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Rapid infrastructural development in areas like Kaushambi, Vasundhara, Vaishali, Indirapuram, Raj Nagar Extension, Mohan Nagar, NH-24, and NH-58, has made Ghaziabad one of the fastest-growing cities in the NCR
Ghaziabad--also known as the Gateway of UP--has in recent years emerged as one of the fastest growing cities in the National Capital Region.
The market here is being propelled by the city's proximity to Delhi, affordable housing projects, as well as the concerted efforts of GDA and various private property developers to improve the social and physical set-up of the city.
The fast-paced infrastructure development taking place across the city, especially in areas like Kaushambi, Vasundhara, Vaishali, Indirapuram, Crossings Republik, Noida Extension, Raj Nagar Extension, have opened up the prospects of real estate development in residential, commercial, and retail sectors.
“Ghaziabad is a dynamic market and with the progress made in the real estate sector, residents of all classes are swarming here to be a part of the city's fast-paced growth. Proximity to Delhi and easy connectivity with other parts of the Delhi NCR, coupled with affordable housing options, have played a prime role in attracting investors and end users to this place. In fact, Ghaziabad is the most feasible option for the people working in Noida and Delhi, particularly those who due to higher rentals and property prices cannot afford to stay in those two cities.“
“Ghaziabad caters primarily to the mid-segment and affordable housing segments. It is home to established housing clusters like Kaushambi, Vaishali and Indirapuram, while forthcoming residential corridors include Raj Nagar Extension and developments along the NH-24 beyond Indirapuram, including the Crossings Republik township,“ while lack of land options has restricted new launches in the Kaushambi, Vaishali and Indirapuram clusters, they have already been developed to a great extent, and with a large existing residential population, these residential clusters have also recorded healthy capital appreciation.
Recent project launches have been mostly in the upper-mid and premium segments offering luxury specifications and upgrades from the usual, mid-segment housing options.
The affordable residential clusters are in the average price range of Rs 2,200-3,500 per sq ft. The upper end of the range is commanded by projects which are completed or are close to completion in Crossings Republik.
Excellent location and easy connectivity are another advantage.
“Ghaziabad's strategic location and the transport corridors like state and national highways ensure that it is easily connected to the rest of the Delhi NCR. The city is connected with two national highways-NH-58 and NH-24-which provide direct connectivity to the neighboring states.
NH-24 gained prominence with the launch of Crossings Republik, where many developers came together to provide affordable houses, thereby catering to the large housing needs of the region.
Another interesting thing is that of late the state government, city administrators, and civic bodies have also started taking initiative in improving the social and physical set-up of the city.
“Recently, the UP government sanctioned nearly Rs 3,500 crore for Ghaziabad, out of which Rs 750 crore was dedicated for infrastructure development. It also includes intercity connectivity through Metro and mono rail, hospitals, schools, and colleges.