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Faridabad-Noida-Ghaziabad Eway driving realty

Faridabad-Noida-Ghaziabad Eway driving realty

Faridabad-Noida-Ghaziabad Expressway or FNG Expressway is making new property destinations in the NCR.  This expressway will pass through Noida, Ghaziabad, Faridabad and Gurugram to boost connectivity between these prominent cities. Thus, the localities along this Eway have emerged as property hotspot.

It is smart move that will offer safe and fast transport

Experts who are tracking this property market believe that the property aspects along the expressway corridors are promising. FNG expressway will offer direct connectivity between Noida and Faridabad. Once this long stretch is operational, people can travel between this stretch within half an hour.

FNG expressway is around 56 kilometer long stretch with 19-km stretch falls in Noida, 8 kilometers in Ghaziabad and the remaining 28 kilometers in Faridabad. Once this entire stretch is operational, it will alter the urban infrastructure of the region. This National Highway Project will not only accelerate the sale of land parcels in these areas, but also bring chance for mid-income class to buy budget houses in NCR. It is expected that this Eway  will be stretched up to Sohna Road Gurgaon that will further boost property market around Sohna Road.

Real estate developers are hoping big property market to emerge

Real estate developers of the NCR are very much optimistic about this locality, even prior to its completion.

According to Harmit Chawla, MD of real estate firm HCorp Realty Pvt. Ltd., “The national highway project is to benefit major chunk of people and will be an alternative route for commuters coming from from Meerut, Ghaziabad, Noida, Greater Noida, Gurugram and Hapur who wish to go to Faridabad and Agra. The expressway will cut travel time from two hours to 40 minutes and smoothen traffic pressure on the areas of NH-24, NH-58 and NH-2 that fall in the Delhi region. At present, people coming from Ghaziabad, Meerut and Hapur take these roads to reach Faridabad and Agra”.

Easy connectivity wins

Presently Ghaziabad, Noida and Greater Noida are accessible to Faridabad through NH-24 and NH-2 and these are much crowded roads of NCR. Experts say that, FNG expressway will ease connectivity to major hosing segments of NCR regions including Ghaziabad, Noida, Greater Noida, Faridabad and Gurugram and will transform the locality which leads high demand for residential property in near future. People can travel easily for work. The expressway will stimulate the growth of these locality through good network connectivity and will emerge as a hot property destinations.

Top 5 localities in Ghaziabad for real estate investment

Top 5 localities in Ghaziabad for real estate investment

Ghaziabad has been at the center of real estate activities in the NCR circuit owing to its strategic infrastructure and property price tag. Happykeys does a comparative analysis of top 5 residential destinations to help prospective home buyers to make an informed decision.

Here are the top most choices in terms of livability index, locality, connectivity, civic infrastructure and property prices.

#1. Indirapuram:

Indirapuram has emerged as the most expensive residential locality of Ghaziabad as per the Price Tracker Report by Happykeys.com. Undoubtedly, this locality is planned and more organised as compared to other residential localities. This locality offers multiple choice of multi-storied apartments and posh buildings. Average property cost recorded here in the last quarter was to the tune of Rs 5,300 per sq ft. The housing demand here is driven by working professionals who prefer living here due to smooth connectivity with Noida and Delhi. Presently, metro connectivity is up to its neighboring Vaishali but it has been stretched to Indirapuram linking the area with Greater Noida, Noida city centre and Rajiv Chowk. This is likely to be operational in 2017. The locality houses eight shopping malls.

#2. Raj Nagar Extension:

Raj Nagar Extension in Ghaziabad is fast emerging as a budget locality hub in Delhi-NCR, with thousands of families already moving in as the social infrastructure continues to improve. “In the last three years, Raj Nagar Extension has shifted its focus from being an affordable housing zone to premium lifestyle township offering everything — from residential apartments, schools, healthcare centres to shopping malls. This transformation has been noticed by investors and end users. It must be noted that the property value appreciation is comparatively highest here as compared to other regions” says Gaurav Gupta, general secretary, CREDAI Raj Nagar Extension.

