True bonanza for middle class
A number of housing projects are coming up in Raj Nagar Extension in Ghaziabad which, with a price tag at sub-Rs 20 lakh, will be an attractive proposition to middle class clientele. ET Realty reports
This could be good news for middle class home buyers. Close to East Delhi, just across river Hindon on National Highway-58 , which goes to Haridwar, a number of housing projects are coming up opposite Raj Nagar in Ghaziabad district.
The new area, Raj Nagar Extension, is around 8 km from Indirapuram and 15 km from Delhi border. Apartments are being sold at the rate of Rs 1,850 per sq ft to Rs 2,100 per sq ft. According to one estimate, over 10,000 apartments are likely to be built in the next three years.
At present, 15 builders are active and have already acquired land. These include some well-known builders like KDP Infrastructure, SVP, Land Craft, Shreya Developer, MCC Builders, Shree Energy, Ashiana Homes and Aura Builders. Many of the builders have acquired land from farmers and received all the clearances from various government and civic authorities to develop a township. Banks are also providing loans to buy the apartments in the area.
Metro Rail will also connect the area to ISBT in Delhi. According to a proposal , the metro line will be extended beyond Dilshad Garden in Delhi, and connect ISBT in Delhi to the bus stand in Ghaziabad. The 12 km metro line, at an estimated cost of Rs 1,200 crore is likely to be completed by 2011. This will help the residents of the newly developed area.
According to CMD of KDP Infrastructure , Manoj Goel, a total of over 3,000 acres will be developed in the region, over a period of time. The government has already started constructing a sixlane link road, which will act as a bypass for NH-58 , around Ghaziabad.
The link road will start just after the Hindon Bridge and will terminate on NH-58 after Ghaziabad, while transiting from Delhi. Goel said that the authority has also planned to construct wide roads inside the colony. He says as per the proposal , the inside roads will be 30m-45 m wide.
Dushyant Singh of Kreative Koalition, which will be developing one-bedroom studio apartment for the premium segment residents, said that demand for the premium properties on NH-24 will appreciate due to its proximity from Delhi, Noida and Greater Noida.
MD of SVP Builder, Vijay Jindal, said that the government and other development agencies are already implementing a number of infrastructural projects like road, sewage and water lines in the area. The government has already acquired land for the 6-lane link road and the construction is likely to be completed in the next two years.
The government is charging a whopping Rs 1,980 per sq meter as the external development charge in the area. According to one estimate, the authority has already collected over Rs 100 crore as EDC charge from the developer.
In the next couple of years, total EDC collection is likely to cross Rs 600 crore. KDP Infrastructure is likely to construct 1,100 apartments in the Grand Savanna complex, in the area, while SVP has launched the Gulmohar Garden and will build 700 apartments.
The other builders, who have launched projects in the area, are Land Craft with 400 apartments, Shreya Developer with 400 apartments, MCC Builder with 300 apartments, Shree Energy with 300 apartments, and Aura with 300 apartments . Most of the projects are likely to be completed over the next 30 months. The size of the apartments ranges between 1,000- to over 2,000 sq ft. This means, apartments are available for upwards of Rs 18 lakh.
As against this, the minimum price for apartment in Indirapuram, Vaishali and Vasundhara is around Rs 2,500 per sq ft. Therefore, flats in Raj Nagar Extn are available for 25% less than the prices in the other areas in the vicinity. In Raj Nagar, which is close to the new area under development, some builders have constructed and sold builder’s apartment at around Rs 2,500 per sq ft - the builder’s apartments do no have much facilities, which are normally available in other modern apartments.
To push for developmental work in the area, the builders of the region have formed a Builders Association . In the past, such builder association in Indirapuram have helped the developers in achieving faster development. Manoj Goel says that the association is maintaining a close relation with the authority in augmenting the developmental work in the area.
He said that in the master plan for the area, the government has earmarked around 10% of the area for the commercial development. He holds that development of such areas will further improve the demand for the residential areas in the region. Goel also said the new residential development in the Raj Nagar Extn would provide residential solutions to those who are working in the innumerable industrial units in Ghaziabad and Mohan Nagar.
