AREA WATCH - A contemporary city ready to evolve [ GHAZIABAD]

Created on 03.08.2015 00:44:06
AREA WATCH - A contemporary city ready to evolve [ GHAZIABAD]
Although it has registered slow growth, Ghaziabad is a prominent city in NCR for buyers looking for affordable properties
Wth Noida and Gurgaon riding high on devel opment, it was pretty much expected that their NCR cousin, Ghaziabad will follow suit. The wild west of the Uttar Pradesh was known to have the potential to be among the top ten dynamic cities of the world, according to a news survey that was done a few years back. However, the city did not translate the predictions into reality and has been struggling since to emerge in the top order of the NCR cities.

Nonetheless, one cannot ignore that although it might not have been a glorified market like Gurgaon or even an over pampered one like Noida, but there is no denial that Ghaziabad continues to drive residential demand. The city has remained and continues to be a favourite destination for those who are on a lookout of an affordable destination. Unlike several pockets of other cities, Ghaziabad has earned a reputation of being a safe investment destination in the NCR. And with infrastructure looking up, the city is gearing up for its new look.

Vishwa Nath Agrawal, CMD, Techman Group, says that the city is bouncing back on the growth trajectory with the announcement of several infrastructural projects. “Projects like rapid rail, elevated road from UP Gate to Raj Nagar and Delhi-Meerut Expressway are surely going to give Ghaziabad the much-needed boost as a realty destination. Another reason that will act as a crowd puller is the fact that as compared to Noida and Gurgaon, prices in Ghaziabad have not peaked till now. Therefore, for the people of mid-income group, Ghaziabad provides the most ideal housing options,“ says Agrawal.

Although a few pockets of Indirapuram, Vasundhara and Crossings Republik are coming up with a few luxury housing options, Ghaziabad is largely seen as the destination for affordable housing The future development in this city is likely to spread bound aries and be focused on the ies and be focused on the same segment of housing. Rohan Sharma, associate director, research and real estate in telligence service, JLL India, goes on to say that the city has largely re mained an indus trial hub and residen trial hub and residen tial growth has been regis tered mainly due to the pres ence of industries there. “The springing up of enclaves near Delhi in the form of Kaushambi, Vaishali, Vasundhara and Indirapuram in the past, has encouraged a healthy and planned growth of the sector.

Its proximity to Noida has worked in its favour and the city is quickly gearing up as a mid-segment and affordable housing destination,“ says Sharma.

Pankaj Kumar Jain, director, KW Group, reasons the lack of lux ury housing to the absence of an airport in the vicinity. He avers, “For any destination to become a preferred luxury destination, the region needs to be in proximity with an airport. Ghaziabad has clearly lacked on that front. How ever, the city's booming infra structure and the availability of freehold land are some of the rea sons for it to become eligible for luxury housing and a few develop ers are already considering launching luxury projects here.“

Anil Mithas, CMD, Unnati For tune Group, however, seems to have a different view of the area. “Ghazi abad has been always looked up as a part of UP and, therefore, people re siding in the NCR have been avoid ing it for quite some time. However, with things looking up in terms of infrastructure and housing projects, we may see some growth happening soon. Nonetheless, the growth will remain in the affordable and mid income segment only and not in luxury,“ claims Mithas.

Though the debate on luxury and mid-income housing may con tinue in the city, there is no doubt that Ghaziabad will continue to grow with integrated housing proj ects coming in and it may not be long before people will start relat ing to it as a contemporary desti nation ready to evolve.



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