These two developments are going to have immense impact on Ghaziabad’s real estate market
Prime Minister Narendra Modi inaugurated the domestic airport at Hindon Air Base in Ghaziabad and flagged off the Metro between Dilshad garden and new bus stand. The two developments are going to have immense impact on Ghaziabad’s real estate market.
Since many working class people are working and living in Noida and Ghaziabad, the opening up of domestic airport here will witness further boost to real estate. Appreciation of property and rise in prices of under construction properties is on the anvil. The first set of flights from Hindon will include places such as Lucknow, Bhopal, Ozar (Nashik), Jaisalmer, Gorakhpur, Kannur, and Tirupati.
Realtors in Siddharth Vihar, which will be only a few kilometres away from the new metro station, 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,” says Manoj Gaur, MD Gaurs Group and Vice President, CREDAI National.
New Metro line from Dilshad Garden to New bus stand in Ghaziabad is another development that has set the real estate market on fire here. The areas that are going to gain maximum from it are Raj Nagar Extension, Siddharth Vihar and Indirapuram among others. “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,” says Gaurav Gupta, President CREDAI Ghaziabad and Director, SG Estates.
The deals that were being done at around Rs 2500 per sq ft for under construction projects and ready to move in at Rs 2750 per sq ft just a few months ago has been increased. Intense price haggling has become the part and parcel of the real estate life here as developers and salesman are refusing to come down much after two announcements. “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 adds.
Elated realtors are not limited only to these two places but other parts of Ghaziabad as well as this city is ready to enjoy the fruits of airport. Places such as Indirapuram, which is also close by to the airport. The appreciation from the start of airport in whole of Ghaziabad is staring at around 10-15 per cent in various projects depending on the location as its proximity to the airport. Experts, however, feel that the realtors should be wary of any price rise at this point of time if they want the real estate to prosper. “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,” says Vikas Bhasin, MD, Saya Homes.