While the old residential locations in Ghaziabad such as Mohan Nagar, Raj Nagar and Kavi Nagar have predominantly builder floors and plotted developments, locations such as Indirapuram, Vaishali and Vasundhara are much attractive to middleclass investors because of their group housing developments. A number of retail developments around Indirapuram and the region’s close proximity to Noida Sector 62, have added to the popularity of the latter three destinations.According to realty consultant Knight Frank, till 2011, Ghaziabad is expected to witness a fresh inflow of about 25,000 units, equating to 33.54 million sq ft of residential space, spread across locations like Indirapuram, Vaishali, Vasundhara, Raj Nagar extension and NH 24 Crossings Republik. About 40 per cent of this supply will include three-BHK units and 46 per cent two-BHK units.Out of the total supply expected by 2011, about 51 per cent is expected to be available in 2011 and about 32 per cent in 2010. The total supply will comprise a mix of affordable as well as premium projects.
Projects like the Exotica Elegance and ATS Advantage in Indirapuram, Express Greens and Park Sapphire in Vaishali and Gardenia Green and Gardern Glamour in Vasundhara are a few premium segment projects in Ghaziabad.
Due to availability of cheap land parcels on NH 58, Raj Nagar Extension and NH 24 Crossings Republik have been explored by a number of developers for affordable projects.
From a macro prospective, Ghaziabad will witness a number of infrastructure developments which will benefit the region as a whole.
The Delhi Metro Project has been approved for extension in Ghaziabad, which will improve its connectivity with various locations across the NCR. The work on this network is already underway.
Locations like Indirapuram, Vaishali and Vasundhara also enjoy proximity to Noida’s Sector 62, which is an upcoming commercial hub. A multilateral flyover is under construction at Ghazipur Chowk, which improves connectivity to the three locations men tioned above. This internal development will further strengthen Ghaziabad’s connectivity to Noida and East Delhi, hence attracting more home buyers. As various projects are coming up in Raj Nagar Extension, the GDA is taking ample steps to improve connectivity to this areadeveloping zone. A link road, connecting NH 58 to the residential zone at Raj Nagar Extension, is under construction. Besides the Link Road, the GDA has also started work on sector roads within the Raj Nagar Extension region.
Due to its good connectivity, NH 24 Crossings Republik has the potential of establishing itself as a strong residential corridor in the Ghaziabad market. Where capital values are concerned, Indirapuram, Vaishali and Vasundhara command Rs.2,200-3,000 per sq ft and properties in `affordable’ locations like Crossings Republic and Raj Nagar Extension cost about Rs.1,700-2,400 per sq ft.
In the recent past, several projects commanding low capital values have been launched in emerging locations like NH 24 Crossings Republic and NH 58 Raj Nagar Extension.
The three Indirapuram, Vaishali and Vasundhara are also favourites when it comes to residential rentals, with two- BHK units in Indirapuram costing about Rs.8,500-12,000 per month.
The same unit types in Vaishali and Vasundhara come somewhat cheaper, at about Rs.6,500-10,000 per month. The average annual rental yield for properties in these locations is around 4.1 per month.
Says Dinesh Singh of Property Plus, a realty firm dealing with properties in the Vaishali and Vasundhara area, “The Metro coming up in Vaishali will have a definitive impact on prices here.
Already, a two-BHK apartment in the area, earlier costing about Rs 35 lakh, is going for Rs 40 lakh. This is largely been due to the Anand Vihar Metro line that became functional recently. In Vasundhara too, a two-BHK apartment is going for Rs 31 lakh and a three-BHK apartment for Rs 41 lakh. Rents in society flats are available for Rs 7,000- 10,000.”
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