By Rohan Sharma, Associate Director -
Research & REIS, JLL India
Ghaziabad
caters primarily to the mid-segment and affordable housing segments. It is home
to established housing clusters such as Kaushambi, Vaishali and Indirapuram
while upcoming residential corridors include Raj Nagar Extension and
developments along the NH-24 beyond Indirapuram, including the Crossings
Republic township.
While
lack of land options has restricted new launches in the Kaushambi, Vaishali and
Indirapuram clusters, they being already developed to a great extent and with a
large existing residential population, these residential clusters have also
recorded healthy capital appreciation. Recent project launches have been mostly
in the upper-mid and premium segments offering luxury specifications and
upgrades from the usual, mid-segment housing options.
Prices
in the Kaushambi and Vaishali areas are in the range of INR 5,500 – 6,500 per
sq ft while in Indirapuram prices are in the INR 4,800-5,500 per sq ft price
range. The affordable residential clusters are in the average price range of
INR 2,200-3,500 per sq ft. The upper end of the range is commanded by projects
which are completed or close to completion in Crossings Republic, while the
newer projects in NH-24 are in the lower price band of INR 2,200-2,600 per sq
ft. The Raj Nagar Extension corridor on NH-58 is also priced in the INR
2,600-3,000 per sq ft range.
All
these clusters have contributed the maximum to new project launches that have
been recorded in the Ghaziabad residential market over the past few quarters.
While Raj Nagar Extension may be seeing project launches by first-time or
lesser known developers, the likes of Assotech, Ansal API, SARE, Ashiyana Group
and Wave Group have come up with projects on NH-24, which includes Crossings
Republic as well.
With
prices in the Noida Extension precinct in the Noida sub-market expected to be
higher, Ghaziabad will continue to garner interest, particularly for affordable
projects in Crossings Republic, Raj Nagar Extension and on the NH-24.
The
Ghaziabad sub-market also enjoys a large population base from the industrial
sector and SMEs, and low-income workers looking to upgrade to better
accommodation. In the near future, the better areas within Ghaziabad, such as
Indirapuram and Vaishali, should continue to hold their ground while the
lower-income profile areas of Sahibabad, Raj Nagar Extension and further
developments coming up on NH-24 and GT Road will account for majority of sales
volumes.
Going
forward, infrastructural developments such as the extension of the Metro route
to Ghaziabad and widening of the NH-24 to six lanes is likely to aid in
furthering residential developments in this area. The core demand is likely to
emanate from the low and middle-income population for the residential offerings
in this corridor.
