The news about NH24 widening and revamp has given a fresh lease of life to property projects located around it. Take a look at how this will impact the property scenario in the city
The beginning of 2016 ushered in good news for Ghaziabad realty. The authorities announced widening of 21-km stretch of National Highway-24 which extends from UP Gate to Dasna. This is being done in view of traffic problems faced by residents of Indirapuram and Noida. This news is a blessing in disguise for the city’s real estate sector.
The real estate segment in Ghaziabad, like the rest of India, is reeling under stagnation. While the city has umpteen property projects lined up, buying had slowed down in the last two years owing to overall market conditions. This news however gave a much needed impetus to the projects lined along NH-24. Result, many of them are repositioning themselves as being located right next to NH-24.
NH-24 the new lifeline for real estate
NH-24is one of the busiest highways connecting Delhi and Lucknow overall, but it is chock-a-block especially between Nizamuddin Bridge and Hapur.
Ghaziabad is a prominent residential and industrial hub. A large number of people working in these industries and factories travel to and from Delhi using this highway. On the other hand this highway connects Hapur and Lucknow and is one of the key roads in Uttar Pradesh.
Traffic on this highway has become a nuance for people living and travelling in Ghaziabad and Noida particularly who use this road on everyday basis. According to a 2008 survey of traffic on this stretch, nearly 1.4 lakh passenger car units used this corridor. Notably these two particular cities in the NCR circuit witnessed the maximum rise of new residential projects and hence the inflow of new residents in last five years. Thus expansion was much needed and was being demanded from long.
Property scenario on NH-24
The NH24 stretch crossing Ghaziabad offers many property options. Presently, land parcels are also available along with mid and high rise buildings. Some land plots are privately owned by local players while some are part of large integrated townships. Prices vary according to proximity to the highway and availability of local infrastructure along. For example, a land parcel owned by a local owner is priced around Rs 1,800-2,000 per sq yard. Similar sized parcel of land located in Aditya Park town (part of a gated community) is priced between Rs 3,500 and Rs 3,800 per sq yard.
The prices for multi-storey apartment range between Rs 2,600-3,200 per sq ft. Property developers like Aditya, Park City Infra, Panchsheel, Truvae Group, Apex group, Mahagun, Savfab Developers, Suncity Greens, Rise Group, Prateek Group, Sri Aasara Home Private Limited and Skyhigh Infraprojects and others have projects in the city.
Ghazaiabd: The city of future
Recently, JLL India released a new list of Indian cities where affordable property is available and Ghaziabd was the only city in NCR to find a mention there. Ghaziabad is close to Delhi on one end and Noida and Lucknow on the other end. It is an industrial city and has umpteen jobs for lower to middle class segment. The city has well panned housing societies and many news ones are coming up. Some of the popular localities include Vasundhara, Indirapuram, Siddharth Vihar.