The Ghaziabad chapter of the developers’ body CREDAI has anticipated augmentation of property prices to the tune of 10 percent in the immediate future, basis the rates in the secondary market going up by 20 percent and on sale properties in the region witnessing almost 40 percent surge in queries within the past two months.
The 10.3 Kms long Hindon Elevated Road, is a major catalyst for Raj Nagar Extension which gives the region seamless connectivity with the national capital and other micro pockets of Ghaziabad, hence improving its attraction quotient. The elevated road which has been developed with a total cost of ₹1,147.6 crores has seen massive commutation in just 45 days of it becoming operational. This meant that the region has come closer to Delhi in terms of commutation and it is well reflected in the sales queries which have seen a sudden surge of almost 40 percent.
Highlighting the importance of this, Manu Garg, President, CREDAI – Ghaziabad says, “The realty growth of a region depends highly upon the connectivity with its neighbouring regions or surrounding infrastructure. Raj Nagar Extension is one such pocket in Ghaziabad which enjoys supreme connectivity with neighbouring cities and has been further bolstered with the newly inaugurated elevated road. With such immaculate connectivity and superior infrastructure, the return on investment is sure to be great as already properties in the secondary market have started witnessing a rise of 20 percent in the prices.”
Experts are of the opinion that with so much more in store for Raj Nagar Extension in the form of infrastructural developments, property prices in the primary market are bound to see a jump of atleast 10 percent in the immediate future. The GDA has also been very proactive in terms of paying attention to the region, be it the civic amenities, environmental development, etc.
Commenting on the overall realty prospects and growth perspective of Raj Nagar Extension, Gaurav Gupta, General Secretary, CREDAI – Ghaziabad& Director, SG Estates says, “Raj Nagar Extension is a complete real estate region with a perfect blend of residential and commercial setups along with apt civic infrastructure. Its been only over a month since the elevated road was inaugurated and we have started witnessing a sudden high demand for properties in the region. There are already over 17,000 families residing in the region and we expect more to take possession soon as many projects are nearing completion. This sudden growth in demand is sure to propel property prices in the primary market as has been indicative in the secondary market as well.”