Development in Ghaziabad Real Estate Market in last 5 years
June 17, 2019
According to a survey, about 90 million plus people moved to the urban regions from the rural areas and even from tier 3 – 4 cities/towns over the last decade. But, a city alone cannot deal with the rapid upsurge of the population. Here when the neighboring cities come into action in order to accommodate the rising population. Although, it is not easy to make people opt for a location which is a bit far from the center of the main city, hence the need for infrastructure, connectivity, amenities and corporate hubs increases. These factors are the drivers of real estate development in any particular location.
When we talk about the ideal locations for buying a property in the outskirts of the city, Ghaziabad tops the list as it borders Delhi. Ghaziabad has become one of the most striking modern cities in Uttar Pradesh. But this wasn’t the case 5 years back. Ghaziabad has come a long way, from being an under-developed and compactly populated suburb to a well-connected, and developing city in terms of infrastructure. Therefore, it is safe to say that this micro-market has turned into a hub for home-buyers in the residential real estate space.
In 2014 the population of Ghaziabad was 2.54 Million which further increased to 2.7736 million in 2018. Reason being the non-stop development because of which Ghaziabad has become an ideal destination for real estate investment. What makes it favorable is the variety it offers. Be it, affordable range of housing projects or luxurious abodes, the city has it all. The city caters to multiple earning groups.
The three major parameters which play an important role in the development of any city & boost its real estate markets are –
This area of the NCR shares its borders with the corporate hub Noida & business center Delhi. It takes hardly 5-10 mins from Indirapuram & Vaishali and a maximum of 15-20 mins from locations like Raj Nagar extension to reach Noida & Delhi. Along with the metro network, the Eastern Peripheral Expressway links Ghaziabad with the highways in the north and south of Delhi, which is another reason for smooth commuting. Ghaziabad’s metro link will be connected with Noida Electronic City in the coming years, which will further enhance its realty market. The extension of the metro link from Dilshad Garden till Ghaziabad New Bus Adda is another reason for joy.
Environment & Cleanliness
It is said that the relationship between development and environment is typically inversely proportional. But in this case, the negative impact has been minimal, in fact in 2017 Ghaziabad moved up to rank 36 in the cleanliness ladder from 351. Many initiatives have been taken by Ghaziabad Municipal Corporation, which includes the construction of 100 community toilets with 417 seats across the city, door-to-door garbage collection and so on.
Property Price Trends
The property price, be it in terms of purchase or rental, has witnessed an upward trend in Ghaziabad. Also, due to the development of new pockets like Raj Nagar Extension, the city has immense potential to welcome new residents. The property prices in Vaishali & Indirapuram at one end extend the potential of growth to the new customers, on the other hand, the location like Raj Nagar Extension offers them the opportunity to ride the benefits on their investment or purchase.