#3. Crossing Republik:

Crossing Republik is situated next to Indirapuram and is considered a key micro-market of the NCR. The localities here have become well established residential hubs that have drawn the attention of buyer and investors interest. According to Bipin Chandra, a resident of Republik, “Crossing Republik is established and more developed residential area as it is one  of the first planned township in Delhi NCR developed in 2006”. A two bedroom apartment in the area ranges between Rs 42 – 59 lakh. A three bedroom home will cost upwards of Rs 60 lakh.

#4. Vaishali:

Another expensive locality in Ghaziabad is Vaishali which commands an average property rate of Rs. 6,000 per sq ft approximately. The real estate market here has been luring new home buyers and investors with ample options promising high ROI in future. The localities lying along the metro corridor have already registered steep rise in their capital values. Property rates and rental values are increasing due to its proximity to Indirapuram, Noida and Greater Noida.

#5. Kaushambi:

The USP of this locality is its connectivity via the Delhi metro, which extends to Ghaziabad and Anand Vihar. The two national highways – NH-24 and NH-58 pass through this locality. Kaushambi offers good mix of residential societies, malls and multiplexes promising a good life and transportation facilities. The prices of apartments are, however,  comparatively affordable as 1BHK apartments cost around Rs 15 lakh, two bedroom homes come at around Rs 60-65 lakh and 3 BHKs are priced upwards of Rs 1.1 crore.

Sachin Verma from DPR infrastructure explains that localities in this area were once old developments and also considered distant from Delhi. Developed and upcoming infrastructure has clearly demarcated the old areas from new ones. In the last few years these localities have seen tremendous growth in terms of real estate. These localities are now greener, safer and more organised than other locations of NCR circuits.

Due to its proximity to Delhi and connectivity advantages, these localities have emerged as key real estate destination in NCR,” says Mohit Srivastava, a real estate broker.

Affordable housing options

Siddhartha Vihar emerges as affordable housing hub in Ghaziabad

This area has smooth connectivity via NH 24, is located close to Delhi and Noida’s commercial clusters and hence is becoming a popular residential locality.

The Dasna-Meerut six-lane connecting road on NH-24 has increased the demand for housing units along the entire stretch and has added realty charm to many areas of Ghaziabad. Siddhartha Vihar is one such locality that will benefit from this 105 km long expressway. The locality has garnered attention of new home buyers who wish to own a house in the Delhi-NCR region. Affordable property prices are the biggest USP for this area. Most of the residential properties are available in the price range between Rs 2,500 – 4,000 sq ft which is way cheaper than the rest of Ghaziabad.

The improved civic infrastructure and smooth connectivity via NH-24 has brought in many real estate developers to this area even when the real estate market is reeling under pressure of slowdown everywhere. The property prices in the area are expected to increase significantly in the near future.

Prashant Tiwari, Chairman, Prateek Group says, “NH 24 has always been a much loved destination of property builders and buyers. Siddharta Vihar is located perfectly on the national highway. It is proposed to be widened up to 16 lanes and have an elevated road that will connect it to NH-58. Then we have a new clover leaf road just opposite the Siddharth Vihar that connects the place to Greater Noida West and other parts of Noida.”.

Low-cost housing options and fast shaping infrastructure are the main reasons I would suggest for investing in Siddhartha VIhar,” said Sunil Pandey of Real Homez, a property advisory firm.

Also, this area is close to Indirapuram which has several malls and shopping centers. This locality is best for end users those who looking to buy home at affordable price. Home buyers will profit once the metro from Dilshad Garden to new bus stand in Ghaziabad and Indirapuram and Mohan Nagar starts functioning,” he added.

 

Check out: Metro may reach Indirapuram soon

 

The residential housing projects here are ready to cater wide segment of middle-income group people.

For instance, buyers can choose from 1 BHK to 3 BHK flats in a gated community projects. Buyers can get 1 BHK (400 sq ft) at Rs 13 lakh and 2 BHK (770 sq ft) for Rs 35 lakh. And 3 BHK flat are available for Rs 50 lakh approx.

