Ghaziabad is an important industrial city of Uttar Pradesh with many companies like Shriram Pistons, Unichem, Dabur, Bhushan Steels giving it a new dimension.
Strategically located on the Grand Trunk road and offering easy access to Noida, it has evolved from a sleepy industrial city to one of the most preferred real estate locations in the NCR. The city is divided into two parts Trans Hindon Area (THA) and Old Ghaziabad. The latter comprises areas such as Raj Nagar, Kavi Nagar, Patel Nagar, Shastri Nagar, Govindpuram and Navyug market. It also includes developed areas such as Indirapuram, Kaushambi, Ramprastha, Suryanagar, Vaishali and Vasundhara. These newly developed areas have witnessed the maximum group housing developments.
Improvement of roads, widening of flyovers and construction of malls and multiplexes have made Indirapuram, Vaishali and Vasundhara popular housing destinations. Places such as Vaishali and Kaushambi have recently been connected by the Metro too.
With limited availability of land in Delhi, developers are moving towards Ghaziabad to explore the region for housing development.
Further, the increase in Floor Space Index (FSI) from 1.5 to 2.5, by the Ghaziabad Development Authority has bolstered the growth of residential development in the area (press articles). Ongoing projects Areas such as Crossings Republik, NH-24, NH-58, Vasundhara, and Indirapuram are preferred by a number of developers for new residential developments. Vasundhara and Indirapuram have group housing projects, while NH-58, Indirapuram, Crossings Republik and NH-24 have seen the growth of both group housing and integrated township projects.
Capital values in the micro markets of Ghaziabad range from R1,700 per sq ft to R3,500 per sq ft.
According to the KPMG Analysis, the monthly rental value for a 1,500 sq ft apartment in Indirapuram varies from R10 per sq ft to R11 per sq ft and from R7 per sq ft to R10 per sq ft in Vaishali and Vasundhara .
The road ahead Some of the projects under construction here were launched in 2009-10 and are expected to be completed by 2014-15. By 2014, the micro markets of Ghaziabad are expected to witness a fresh inflow of about 26,000 to 31,000 units, spread across Indirapuram, Vaishali, Vasundhara, Raj Nagar Extension and Crossings Republik (KPMG analysis). Of this, about 77% are 2 BHK and 3BHK, and the remaining in 1BHK, 4BHK and 5 BHK formats. The total supply will account for a mix of affordable and premium projects. It is expected that the capital values of these micro markets may grow at a compunded annual growth rate of 10-15% by 2011-2014.
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