After launch of civil terminal at Hindon Airbase in Ghaziabad and flagging off of the Metro between Dilshad Garden and New Bus Adda by PM Narendra Modi real estate developers are expecting a big boost for Ghaziabad’s real estate market.
Developers in Siddharth Vihar- a colony that is already in the throes of development with the UP Avas Vikas and builders planning mega townships here (akin to Vasundhara & Indirapuram)- are also gung ho about the latest developments.
“Definitely we will see an upsurge in the interest of people. Ghaziabad arrived on the real estate map of Delhi NCR long back and latest developments will make it stand out given the advantage of pricing that people enjoy here as opposed to Gurgaon, which is another place near the airport,” said Manoj Gaur, MD Gaurs Group and Vice President, CREDAI National.
Prashant Tiwari, President, CREDAI Western UP said: “Finally the Western UP region is getting what was long due and was a major obstacle in its development. The inauguration of Hindon Airport Civil Terminal and extension of Noida City Centre to Noida Electronic City Metro Line will increase the connectivity and give a boost to the real estate sector of the region and definitely going to highlight it one of the most sought after destination for the buyers and investors.”
Areas like Rajendra Nagar, Loni, Raj Nagar Extension, Siddharth Vihar, Indirapuram, Vasundhara and Vaishali will see a boom in prices of property for re-sale as well.
“Though Raj Nagar Extension is already buzzing with people and has been a success since the time it was announced, we have seen that the two announcements have made more people show interest here. As we are the closest to the airport and the new metro we are poised to gain the maximum,” said Gaurav Gupta, President CREDAI Ghaziabad and Director, SG Estates.
Already developers are quoting higher rates for new flats. Gaurav Gupta said: “We have always maintained that Raj Nagar Extension is the most affordable place in Delhi NCR given the facilities being provided here and with metro and airport our case has become stronger. We will maintain the price advantage to make sure that the present and future residents get the maximum out of their living experience here,” he added.
In just one stroke Ghaziabad has git an advantage that only Gurugram had with the opening of domestic airport. However, much of Gurugram’s property boom is related to the international airport in the vicinity, times have changed and Ghaziabad’s domestic airport might also give a push to property prices in surrounding regions of Baghpat, Meerut, Noida and Hapur in addition to Ghaziabad.
“The real estate prices all over the country are at a point where any marginal increase in it might have a negative impact on the sales. Right now the developers should focus on selling more units and enjoy the renewed interest of people without worrying about taking immediate advantage of the situation. The impetus should be on to fill the gap caused by the long period of slow sales,” said Vikas Bhasin, MD, Saya Homes.