Hous­ing clus­ters record healthy ap­pre­ci­a­tion in Ghazi­abad

Prices in the Kaushambi and Vaishali ar­eas are in the range of 5,500 to 6,500 per sq ft while in Indi­ra­pu­ram prices are in the 4,800 to 5,500 per sq ft price range

HT Estates - - HTESTATES - Ro­han Sharma

Gh a z i ab a d c at e r s pri­mar­ily t o t he 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 Repub­lik town­ship.

While lack of land op­tions has re­stricted new launches in the Kaushambi, Vaishali and Indi­ra­pu­ram clus­ters ( since they are al­ready de­vel­oped to a great ex­tent and have a fairly large 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, mid­seg­ment hous­ing op­tions.

Prices in the Kaushambi and Vaishali ar­eas are in the range of ₹ 5,500 to ₹ 6,500 per sq ft while in Indi­ra­pu­ram prices are in the ₹ 4,800 to ₹ 5,500 per sq ft price range. The af­ford­able res­i­den­tial clus­ters are in the av­er­age price range of ₹ 2,200 to ₹ 3,500 per sq ft. The up­per end of the range is com- manded by projects which are com­pleted or close to com­ple­tion in Cross­ings Repub­lik, while the newer projects in NH-24 are in the lower price band of ₹ 2,200 to ₹ 2,600 per sq ft. The Raj Na­gar Ex­ten­sion cor­ri­dor on NH-58 is also priced in the ₹ 2,600 to ₹ 3,000 per sq ft range.

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 Repub­lik, Raj Na­gar Ex­ten­sion and on NH-24. The Ghazi­abad sub-mar­ket also en­joys a large pop­u­la­tion base from the in­dus­trial sec­tor and SMEs, and low­in­come work­ers l ook­ing to up­grade to bet­ter ac­com­mo­da­tion. Go­ing for­ward, in­fras­truc­tural de­vel­op­ments are likely to aid in fur­ther­ing res­i­den­tial de­vel­op­ments in this area.

The res­i­den­tial real es­tate mar­ket across lead­ing ci­ties of the coun­try is un­likely to see any trac­tion be­fore the up­com­ing fes­tive sea­son, when de­mand is ex­pected to im­prove. While buy­ers have held off pur­chase de­ci­sions in an­tic­i­pa­tion of low­er­ing in­ter­est rates, de­vel­op­ers have been wait­ing for the fes­tive sea­son be­fore launch­ing spe­cial schemes and dis­counts to boost hous­ing sales.

New hous­ing sup­ply con­fined to af­ford­able seg­ments: New res­i­den­tial projects launched dur­ing the first half of the year were largely re­stricted to the sec­ondary and emerg­ing mi­cro-mar­kets of lead­ing ci­ties.

The largest quantum of new launches was ob­served in the mid-seg­ment and low seg­ment, cater­ing to the ris­ing de­mand for af­ford­able hous­ing in the coun­try. Most of this hous­ing sup­ply was con­cen­trated in Chen­nai, Delhi Na­tional Cap­i­tal Re­gion (NCR), Ban­ga­lore and Pune.

Lead­ing ci­ties wit­nessed dwin­dling de­mand from home buy­ers dur­ing the first six months of 2014. Owing to high pric­ing and lend­ing rates, home buyer pref­er­ences re­mained fo­cused on the sec­ondary and emerg­ing mi­cro-mar­kets of lead­ing ci­ties.

Home­buyer in­ter­est re­mained largely fo­cused on cost ef­fec­tive sub­ur­ban mar­kets of Delhi NCR dur­ing the first half of 2014. The res­i­den­tial mar­ket in Gur­gaon saw sta­bil­ity in terms of new hous­ing sup­ply, while Noida re­mained the pre­ferred hous­ing mar­ket for new launches in the af­ford­able and mid-end op­tions.

Out­look: Against the back­drop of a sta­ble gov­ern­ment at the Cen­tre, and ex­pec­ta­tions of faster decision-mak­ing and pos­i­tive re­forms, ac­tiv­ity in the hous­ing mar­ket across lead­ing ci­ties is likely to im­prove in the forth­com­ing quarters. De­vel­op­ment firms are ex­pected to fo­cus mainly on the com­ple­tion of un­der- con­struc­tion projects. To achieve the na­tional vi­sion of pro­vid­ing ‘hous­ing for all by 2022’, in­vest­ments in the hous­ing seg­ment will need to grow man­i­fold over the next seven to eight years.

In Delhi NCR, for in­stance, new pol­icy mea­sures may im­pact ab­sorp­tion ac­tiv­ity in the com­ing months more specif­i­cally the fes­ti­val sea­son and win­ter months. The de­mand for mid-seg­ment hous­ing is ex­pected to be largely con­cen­trated in the emerg­ing mi­cro- mar­kets of Noida Ex­ten­sion, Noida Ex­press­way, Mane­sar and New Gur­gaon. Go­ing for­ward, th­ese ar­eas are likely to see a spurt in de­mand for hous­ing in the pre­mium/lux­ury seg­ment.

SAKIB ALI

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