Buy homes here from lakh

Zonal plan of Ra­j­na­gar Ex­ten­sion area to be ready in the next three months

HT Estates - - Front Page - Van­dana Ram­nani

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 <>, 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.

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