Ghaziabad, an industrial city in close proximity to East Delhi, is emerging as one of the most preferred realty destinations around Delhi. It is the highest revenue generating city in Uttar Pradesh that houses all kinds of industries - small, medium and large scale.
Once considered a backward city, today it ranks in the list of the Top 10 dynamic cities. Real estate in Ghaziabad is scoring high with the launch of various property projects by leading realty developers. Metro link is another advantage and coupled with other connectivity modes, has made it possible for home hunters to look at the Delhi NCR market when it comes to buying their dream home. Some of the areas that have benefited from good connectivity are Indirapuram, Kaushambi and Vasundhara. Here, residential property rates range from Rs 2,000 sq ft to 4,000 sq ft.
Being the most profitable fixed asset, investment in property assures good returns in future. Indian real estate is a huge hit with property investors, not only within the country but even with NRIs and foreign investors. Government support has played an important role in expansion of realty sector across Tier II, III and IV cities as well as towns and suburbs. The skyline of the country is changing with gargantuan developments in residential, commercial and retail property sectors. The development in Ghaziabad real estate is also in line with property growth witnessed by the nation across the entire spectrum.
Rakesh Yadav, the managing director of Antriksh Group, says: “Ghaziabad has always been an industrial centre that employs a huge population of workforce at various levels. People migrate from nearby areas to find work in the city, which is on its way to becoming an IT and BPO destination. With the entry of multinational giants like ITC and Coca Cola, the value of Ghaziabad as a commercial hub has increased manifold. Along with this, professionals raise the demand for housing facilities, both in affordable and luxurious segments, boosting development of the residential sector. In keeping with the trend across the country, retail segment follows in the wake of the residential sector with entertainment units also finding favour. The mushrooming shopping malls, multiplexes and other sources of recreation are propelling a boom in the overall development of Ghaziabad real estate.”
Developers like SVP, Supertech, Antriksh, Gaur Sons, Amrapali, Ajnara India Ltd, Landcraft, Wave City, etc, have a long list of real estate projects in this area. “The best thing about the city is that all the facilities, be they malls, hospitals or schools, are within a radius of a few kilometres. Teeming with innumerable housing complexes, Ghaziabad has managed to respond well to the influx of people. The recently held Commonwealth Games has also triggered a lot of action in infrastructure development, retail and hospitality sectors in and around Ghaziabad. The Metro link, Anand Vihar train and bus terminal, the road widening exercise on NH-24 and NH-58, are all a result of the games,” says Vijay Jindal, chairman of SVP Group.
R K Arora, the chairman and managing director of Supertech, says: “Some of the chief reasons that fuelled real estate in Ghaziabad include its strategic location on the Grand Truck (GT) Road. Easy connectivity with Delhi has taken it very high on the preference list of business leaders. After the rapid commercialization of Gurgaon and Noida, it is the turn of Ghaziabad to be presented as a potential business destination of India. The evolution of Ghaziabad real estate is at its nascent stages calling for more investments to take the city to a world-class level. Along with growth in commercial realty segment, it is also seeing a lot of infrastructural improvements, making it one of the fastest growing cities in India. Another reason for the upcoming boom in property in Ghaziabad realty is the availability of cheaper options when compared to Noida and Delhi real estate.”
Manoj Gaur, the managing director of Gaursons and president of CREDAI, Western UP, says: “The exorbitant property prices in Delhi and Noida have forced buyers and migrants to look for other avenues. Thus, today, Ghaziabad realty comes across as the most favoured destination for both residential and commercial buyers. The city is free of congestion, has pleasant surroundings, and business environment offers inherent scope for commercial growth. It now holds as important a place as Delhi along with Gurgaon, Noida, Greater Noida and Faridabad.”
In the future, these developments are sure to boost the prices of realty in this area. This rise is not limited to capital values alone but covers rental prices as well, which means both buying and renting property is advantageous. Ghaziabad property market offers great investment options to realty investors as it promises to reap high profits for several years down the line.
“Ghaziabad real estate market is yet to reach saturation point, and therefore, still has strong potential for the new projects. Demand for residential apartments was very high in the area and supply was adequate, till now.
“As the demand in this area is growing, Ghaziabad is the place to invest. Also, for the end users, the location is very good. Due to its proximity to Noida (a major industrial hub), all the amenities and other commercial establishments are already there,” says Vijay Jindal, chairman of SVP Group.
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