Buy homes here from lakh
Zonal plan of Rajnagar Extension area to be ready in the next three months
Aconsortium of 35 builders started developing the area located near NH58 in Noor Nagar and west of Meerut Road and called it Rajnagar Extension. They began construction way back in 2005 to 2007, and currently 3000 residents are living in the area with over 10,000 expected to move in by next year after most of the projects are completed.
Affordability is the biggest plus-point here. Apartments which were priced at R2200 per sq ft two years ago are now going for R2800 per sq ft to R3500 per sq ft, depending on the location, the stage of completion and the features offered. A 2BHK apartment of 890 sq ft will cost around R25 lakh while a 4BHK of 2250 sq ft will cost R75 lakh.
The main demand for apartments both for end-use and rentals comes from students and teachers in medical and management institutes close by. The main drivers of the area include proximity to Delhi, good schools, institutes, hospitals and shopping avenues. Prices, too, are afford- able. Metro extension from Dilshad Garden to the bus stand has also been proposed.
According to data made available from 99acres.com <http://99acres.com>, a realty portal, prices in the area were around R2350 per sq ft in the second quarter of 2012 and around R2700 per sq ft in the second quarter of this year - an increase of around 14%.
Gaurav Gupta, joint secretary, Rajnagar Extension Association, says as many as six projects were recently completed and delivered to owners over here. These include SG Impressions 58 Phase-I, SG Impression Plus, Ashiana Homes, Ajnara Integrity, KDP Grand Savanna and River Heights.
The problem, however, say real estate experts is that while families have moved in, basic facilities, especially sewage, etc are yet to be put in place. The reason for this is that the authority passed layout maps without a zonal plan in place. A zonal development plan is a statutory provision under the UP Planning and Development Act 1973.
“We are correcting the mismatch with the help of satellite imagery. The zonal plan has already been presented and will be finalised in the next three months,” assures Santosh Yadav, vice chairman, Ghaziabad Development Authority.
“Demand in Ghaziabad micro markets such as Rajnagar Extension, NH24, Crossings Republik is stable end-user demand from people who work in the industrial areas in and around Ghaziabad. These markets also offer attractive investment opportunities for residents of nearby cities like Meerut, Modinagar, Hapur and Loni, among others. These areas offer affordable housing options and we expect prices to appreciate in the Ghaziabad micro markets once the Metro rail is extended beyond Vaishali, and NH 24 is widened,” says Kartik Varma, co-founder, PropTiger. The Ajnara Group, which is among the first few devel- opers to realise the area’s potential, has 25 acres and has launched two projects in Rajnagar Extension - Ajnara Integrity and Ajnara Grace. Ajnara Integrity has over 2000 units and has handed over possession of the first phase. Over 100 families have moved in already. The price of the apartments is R3500 per sq ft. The group has also launched a commercial project in the area.It has handed over 150 units in its project Ajnara Grace spread across 2 acres. Possession has been handed over for all the 150 units.
K World Group has a group housing project called KW Srishti in the area, which is spread across 10.5 acres. The project comprises 1300 flats in the 1/2/3 BHK categories. Construction work for the second phase is currently on. The company plans to give possession for the first phase within a year and the entire project by end of 2015. The cost of the apartments in this project is R2700 per sq ft.
According to Pankaj Kumar Jain, director, K World, “The best part of buying a flat or property in Rajnagar Extension is availability of freehold land and affordable prices.”
KDP Grand Savanna is being built by KDP Infrastructure. Spread over 12.69 acres, the GDA-approved project will offer approximately 1158 flats in 15 towers with an option of 1/2/3 bedrooms. About 250 families have moved in here. The company plans to give possession for the entire project by March, 2014. Some 2BHK units are still available at a price of R3600 per sq feet (all inclusive) plus taxes. The company is also offering a scheme to customers to buy a ready-tomove-in flat by paying 20% of the total cost plus taxes, with the company paying the EMIs for the first 18 months on the customer’s behalf.
Gaursons is constructing 1000 flats in its Gaur Cascades project spread across 10 acres. These range from R30 lakh to R50 lakh. Other projects in the area include MGI Gharaunda by the KDPMGI Group. Units in this project are available in sizes of 800 sq ft and 1100 sq ft.