From affordable homesto luxury apartments, Ghaziabad caters to the housing requirements of varied income groups. Whether you want to invest in a property or buy it for end-use, Ghaziabad offers umpteen choices. Raj Nagar Extension, Indirapuram, and Vasundhara are a few localities doing well on ROI charts.
Affected by the COVID-19 pandemic, the real estate market in Ghaziabad displayed signs of revival in Jan-Mar 2021 due to the vaccination rolloutand increased affinity of people towards homeownership. The city reported a significant increase in the number of enquiries and transactions in the resale segment vis-à-vis the previous quarter. Localities such as Raj Nagar Extension and Indirapuram were among a few that remained the most popular among buyers and garnered maximum traction.
Talking about the real estate scenario of the city, Ashok Gupta, CMD, Ajnara India Limited avers, “The real estate market of Ghaziabad is at par with other markets in the National Capital Region (NCR). However, the performance of certain micro-markets has always been better than the rest. Recently, the city has witnessed increased demand in areas, such as Siddhartha Vihar or micro-markets around NH 24, Raj Nagar Extension, and the areas surrounding the upcoming Northern Peripheral Road. Better living environment, smooth mobility, and competitive pricing are some of the factors that have been working well for these localities.”
|Property prices across popular localities in Ghaziabad|
|Localities||Most supplied units||Property rates (per sq ft)||QoQ Change |
(Q1 2021 vs Q2 2021)
(Q2 2020 vs Q2 2021)
|Raj Nagar Extension||2 BHK||Rs 3,000-3,600||15%||6%|
|Indirapuram||3 BHK||Rs 4,200-5,500||-5%||13%|
|Vasundhara||3 BHK||Rs 4,600-5,400||3%||4%|
Raj Nagar Extension
Raj Nagar Extension is one of the fastest-growing micro-markets in Ghaziabad, housing several multi-storey apartments, both completed as well as under construction. Around 70 percent of properties available for sale in Raj Nagar Extension lie in the range of Rs 20- 50 lakh. According to 99acres Insite Report, the locality witnessed increased enquiries for low-cost homes priced at Rs 3,000-3,500 per sq ft in Apr-Jun 2021.
The infrastructure growth, easy accessibility to Delhi, and reasonable market prices compared to other areas of the National Capital Region (NCR) have played a significant role in attracting buyers to this market. Additionally, sound connectivity with the commercial hubs of Noida, such as Sectors 60, 62, and 63, has augured well for Raj Nagar Extension. The locality is well-connected with other micro-markets of Ghaziabad and Delhi via Meerut Road (NH-24), Meerut Bypass Road (NH-9), and Raj Nagar Extension Road. The enhanced connectivity via the Red Line of the Delhi Metro has also curbed the commute issues in the area. New Bus Adda is the nearest metro station, located around eight km away from the locality.
Prominent educational institutions in Raj Nagar Extension include Raj Kumar Goel Institute of Technology, GD Goenka Public School, and Presidium School. Columbia Asia Hospital and Sarvodaya Hospital and Research Centre are some well-known healthcare centres in this locality.
As per Y K Agrawal, Proprietor, Real Estate and Financial Consultant, SpacIndia, NCR, “The construction of Hindon Elevated Road and Hindon Metro Station in 2018 and 2019, respectively, has enhanced the connectivity and housing demand by up to 25 percent in Raj Nagar Extension. Peaceful living environment and the availability of abundant green spaces have boosted the quality of living in this area. As areas along NH-24, such as Siddhartha Vihar, get costlier in terms of real estate investment, homebuyers are likely to shift their attention to Raj Nagar Extension. Resultantly, property prices in the locality may increase further by 10 percent per annum. At present, a 2 BHK, measuring 900 sq ft in Raj Nagar Extension is priced between Rs 35 lakh and Rs 40 lakh and a 3 BHK, measuring around 1,250 sq ft is pegged at Rs 45-50 lakh.”
Indirapuram is an established residential locality that is further sub-divided into several khands, such as Abhay Khand, Nyay Khand, and Vaibhav Khand. Placed along Delhi-Meerut Expressway, the locality is surrounded by many prominent areas, including Pratap Vihar, Vasundhara, and Vaishali. Residential development in this locality majorly comprises a mix of multi-storey apartments, independent builder floors, and gated colonies, catering to buyers from varied budget segments. Properties in the budget bracket of Rs 40-60 lakh account for over 30 percent of the total inventory available for sale in this locality.
As far as the connectivity is concerned, Indirapuram is well-connected with Noida and Delhi via Delhi-Meerut Expressway, Vishwakarma Road, and Mohan Nagar Link Road. Two major metro stations on the Blue Line of the Delhi Metro, i.e. Vaishali and Noida Electronic City, are located within five km from the locality. The extended corridor of the metro from Noida Electronic City to Mohan Nagar, which is likely to be completed this year, will pass through Indirapuram and further strengthen the connectivity of the region.
The presence of reputed schools and hospitals, such as DPS Indirapuram, St. Francis School, Max Super Speciality Hospital and Shanti Gopal Hospital, make Indirapuram a coveted destination for living, especially for those employed in Noida Sectors 60, 62, and 63. These sectors are located within 5-7 km from Indirapuram.
Vasundhara is another enticing real estate destination in Ghaziabad, good for both investors and end-users. The locality boasts of a well-developed residential market where the majority of real estate projects are ready to move. Over 60 percent of the residential inventory available for sale in Vasundhara comprises builder floor apartments. Mid-sized 2 BHK and 3 BHK units account for nearly 70 percent of the available residential stock. Convenient location and sound infrastructure are the key factors that have fueled the residential demand in Vasundhara, while proximity to Delhi and the availability of quality housing options being the rest.
On the connectivity front, prominent roads, including Madan Mohan Malviya Marg, Link Road, and Kaveri Marg, connect the locality with Delhi and other parts of Ghaziabad. Vasundhara does not have a dedicated metro station. However, the locality is well-served by Vaishali Metro Station, which is merely 10 minutes away from here. In future, the Delhi Metro Rail Corporation (DMRC) is planning to extend metro services till Vasundhara Sector 2 under Phase 4 of the metro rail project. The extended corridor, once completed, will help boost housing demand across the locality.
In terms of social infrastructure, the locality houses several known educational institutes and hospitals, including Amity International School, Delhi Public School, Yashoda Super Speciality Hospital, and Narinder Mohan Hospital. Sector 62, which is a major commercial hub in Noida, is around 20 minutes from here.
While the localities mentioned above are good for end-use and investment, traffic congestion and the construction of internal roads remain a challenge. Therefore, it is always advised to consult a local real estate agent to understand the hidden concerns of an area. Experts suggest that other than the localities mentioned above, Kaushambi and Crossings Republik are some other areas that a buyer can consider for real estate investment in Ghaziabad.