This could be good news for middle class home buyers. Close to East Delhi, just across river Hindon on National Highway-58 , which goes to Haridwar, a number of housing projects are coming up opposite Raj Nagar in Ghaziabad district.
The new area, Raj Nagar Extension, is around 8 km from Indirapuram and 15 km from Delhi border. Apartments are being sold at the rate of Rs 1,850 per sq ft to Rs 2,100 per sq ft. According to one estimate, over 10,000 apartments are likely to be built in the next three years.
At present, 15 builders are active and have already acquired land. These include some well-known builders like KDP Infrastructure, SVP, Land Craft, Shreya Developer, MCC Builders, Shree Energy, Ashiana Homes and Aura Builders. Many of the builders have acquired land from farmers and received all the clearances from various government and civic authorities to develop a township. Banks are also providing loans to buy the apartments in the area.
Metro Rail will also connect the area to ISBT in Delhi. According to a proposal , the metro line will be extended beyond Dilshad Garden in Delhi, and connect ISBT in Delhi to the bus stand in Ghaziabad. The 12 km metro line, at an estimated cost of Rs 1,200 crore is likely to be completed by 2011. This will help the residents of the newly developed area.
According to CMD of KDP Infrastructure , Manoj Goel, a total of over 3,000 acres will be developed in the region, over a period of time. The government has already started constructing a sixlane link road, which will act as a bypass for NH-58 , around Ghaziabad.
The link road will start just after the Hindon Bridge and will terminate on NH-58 after Ghaziabad, while transiting from Delhi. Goel said that the authority has also planned to construct wide roads inside the colony. He says as per the proposal , the inside roads will be 30m-45 m wide.
Dushyant Singh of Kreative Koalition, which will be developing one-bedroom studio apartment for the premium segment residents, said that demand for the premium properties on NH-24 will appreciate due to its proximity from Delhi, Noida and Greater Noida.
MD of SVP Builder, Vijay Jindal, said that the government and other development agencies are already implementing a number of infrastructural projects like road, sewage and water lines in the area. The government has already acquired land for the 6-lane link road and the construction is likely to be completed in the next two years.
The government is charging a whopping Rs 1,980 per sq meter as the external development charge in the area. According to one estimate, the authority has already collected over Rs 100 crore as EDC charge from the developer.
In the next couple of years, total EDC collection is likely to cross Rs 600 crore. KDP Infrastructure is likely to construct 1,100 apartments in the Grand Savanna complex, in the area, while SVP has launched the Gulmohar Garden and will build 700 apartments.
The other builders, who have launched projects in the area, are Land Craft with 400 apartments, Shreya Developer with 400 apartments, MCC Builder with 300 apartments, Shree Energy with 300 apartments, and Aura with 300 apartments . Most of the projects are likely to be completed over the next 30 months. The size of the apartments ranges between 1,000- to over 2,000 sq ft. This means, apartments are available for upwards of Rs 18 lakh.
As against this, the minimum price for apartment in Indirapuram, Vaishali and Vasundhara is around Rs 2,500 per sq ft. Therefore, flats in Raj Nagar Extn are available for 25% less than the prices in the other areas in the vicinity. In Raj Nagar, which is close to the new area under development, some builders have constructed and sold builder’s apartment at around Rs 2,500 per sq ft - the builder’s apartments do no have much facilities, which are normally available in other modern apartments.
To push for developmental work in the area, the builders of the region have formed a Builders Association . In the past, such builder association in Indirapuram have helped the developers in achieving faster development. Manoj Goel says that the association is maintaining a close relation with the authority in augmenting the developmental work in the area.
He said that in the master plan for the area, the government has earmarked around 10% of the area for the commercial development. He holds that development of such areas will further improve the demand for the residential areas in the region. Goel also said the new residential development in the Raj Nagar Extn would provide residential solutions to those who are working in the innumerable industrial units in Ghaziabad and Mohan Nagar.