Property In Ghaziabad has been shortlisted for stage 2 of the Central government’s Smart City project. Urban Development Minister Venkaiah Naidu’s announcement in August-end could well increase the attraction of this fast-growing micro-market.
Till date, the area has primarily been attracting professionals working in Noida and Delhi as it is an affordable option compared to Noida. In the last one year, property market has been mostly stagnant. But will the smart city tag really kickstart the real estate market of Ghaziabad?
HappyKeys takes a look at several aspects that tend to influence the property market in the area.
Situated in the National Capital Region (NCR), Ghaziabad, on a major level, caters to the mid-segment buyers and offers comparatively affordable homes. It is well connected and has a thriving presence of social and lifestyle amenities.
Planned infrastructure development
With the ‘Smart City’ tag, the Ghaziabad Development Authority plans to come up with several initiatives. These include putting up informative LEDs running on solar energy, free Wi-Fi access to residents for a limited period and development of infrastructure and roads.
“As of today, Ghaziabad is already experiencing infrastructural development — from Metro connectivity to flyovers and roads,” says VK Goel, chief engineer, Ghaziabad Development Authority. “We have already executed the first phase of metro line from Anand Vihar to Vaishali. In phase II, we are taking the metro from Dilshad Garden to Ghaziabad New Bus Stand via Mohan Nagar. And in phase III, the metro line can be expected to connect from Sector 62, Noida, to Indirapuram CISF Road.
There is also a proposal to have the metro from Indirapuram CISF Road to Link Road and Vaishali to Mohan Nagar. The Detailed Project Reports are in the planning stage, according to the GDA office.
Social and lifestyle amenities
Ghaziabad scores high on this category. Situated on National Highway-24, Indirapuram is today exemplified by new-age shopping malls, skyscrapers and huge commercial complexes covering the entire township. Indirapuram also has good infrastructure facilities in terms of road, metro and rail network.
Current residential offerings
The locality has a wide-range of residential projects catering to the mid-luxury to the more affordable housing segment. Some established housing clusters such as Indirapuram, Vaishali and Kaushambi continue to be popular, while fast-growing areas such as Raj Nagar Extension and Crossings Republik have drawn in many first-time home buyers.
The average price range in Indirapuram is broadly between Rs 4,500 to 6,500 per square feet while in Kaushambi, the rates are Rs 5,200-Rs 7,080 per square feet. Vaishali commands a price range of Rs 4,400-Rs 5,700 per square feet.
The prices in Crossings Republik are in the range of Rs 3,000-4,300 per square feet. In Nagar Extension, the property prices are between Rs 3,000-Rs 3,600 per square feet.
Given the above scenario, what can one expect for the Ghaziabad property buyers?
Expert feel if all the above mentioned development plans are successfully implemented in close collaboration with the central government’s initiatives to start the process of converting Ghaziabad into a Smart City, then property value is definitely expected to be go up.
Even if some aspects of the proposed plan are completed, local players predict a positive a surge in the property market.
“This announcement (of inclusion in smart city project) will only help in pushing up the values in the next six months or so, by at least 10-15 per cent. Once the metro and other infrastructure development gets completed, property prices can grow even further,” says Ankur Budhiraja of AB Corporations, a real estate agency.