Ghaziabad: An end-user-driven housing market in the NCR

With improving infrastructure and connectivity, Ghaziabad’s housing market has become a hub for end-users, owing to its varied offerings and competitive pricing, as compared to its nearby hubs like Greater Noida West

From being a densely-packed suburban city in the National Capital Region (NCR), Ghaziabad has come a long way, aided by infrastructure development and improving connectivity. Besides the metro rail network, the Eastern Peripheral Expressway connects it radially with the other highways in the north and south of the national capital. This micro-market, hence, has become a hub for end-users in the residential real estate space.

Properties on offer in Ghaziabad

What makes Ghaziabad a favourable destination for real estate investment, is the variety of options that it offers. From affordable housing to luxurious abodes, this part of the NCR caters to multiple earning classes. While Raj Nagar Extension is a hub of affordable housing units, Indirapuram has options in the mid-range. For luxury housing, Vaishali is comparable to Noida Expressway, with both regions having properties at similar price points, while Siddharth Vihar is the new and upcoming area in Ghaziabad, which even has an ‘automated smart home’ project.

Vaishali is one of the well-planned areas of Ghaziabad and has, therefore, become a prominent destination for luxury housing. Most of the buyers here are government employees and self-employed professionals from east Delhi, who are upgrading to bigger apartments that have better amenities. People from the interiors of Ghaziabad are also investing here, to live closer to Delhi. There is also good demand from IT companies and hospitals, for leasing,” explains Gautam Thapar, CEO of Thapar Builders.

Returns on investment in Ghaziabad real estate

According to data from Makaan.com, areas such as Ahimsa Khand 1, DLF Ankur Vihar and Indirapuram, have witnessed a decent hike in property prices over the past few years. Nevertheless, it may also be a good time to invest in other areas, such as Crossing Republik, Vaishali Sector 1, Vaibhav Khand, or Govind Puram, as prices in these locations are comparatively affordable. For those seeking rental returns from their investment, co-living could be a good option.

See also: Road safety: UP to develop Ghaziabad and Gautam Buddh Nagar as model districts

LocalityAverage rent per monthAverage purchase price per sq ft
Siddharth ViharRs 12,000Rs 4,000
Ahinsa Khand 1Rs 30,000Rs 8,000
Vaibhav KhandRs 20,000Rs 6,000
Ahinsa Khand 2Rs 30,000Rs 7,500
Crossing RepublikRs 14,500Rs 3,500
Raj Nagar ExtensionRs 12,000Rs 4,500
DLF Ankur ViharRs 6,500Rs 5,500
VasundharaRs 10,000Rs 6,000
Vaishali Sector 5Rs 14,500Rs 4,500
Vaishali Sector 4Rs 18,000Rs 5,400
Vaishali Sector 3Rs 14,400Rs 5,900

Source: Makaan.com

Property prices in Ghaziabad

Real estate experts maintain that property prices in Ghaziabad are likely to increase. The location is closer to Delhi than many other micro-markets. Also, with infrastructure and amenities such as hospitals, schools and malls around, Ghaziabad is a suitable place for families. However, a major factor that will determine the future growth of prices, will be the fate of Jaypee Group and Amrapali Group’s projects. “A lot of inventory in Noida and its surrounding areas is presently stuck. A number of projects are under insolvency and if the lenders decide to sell it at a lesser price, the market prices will subsequently go down. However, if any external developer gets involved, prices will go up as there will be a profit motive behind the investment,” Thapar elaborates.

Infrastructure development around Ghaziabad

Thapar feels that while the NCR always has great potential for price appreciation, Ghaziabad has never reached its full potential. However, with Gurugram’s infrastructure being stretched to its limit, Ghaziabad could benefit. “Moreover, there are two airports in the vicinity of Ghaziabad, with one being already functional. The Jewar Airport, which is expected to be ready by 2023-24, will change the dynamics of the NCR, when it comes to commercial development. Ghaziabad, hence, has immense development potential,” adds Thapar.

Ghaziabad will be connected to Noida Electronic City in the next few years, which will further boost its rental market. The Delhi-Meerut Expressway, which is partly operational, will bring the small cities such as Meerut and Hapur closer to the area and open Ghaziabad to the traditionally rich investors. Apart from this, the Hindon Elevated Road, which will link the UP border with the Delhi-Noida Direct (DND) Flyway and south Delhi, will further increase the liveability of Ghaziabad.

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