NH 24: An affluent residential destination
Nov 26, 2013
Source : The Times of India

 

DELHI: National Highway 24, connecting Delhi to Moradabad, is one of the most frequented arterial passages of the city, and has become an affluent residential destination in Ghaziabad. A state-of-the-art infrastructure including the proposed widening of the highway from the present 4-lanes to 8-lanes is a veritable clarion call, exhorting and impelling interested buyers to this area.

The property market in Delhi-NCR is now a veritable bee-hive. However, while there is a lot of interest being shown by buyers, what with potential homebuyers and investors attempting to leverage the positive returns, many new places have also gained prominence in the last few years and a variety of developers have now entered the market. NH- 24 is one such area.

This highway has transformed an otherwise unattractive location into a place of high demand. The area has become one of the most viable options for people working in Noida and Greater Noida, since they are close to some of the new sectors where many of their offices are situated.

NH-24 is dotted with residential and commercial projects in a variety of formats and sizes. Apart from a plethora of high rises, the highway and its vicinity are home to a number of townships too. The appreciation of the place is directly related to easy connectivity and superb infrastructure as people are confident that they can reap good benefits in future. Another driving factor here is the proposed metro line and station coming up at Greater Noida West, which will be just a few minutes’ drive from this location.

With this area being near the National capital, investors and buyers are confident that the value of their investment will appreciate and thereby provide satisfying returns in future. As a case in point, in places such as the ‘Crossings Republik’, the land rates that were hovering around Rs 1,850 per sq ft just a few years back are now approximately Rs 4,000 per sq ft, and that too in just under five years. The price per sq ft on this stretch was at Rs 3,000 in the Oct-Dec 2012 quarter which then appreciated to Rs 3,016 per sq ft in the quarter of Jan-Mar 2013. In the Apr-Jun quarter of 2013, the locality price appreciated to
Rs 3,311 per sq ft. In the Jul-Sep quarter of 2013, the locality price appreciated to approximately

Rs 4,000 per sq ft. It may be recalled that the Anand Vihar Rail Junction also provides accessibility through railways. In fact, well-heeled localities such as Indirapuram, Vaishali, Kaushambi and Vasundhara are flourishing due to their proximity to NH-24, which provides a quick and fast approach to Delhi and Noida.

The government is also doing its bit to boost demand for property in NH-24. The combination of production units, public utilities, logistics, environmental protection facilities, residential areas, social infrastructure, administrative services and a few industrial areas that have been systematically planned along the corridors are all adding to the appeal.

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