Check out the top low-cost property options in Siddhartha Vihar:

 

Sr. No Project Name Apartments Size Price Location
1 Prateek Grand City 2, 3 BHK Apartments 770 Sq. ft. – 1795 Sq. Ft. Rs 27 – 70 lakh Siddhartha Vihar
2 TGB Neelgagan 2, 3 BHK Apartments 1250 Sq. ft. – 1650 Sq. Ft. On Request Siddhartha Vihar
3 Antriksh Gold 2, 3 BHK Apartments 772 Sq. ft. – 1340 Sq. Ft. On Request Siddhartha Vihar

 

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How circle rates impact your property transaction

Gurgaon local authority recently proposed a cut in circle rates. Ghaziabad administration too is considering a cut and has asked for a review. Here is how and why circle rates matter in property deals.

After the announcement by Gurgaon administration to reduce circle rate by 15 per cent, Ghaziabad district authority too is assessing the circle rates in their jurisdiction. A common perception is that such rate cuts will help bring down property rates and encourage more buyers and investors in this real estate market.

Real estate developer’s fraternity has appreciated this step saying that this is much needed considering the stagnation in the market.

 

Ghaziabad had seen circle rate correction by 4 to 5 per cent in last year as compared to the rates in 2014-15. Although this was applicable to residential plots only but it left an impact on whole realty market of Ghaziabad. Since 2013, the property collection rates are revised here every year from August 01.

 

According to Dimple Bhardwaj, spokesperson of Raheja Developers, “this is one of the appreciated course of action by the local body to cut the circle rate which will lead to correction in property prices. It has been noticed that in some areas of NCR circuit, circle rates are higher than the market rates of land. So this has to be justified accordingly also to boost the realty market.”

 

The same sentiment was echoed by property consultants also. “Everyone in the real estate market in Delhi NCR has been expecting some positive steps from the government to boost the market. So, in that regard, this is a positive move. We (real estate consultants) consider it a good step,” says Harish Arora of Saksham Services.

 

“This news is good for real estate investors also. For end users also it’s good news as now they have to pay less stamp duty on the registration of properties. So it’s a win-win situation for both the government (as revenue will increase if the real estate trading increase) and end users/investors who will have to pay less for property registration,” says Arora.

 

The link between circle rates and market rates

The local body authority and state government work together to decide collection rates of property within a particular area. Local body has to prepare recommendation for the same and sends it to state government for approval. Its good time for the government to bridge the gap between property rates and the actual market value at which transaction of property take place. Let us understand in brief how these two distinct charges impact the whole transaction.

 

What is circle rate?

A circle rate is a minimum cost at which property has to be sold or purchased including independent house, commercial or residential apartment, plot etc. The rates for the locality are decided by local state government revenue department or the local development authorities.

 

What is market rate?

 

Market price is value of real estate property for a transaction between seller and buyer – generally the value is decided by the existing market dynamics of demand and supply.

 

How circle rate differ from market rate?

 

Market price is the value at which transaction of property takes place between buyer and seller. The price is driven by market force which depends upon demand and supply.

ghaziabad-metro

Metro Connectivity To Boost Ghaziabad Realty

While transportation and connectivity to the city is set to become easier, the impact on the Ghaziabad realty market is expected to be even more pronounced.

Infrastructure development – and particularly one related to transportation – always brings positive impact to the capital value of the property market. This time, it’s happening to Ghaziabad and the city’s realty market is set to ride on metro rail connectivity. The demand for both residential and commercial properties in the city is likely to increase.

Metro hotspots

The under-construction 9.41-km long metro route from Dilshad Garden to New bus stand has spread cheer in the realty market. The construction work is likely to be completed by December 2017. Mohan Nagar has been proposed as a major hub to connect various metro stations in the city.

Recently, the Ghaziabad Development Authority (GDA) has cleared a proposal for extending Noida’s under-construction sector 62 Metro line to Indirapuram in Ghaziabad.

The proposed Indirapuram metro line will be further stretched towards Kanawani, Vasundhara and Mohan Nagar. Similarly, the GDA has proposed extension of 2.57 km Anand Vihar to Vaishali metro line over Link Road towards Vasundhara.

