About 5 years back when a buyer looked to buy a flat in NCR, only 2 names came to mind—Gurugram or new sectors in Noida-Gr. Noida. Out of these, new sectors in Noida- Gr. Noida with their promising new realty landscapes and affordability became the first choice for many wannabe flat owners. Today unfortunately, many of these buyers instead of living in the comforts of their homes are sadly protesting out in the streets of Noida or Delhi, not knowing whether they will get their flat or not. Although, the Yogi Adityanath government has asked developers of Noida, Gr. Noida and Yamuna Expressway to deliver the promised houses (50,000) in a timespan of 3 months, it remains to be seen whether these builders deliver or not. Meanwhile, buyers who are paying EMIs through their noses can only keep their fingers crossed about their fate.
Ghaziabad, that was the choice of lesser mortals, was seen as a sub-standard location, segregated in clusters like Crossings Republik, Raj Nagar Extension and a few scattered GDA projects. Overall it never looked like an attractive location to buy a flat.
Back to 2017! Many Ghaziabad projects have not only seen the light of the day as compared to the projects launched in Noida Exension and other new Noida sectors, buyers are actually living in them. Not only this, Metro is a reality that is going to connect Old Ghaziabad soon and projects like the Elevated Road are further boosting connectivity between areas that once seemed quite far-off with each other.
According to Saurabh Jindal, Joint Managing Director, SVP Group , “Noida has seen a lot of disputes regarding allotment of land and unpaid dues that the builders have to pay the Noida Authority, but this aspect has been missing from Ghaziabad real estate.” He added that in Ghaziabad as land was freehold and directly purchased from farmers, no builder owes any dues to the local authority—GDA with respect to land allotment.
Jindal pointed out that with Metro touching Mohan Nagar and Raj Nagar Extnsion, the real estate sector would see a boom in Ghaziabad, as it is the actual end-user who is buying property/flats here rather than investors. “Further, announcement of Hindon Airbase to be used for commercial flights within limits, would also pave the way for realty sector boost in time to come,” he added. Another factor Jindal listed was the fact that many developers were doing one project at a time and the focus was more on handing out possession first and start a new project later.
-Prasoon Pant, Editor, delhiNCRnews.in