in a very short period and this phase soon spread to neighboring places like Vaishali, Vasundhara, and Indirapuram. Kaushambi is in close proximity to Delhi and is well connected to Delhi, Gurgaon, and Noida through the Metro rail network. The Kaushambi Metro station is within a radius of 2km from most of the residential areas here.
Kaushambi is attracting potential investors not only in the residential market but also in the commercial and retail market. The launch of shopping malls and multiplexes has introduced a new culture of shopping mixed with entertainment to the whole of Ghaziabad.
Some of the prominent malls here are Pacific Mall, Ansal Plaza, East Delhi Mall, Mahagun Metro Mall, Shopprix Mall, AEZ Mall, and Angel Mall. Big Cinemas, Wave Cinemas, and PVR Cinemas are also present in the area. Apart from this, there are renowned schools and healthcare facilities across Kaushambi.
The property market in Ghaziabad is a safe option for people who find the realty market of Delhi beyond their budget.
As Kaushambi evolved rapidly as a prime property market, it is only natural that people are eagerly investing in property here. The place is also sought by those who work in Delhi, Noida, Greater Noida, and even Gurgaon, as property prices are very high in those places.
A 2BHK apartment in a multi-storey building is available at nearly Rs 70 lakh in Kaushambi whereas the same-size apartment will cost not less than Rs 1.2-1.5 crore in Preet Vihar or IP Extension in Delhi. To cater to the luxury market here, SVP Group is coming up with an ultra luxurious project, Grand Royale. The project comes with spacious 3- and 4BHK ultra luxury condominiums. Spread over 1.25 acre, there will be nearly 140 units in this project.