May 30, 2014

Rising Rate of Properties in Ghaziabad

Ghaziabad since its foundation in 1740 by Ghaziuddin has come a long way to become the industrial city of Uttar Pradesh. This part of our National capital, houses more than 15 lakh residents. The city once marked as notorious due to its high and consistently rising crime rates is now one of the highly developed industrial cities in India which proudly flaunts its planned roads, malls, residences and flyovers. This industrial city houses well over a 100 heavy industries and astonishing numbers of more than 14000 small industries. Further more urbane and middle-income groups are in majority interested in these colonies.

Rising Rate of Properties in Ghaziabad
All of these above stated factors and more are feeding to a new prospect of rising property prices in prime locations like Kaushambi, Indirapuram, NH58 Highway, Vaishali and Vasundhara in Ghaziabad. Moreover, the metro railway facility is also shrinking distances between NCR and Delhi, in turn attracting more and more masses to the suburbs in search of diverse residential property in Ghaziabad.

In search of these diverse residential properties many are selling off their bungalows in congested areas of East Delhi, which sell for around 8-10 crore, which they use to buy spacious trans-Hindon apartments and plots i.e. Areas falling just after crossing the Hindon Bridge. The trans-Hindon colonies are believed to be of great value by many in terms of bulk-buying or corporate establishments.

Real Estate prices in these regions of Ghaziabad are varying from 3500-5000 per square feet. Although there are some problems related to sewage in these areas but affordable prices of property keeps the buyers attracted, ensuring the continuing buying spree. The National Property Index (NPI) went up by over 2% in the Jan-March 2012 quarter, compared to Oct-Dec 2011 quarter. The Ghaziabad index rose up by 5%.

The rates in different prime localities hover around:
  • Indirapuram – 4200/sq.ft.
  • Kaushambi – 4500-4700/sq.ft.
  • Vaishali and Vasundhara – 4500-5000/sq.ft.
Ghaziabad is the city that gives highest revenue in the state of Uttar Pradesh and second maximum in India. The city has 32 malls, second in India only to Bangalore. The number of medium or heavy industries functioning in the district has a capital investment of Rs. 2,930.86 crore. While keeping an eye on these factors, there are also a lot of luxurious projects going on for the urban or upper income class.

Properties in GhaziabadAreas like Indirapuram, Vasundhara, Vaishali etc. is seeing a steep increase in demand also because of close proximity from NCR, very good connectivity from Delhi through the Metro Railway system which decreased travel time reasonably. Evaluating all of these factors builders that are currently operating for ongoing projects in Ghaziabad are Gaur, Assotech, Ashiana, Supertech, Nirala, SVP Group, ATS, Mahagun, Gulshan Homz, Aditya, Jaipuria, HRC, Amrapali, Meriton, Krishna, Apra, Shipra, Exotica, Parsvnath, Nitishree, Himalaya, Balaji