Raj Nagar Extension (RNE) is one place that defied many myths and perceptions in real estate. One of the strongest doubts was when people started talking of the model where real estate firms work towards developing a single project.
RNE saw an initial conglomeration of 12 developers, with more firms joining the bandwagon as the caravan progressed. And RNE proudly doled out affordable homes at a time when many such options were not even announced in the Delhi NCR. As of now there are 25 developers who have taken the job of delivering affordable houses to end users.
Then, there was a myth that people wouldn’t come to the place as it seemed, at that time, that it is off the main road. However, the infrastructure promised by developers, and which came up in the last few years, has made the people who invested here proud of their decision. Four years since the project took off, enquiries have not stopped and the place has emerged as one of the most talked about real estate destinations in Ghaziabad.
Buyers are always concerned about the time of possession and whether their dream home will see the light of the day. By delivering around 800 units, RNE proved the seriousness towards timely delivery and thus the place is witnessing an enhanced interest of new buyers as well.
“We always knew that once the delivery of units happens, the area will see enhanced interest of homebuyers. In fact, many families have started living here. With timely delivery, we have proved that the conglomeration of developers can work in unity if they have common cause,” Vijay Jindal, the chairman and managing director of SVP group, said. Realty experts say that one of the major attractions in RNE is the adjoining green belt, which will remain undisturbed because the Ghaziabad Development Authority has declared 500 acres along Hindon river as a green belt and has banned construction activity in the area.
Connectivity and social infrastructure
One can travel to Delhi and other cities without crossing the crowded areas of Meerut or Ghaziabad as RNE is near the bypass. This area is well-connected through a six-lane expressway linking GT Road with NH-58, which will eventually go straight to Dehradun via Meerut. Further, the proposed flyover and road from Hindon airbase will offer express connectivity to Delhi via Wazirabad. According to the latest policy development, the proposed Delhi-Haridwar highway will also pass through Raj Nagar Extension further enhancing connectivity of the area.
Another USP of the area is that it is in the vicinity of posh localities of Ghaziabad. Social infrastructure is also coming up at a rapid clip; GD Goenka International School, a girl’s hostel, a vocational college, and a training institute have been proposed by the Uttar Pradesh government in close proximity to RNE. Work on these projects has already begun and will accelerate development in the area.
Devinder Gupta, the chairman and managing director of DGS Realtors, says that Raj Nagar Extension has a range of options to offer, from 1BHK for Rs 12 lakh to a 3BHK for Rs 40 lakh. “I believe that ‘affordability’ has a wider connotation and hence we have kept a broader price band so as to include the whole segment of middle class. Though this place, too, will become fully occupied only in the next three years, it will still be far ahead of other places where the population density will not appreciate before the next five-six years,” Gupta says.
All the options are available for buyers, be it a constructionlinked plan or a ready-to move plan. “With clear land titles and developers intent on delivering houses within the stipulated period, Raj Nagar Extension is a onestop destination for a wide band of middle-class end users. The first thing that a buyer should ask about a project is whether the land has a clear title or not. They should check all the government clearances before investing. Thankfully, our focus at RNE was always on serving people with right efforts in the right direction,” Manoj Goyal, the chairman and managing director of KDPMGI, says.
“It is good to invest in areas where development has already taken place and people have moved in. This way, you will know that your investment is secure. An area that offered affordable homes and proved secure for investment is Raj Nagar Extension. It has seen good infrastructure development as promised and saw people moving in there after just four years of its launch,” D Bhardwaj, the director of JMD Realty Pvt Ltd, says. “Check all the papers of the developer and do not fall prey to sugar talk. You have a right to ask for papers. Remember that the market is full of genuine developers, provided you identify them,” Bhardwaj says.
There was a time when a lot of people doubted the success of a project where multiple developers work to develop one area. It has been said that this model has not been very successful in India. However, four years down the line, one place that bucked this trend is Raj Nagar Extension in Ghaziabad. It has emerged as one of the most talked about real estate developments in Ghaziabad. “Raj Nagar Extension has already emerged as the nerve centre of the area. With excellent connectivity and a huge green area, it enjoys the status of having high connectivity with Delhi, Noida, Greater Noida, Vasundhara, Indirapuram, Vaishali, Meerut and Hapur,” a realty consultant says. The ease of commutation that this place has is also one of the USPs. “Using New Karhera Flyover, RNE will be just 5km away from Vasundhara, 8km from Indirapuram, 9km from Vaishali Metro station, 11km from Anand Vihar Railway and Metro stations,” Gaurav Gupta, the director of SG Estates, says.
Experts feel there are many reasons that worked in favour of Raj Nagar Extension. The most important being the buyers concern of shifting to their home as early as possible. By delivering around 800 units, Raj Nagar Extension proved the seriousness in timely delivery and hence it is witnessing a surge of buyers in the last few months. “More than 200 families have already started living in societies of Raj Nagar Extension like Rivers Height and Ashiana Palm Court.
Before October, at least five to seven builders are going to give possession of the first phase of their projects. By delivering some projects on time developers have proved that a conglomeration of firms can work in unison if they have a common cause. “We always knew that once the delivery of units happens, the area will see enhanced interest of buyers. In fact, many families have started living here,” says Manu Garg, the director of Landcraft Developers & spokesman for Raj Nagar Extension Developers Association.
RNE is one of the best places for people eyeing investment in affordable housing. Situated in Ghaziabad, a place that has emerged as a hub of affordable houses in the NCR, RNE seems to be leading the race among other real estate destinations. The fact that all the projects here have necessary approvals in place and that the developers are bankable provides comfort to end users.
Some real estate experts feel that the only solution is to check all the modalities before investing. Experts feel that security of investment should be the first priority rather than the discounts or freebies being offered.