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Ghaziabad is currently going through a phase of rapid economic growth with a huge investment going into major industrial sectors. Ghaziabad like most of the happening cities in India, and specially the other satellite cities of NCR (Gurgaon, Noida, etc), is rapidly adapting to the mall culture. Already dotted with some of the trendiest malls in Delhi NCR, Ghaziabad is fast transforming into an entertainment and retail hub, creating opportunities for more investments in these sectors. The industrial land is now turning into a modern commercial hub in Ghazibad. A number of famous malls in the city - Pacific Mall, Ansal Plaza, Shipra Mall - have made it one of the most popular destinations for shoppers in Ghaziabad. Today, Ghaziabad boasts of nearly 15,000 industrial units at all levels. It has manufacturing units run by large companies like ITC and the MNC giant Coca Cola, not to mention the foray by several IT, ITeS and BPO companies.
Ghaziabad Property has managed to respond well to the sudden influx of people and capital into the realty sector. It has a sea of opportunities in store, both from the demannd and supply sides. The high street setup is not evident in the Ghaziabad. Neighbourhood shopping markets cater to the daily needs and special requirements of locals. The price of mall space in prominent localities of Ghaziabad like Indirapuram, Vasundhra, Vaishali and Kaushambi ranges from Rs 9,000 to Rs 20,000 per sq ft while their rental values range between Rs 50 and Rs 200 per sq ft per month.
Ghaziabad is also emerging as one of the preferred cities for BPO and ITeS sectors. This is due to its business location and good connectivity with Delhi and an international airport through an 8-lane expressway, easy accessibility of work force from neighboring Delhi, Noida and Faridabad, and affordable property prices. Apart from Ghaziabad’s good connectivity with Delhi, industry experts believe that in the next five years the city will have the best infrastructure in the NCR. Currently this seems to be a distant dream, though, and the way work is progressing, it is creating problems for residents as well as commuters. There needs to be a regulatory mechanism in place to see the development work does not cause any trouble for the general public, feel residents of Ghaziabad.
The Metro route planned for Ghaziabad will be linked from Anand Vihar to Vaishali navigating Kaushambi, and this has helped residential and commercial property prices soar. In addition, the Commonwealth Games to be held in Delhi in 2010 will give a further boost to real estate prices of Ghaziabad. Besides, dearth of space in Delhi for commercial as well as residential purposes has resulted in buyers flocking to Ghaziabad. The properties in Ghaziabad are available at lower prices and offer good returns on investment.
Very soon, ADAE’s Reliance Energy is all set to start a multi-product SEZ (Special Economic Zone) in Ghaziabad. This will be spread over 1,000 hectare. With the setting up of SEZ, traders shall get relief from paying tax, excise and customs duty. Hence, buying commercial property in Ghaziabad should be a definite winner. SVP Group has two malls lined up in Ghaziabad. One is the Opulent Mall, which is spread across 3.5 lakh sq ft. Brands like Bharti Retail, Max Lifestyle, PVR Multiplex and Republic of Chicken, etc, are already a part of the mall. Another mall by SVP Group, The Gateway Mall, is strategically located on the main GT Road and spread over 5 lakh sq ft. This is the latest in a long line of highprofile retail ventures in the city.
With lots to offer in the commercial space, Ghaziabad is among the favoured commercial destinations of Delhi NCR. Affordable prices, availability of space, proximity to the capital city, cheap manpower and rising footfalls have all attracted a lot of investors and developers to the city. Recession did hit property market in the city for a while, but now it is set to pick up again. Local brokers claim commercial market in Ghaziabad is doing well due to the cost factor over those on offer in Delhi, and has become an obvious choice for potential buyers and investors. However, the biggest concern is infrastructure. Water, power, roads and transport are acting as a blockade to growth in the city. However, Commonwealth Games and the impending Metro project are expected to provide the much-awaited boost to Ghaziabad property market.
Ghaziabad’s Vaishali, Indirapuram, and Vasundhara have come a long way in terms of real estate development. Proximity to Delhi, vast areas with cheap land, and strong infrastructure have made Ghaziabad a sought-after destination. Ghaziabad Development Authority (GDA) has laid special emphasis on strengthening the base and developing social and physical infrastructure here. As dearth of space led to a spiralling of realty prices that shot beyond the reach of common man in Delhi, many buyers have started moving towards these localities in Ghaziabad. And people buying property here have a valid reason as these are currently the hot destinations for investment in real estate in Ghaziabad. Vaishali, Indirapuram, and Vasundhara, in particular, stand out for their fast-track development in Ghaziabad. These places have managed to respond well to the influx of people. They are witnessing tremendous growth in the residential property market with innumerable townships and housing complexes mushrooming all over — in fact, the end users are spoilt for choice.
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