A new industry report has named Ghaziabad among the top 10 Indian cities that offer low budget property options. We do a quick roundup on the city and pick out areas that offer small ticket property options
For home buyers seeking affordable property in Delhi-NCR, Ghaziabad has long been a favourite destination. This perception has now been confirmed by a new report by JLL India. This report has listed the top 10 Indian cities where affordable real estate options are available and Ghaziabad finds a mention. In fact, Ghaziabad is the only city from the Delhi NCR to make it to the list.
After Noida, Ghaziabad is the only city in the Delhi NCR real estate market which is growing consistently in terms of area profile and civic infrastructure. The city is well connected to Noida and Delhi and has seen a spurt in real estate projects in the last decade.
“Ghaziabad has always been a revenue-generating area,” says Dhiraj Jain, director of Mahagun Group. He adds that the scope to earn good here brings in migrant population and this population influx has boosted the residential development.
Ghaziabad growing gradually
While Gurgaon and Noida have long been hailed as NCR cities, Ghaziabad has been slowly catching up. “Property prices in Gurgaon are high and property options in central Noida are limited. A property buyer, who has budget limitation, can either go to Greater Noida-West or consider Ghaziabad. And Ghaziabad is a better option in that comparison,” says Sanjay Chauhan from VK Solutions.
Ghaziabad has many factors to its favour –
– Well connected to Delhi, Noida and UP west
– Proximity to industries
– Has metro connectivity and work for second corridor is in progress
– Traffic situation will improve with widening of Delhi-Meerut Expressway
– Has been selected for the government’s Smart City project
“Ghaziabad enjoys the advantage of close proximity to both Delhi and Noida, which has acted as a catalyst in its development. It has always been an industrial centre that employs a large workforce at various levels. Now with the entry of multinational giants like ITC and Coca Cola, the potential of Ghaziabad to become a commercial hub has increased manifold boosting the retail segment as well,” says Dhiraj Jain.
A city on the upswing
The city witnessed 42 per cent increase in its population between 2001 and 2011. With this population rise, civic and social infrastructure is also seeing an upswing. More than a dozen of property developers have initiated real estate projects in the city.
Prominent developers are Mahagun, Saya Group, Wave Infratech, Prateek, Supertech, ABA Corp Tech, Amrapali and Shipra. Popular locations for small ticket property include NH 27, Crossings Republik, Siddhartha Vihar and Dasna.
Jain recommends localities such as Vaishali, Indirapuram, Kaushambi and Vasundhara in Ghaziabad. He believes investment in these locations will have better prospects and appreciation in the future.