DELHI: Meerut’s realty market has shaped up as an ideal destination for affordable-range housing with prices in other NCR regions like Noida, Gurgaon, and Ghaziabad slipping out of the reach of the average middle-class homebuyer.
Top NCR developers and builders have acquired large tracts of land in Meerut and its outskirts and are marketing their projects with aplomb.
With an increase in the number of domestic and foreign players across industries shifting their base to Tier II cities, the demand for new townships in Meerut is on the rise. Today, Meerut offers cost-effective options for the people of the NCR who are looking for cheaper housing. The price of residential units in secondary market in the city is in the range of Rs 2,000-2,500 per sq ft.
Why invest in Meerut
A report by Morgan Stanley, a top US financial services firm, says that Meerut is the 14th fastest developing city in India. The “Guide to India’s Urbanization” gave Meerut the 5th spot on the “vibrancy” index. Infrastructural development in Meerut is currently in a boom phase, even as a report says Meerut has rapidly come up as a strategic real estate destination for realty players and buyers.
Also, the city’s realty market has shown a phenomenal potential for growth. There is a great demand for quality accommodation on the outskirts of Meerut, as these areas have excellent infrastructural facilities, sound planning, as well as top-grade security.
The most sought-after location is along the Meerut Bypass. Also, the Hapur Road and the Cantonment Road are gaining prominence as ideal destinations for property investments and are attracting large developments. Commercial and residential complexes are also coming up on Mawana Road and Modipuram on the Muzaffarnagar Highway.
The 16-lane Delhi-Meerut Expressway is under construction and will be operational by 2017. A six-lane corridor of 21km, connecting Dasna to Delhi-UP border, will ease the commutation pressure and attract a lot of customers to the properties here.
The recently approved Rapid Rail Transit System, which will connect Meerut to Delhi, will reduce the travel time considerably. The city has an airstrip in Partapur, which the state government plans to convert into a full-fledged airport. Flights to Lucknow and Delhi would be starting soon, by June 2014, according to one report. Flights to other major cities across the country are expected to start in 2016.
The congestion on NH-58, which passes through Ghaziabad, Muradnagar, and Modinagar made commuting on this stretch long and uncomfortable, but now things have been changed. Work on the 64km-long Delhi-Meerut Expressway is in progress. The road-widening project of the expressway is likely to be completed by 2015.
The drive from Delhi to Meerut is expected to be covered in just 45 minutes once the expressway is ready. The Delhi-Meerut Expressway would be an access-controlled highway and all traffic signals and crossings would be done away with.
Also, all slow-moving traffic including two-wheelers and three-wheelers would not be allowed to ply on the expressway.
The expressway will cover 28km of NH-24, between Ghaziabad border and Dasna, and this stretch will be widened to 14 lanes from the present six lanes, according to the master plan. Also, a 36km stretch between Dasna and Meerut will be constructed as a four-lane highway.
Other major development is the highspeed rail link. A Rapid Rail Transit System (RRTS) is in the works, which is expected to speed up the journey from Delhi (Anand Vihar) to Meerut (Begumpul). The 67km-long elevated railway track will be aligned to the expressway route.
The NCR Planning Board has planned three townships along the RRTS route, from Delhi to Meerut: one between Muradnagar to Modi Nagar, the second from Modi Nagar to Mohiuddinpur, and the third in Meerut Development Authority (MDA) zone.
Meerut is the largest manufacturer of musical instruments in India and also one of the largest suppliers of sports goods.
This historic city is also home to some well-established educational institutes and industrial set-ups. There are scores of small and large-scale industries, schools, colleges, and higher educational institutes imparting degrees in engineering, medical, management, and pharmacy courses.
Real estate development
The realty market has seen buoyancy with the presence of prominent builders like Supertech, Alpha G:Corp, Ansal API, Ansal Housing and Construction, Godwin, Apex, A to Z Builders, Gayatri, BG Infrastructures, etc.
Pranav Ansal, the VC of Ansal API, says: “With improving infrastructure and fast connectivity, Meerut fast developing into another realty hotspot of the NCR. Our mega township project will provide plots, independent floors and group-housing for middle-income group people who cannot afford the burden of living in a metro but have the aspiration and dream to avail all the modern and comfortable amenities of a metro city.”
Prodipta Sen, the executive director of Alpha G:Corp, says: “From the investor’s perspective, Meerut is a potential game changer as infrastructure and connectivity like the proposed Delhi-Meerut expressway and the Rapid Rail proposal under the NCR Transport Plan 2021 will integrate the city with the Delhi megapolis.”
R K Arora, the CMD of Supertech Ltd, says: “The forthcoming integrated township projects in Meerut are a treat for the people of the NCR as these are equipped with all the modern amenities and residents can enjoy the benefits of metro-style living within Meerut itself, something unheard of a few years ago.
“With an increase in the number of domestic and foreign players across industries shifting their base to Tier II cities, the demand for these integrated townships is also on a high.”
Kushagr Ansal, director of Ansal Housing & Construction Ltd, says: “We believe in providing quality and convenience to our esteemed customers. Our projects in Meerut will provide its residents an amalgamation of modern lifestyle with small town bliss. The location of the projects makes it easily accessible from Delhi and other parts of the NCR.”