Real Estate in Ghaziabad Booming
While homebuyers have suddenly become wary of investing in the Noida Extension-Greater Noida belt, house prices in Ghaziabad are on an upswing, with middle-income buyers looking upon the area as a ‘safe bet’. Builders say both enquiries and bookings for flats have increased since the land acquisition controversy erupted in Noida Extension. Older and more populous than Noida, Ghaziabad has lived in the shadow of its high-profile southeasterly neighbour throughout the recent boom years.
However, with the recent controversies surrounding land acquisition in Noida Extension, and the Supreme Court’s order of Wednesday reverting acquired land to the residents of a village there, Ghaziabad finally seems on the ascendant on the real estate map. Thanks to its association with Noida – even if only in name – even the far-flung Noida Extension area was able to command a premium in terms of property prices, relative to many parts of Ghaziabad.
“An ordinary two-bedroom-hall-kitchen (BHK) flat that would have cost Rs 15 lakh to Rs 25 lakh now costs Rs 18 lakh to Rs 30 lakh here,” said the marketing head of a developer in Ghaziabad. More than 55,000 flats are scheduled to come up in Ghaziabad in the next 10 years, with roughly 5,000 of them in the upmarket Indirapuram area that lies close by Delhi. “The biggest selling point of Ghaziabad over Noida Extension is that most of the land in the former – including the entire Rajnagar Extension area – is freehold land. Builders have bought it directly from farmers and villagers,” said REBA president KK Goyal.
There has been a scramble for booking flats in the Indirapuram and Rajnagar Extension areas of Ghaziabad.The entire 5,000 acres of land marked for development by the Ghaziabad Development Authority (GDA) in Rajnagar Extension is free-hold. “Builders have bought land by making upfront payments to farmers and villagers without the intervention of the GDA,” said Goyal.
“Fed up with land acquisition rows delaying projects in Noida Extension, people are now shifting here,” said an official of the Rajnagar Extension Builders’ Association (REBA). “Consequently, property prices have gone up by 10-15 per cent in the last few months.” The entire 5,000 acres of land marked for development by the Ghaziabad Development Authority (GDA) in Rajnagar Extension is free-hold. “Builders have bought land by making upfront payments to farmers and villagers without the intervention of the GDA,” said Goyal.
At present, 32 housing projects accounting for 16,000 flats are coming up in Rajnagar Extension. “As part of its commercial development plan, the region is set to have a special economic zone ( SEZ), a golf course and a national stadium in the next few years,” said the marketing head of a construction firm, Rohit Dagar. In Noida Extension, land is first acquired by the authorities, who then give it to builders on a lease. This has sown the seeds of confrontation as farmers, whose land is acquired, invariably protest that they have been shortchanged out of their property.
Freehold land, GDA, Ghaziabad, Ghaziabad Development Authority, Greater Noida, Homebuyers, House prices in Ghaziabad, Indirapuram area, Land acquisition in Noida Extension, Land row, Middle-income buyers, Noida Extension, Noida Extension area, Noida Extension-Greater Noida belt, Rajnagar Extension area, Rajnagar Extension Builders' Association, Real Estate in Ghaziabad, Realty News, REBA, SEZ, Special economic zone, Two-bedroom-hall-kitchen
[...] by the residents of an upscale housing society in Ahimsa Khand-II of Indirapuram, stating that Ghaziabad Development Authority (GDA) and the developer was negligent regarding the appropriate fire safety measures in their [...]
[...] Real Estate in Ghaziabad Booming [...]
[...] Real Estate in Ghaziabad Booming [...]
[...] Real Estate in Ghaziabad Booming [...]
[...] Real Estate in Ghaziabad Booming [...]