Mr. Manoj Gaur, MD, Gaursons India Ltd._c“The proposal to extend the metro route is a blessing for the commuters as well as real estate market where new metro stations are being planned. In areas close to metro the most visible effect is better demand for properties. Constant rise in value is seen in properties lying close to metro corridors. Population density also increases in all the areas lying near the metro routes. Areas nearby metro corridors enjoy an edge over other areas both in terms of better demand for properties and travelling time & cost advantages. Metro extension to NCR regions has made these real estate markets more attractive for home buyers and investors”, says Manoj Gaur, managing director of Gaursons India, & president, CREDAI NCR.
Experts are of the opinion that prices of the property may boost up which are lying in proximity to the metro corridor.

“In terms of social and life style amenities, Ghaziabad scores high as the place boasts of good infrastructure, residential and commercial spaces, townships, skyscrappers, shopping malls, road and rail networks etc. The expansion of metro will be big cheer for the realty market here. Though completion may take some time, lakhs of daily commuters will be benefited once it is completed. Property prices are already booming in Ghaziabad and with the coming of metro the areas nearby the metro corridors will see a skyrocketing shift in property prices”, says Gaur.

Mr. Gaurav Gupta,General Secretary, CREDAI Raj Nagar ExtensionAccording to Gaurav Gupta, general secretary of CREDAI-RNE chapter, “The extension of metro line to regions like Mohan Nagar, Indirapuram and Noida Sector-62 will have a direct and powerful impact on the real estate of all the regions lying near these metro corridors. Not just residential but demand for commercial spaces also increases around the metro stations. As per the proposals, Mohan Nagar would be the biggest change over junction. Region like Raj Nagar Extension would greatly benefit with this as people can commute to different routes from here. Another area like Vasundhra will enjoy metro connectivity via metro station which will be coming up at Indirapuram and Sector-62. Convenience of commuting to different routes and reduced travel costs are some of the advantages which will have a positive impact on the real estate growth of these regions”.

Indirapuram, which is already developed area is likely to see some new launches. You could observe a massive increase in prices over last couple of years. Presently  the residential properties are available in the price range of Rs 4,300 sq ft to Rs 6,600 sq ft.

“It is proven fact that good transit systems and connectivity options directly impact the real estate of any region. Land values increase and high demand for residential as well as commercial spaces is witnessed at places which are nearby metro stations. Regions like Siddhartha Vihar which are situated next to Indirapuram, even few kilometers away from metro stations will eventually see increased urban real estate values. The biggest benefit is ease of commuting and better connectivity to region. Moreover there is increased demand for retail and office spaces around the metro stations due to connectivity and ease of travelling”, says Prashant Tiwari, chairman of Prateek Group.

The average price of 3 BHK property varies from Rs 31 lakh (for 1125 sq ft unit) to Rs 1.02 crore (for 1873 sq ft unit). For a 2 BHK apartment, the average price ranges between Rs 25 lakh to Rs 60 lakh for about 925 sq ft to 1190 sq ft area. 

“Residential as well as commercial markets are set to take off in all such areas which are in close proximity to metro corridors”, says Tiwari.

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GDA To Pump Rs 1,500 Crore Into Infra Projects

The Ghaziabad Development Authority has allocated Rs 1,500 crore for various infrastructure development projects, to be undertaken by it in the city, in its budget estimate for financial year 2016-17. The budget estimate received in-principle approval from the board of GDA. According to GDA officials, 500 hectares have been identified for the land bank, in the Pipeline Road area behind Raj Nagar Extension, and alongside Northern Peripheral Road. This land belongs to farmers in five villages around the area. GDA has estimated an income of Rs 771 crore from fees and levies imposed upon development works in various zones. Similarly, it has estimated an earning a sum of Rs 705 crore through sale of developed plots and buildings. More>>

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Ghaziabad Cycle Track To Be Ready By Sept

The cycle track under construction across the city is well on course on 16 stretches while a 1.5-km stretch in Indirapuram along NH-24 is already complete.

The cycle track under construction across the city is well on course and if GDA officials are to be believed the project will be completed by September this year. In fact, a 1.5-km stretch in Indirapuram along NH-24 is already complete and work is on in full swing at 16 stretches. Officials said the project has to be completed well before the 2017 UP assembly elections as it is Chief Minister Akhilesh Yadav’s dream project. More>>

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