Ex­pect more hous­ing pro­ject launches

More projects likely to be launched along NH 24, but im­pact on prices likely to be felt in the long run

HT Estates - - FRONT PAGE -

The widen­ing of NH24 will im­pact res­i­den­tial projects lo­cated in the de­vel­oped mar­kets of Indi­ra­pu­ram and Vaishali and emerg­ing mar­kets of Greater Noida West, Cross­ings Repub­lik, Sid­dharth Vi­har and Hi-Tech City.

Real es­tate ex­perts say that im­prove­ment of in­fra­struc­ture around this cor­ri­dor is more of a ne­ces­sity than a choice and any fur­ther de­lay in widen­ing will lead to pil­ing up of un­sold in­ven­tory around the area. One must re­mem­ber that un­like other mi­cro mar­kets such as Gur­gaon or even Noida Ex­press­way, the Ghazi­abad realty mar­ket is pri­mar­ily an end-user mar­ket and is largely de­pen­dent on the right price, com­ple­tion sta­tus, lo­ca­tion and the in­fra­struc­ture avail­able in the pro­ject.

“There will not be any im­pact on real es­tate prices in the next 12 to 18 months. No­body seems to be ex­cited about the NH 24 story yet be­cause ev­ery­body is wait­ing for ac­tual work to be­gin on the ground.,” says Anckur Sri­vast­tava of GenReal Ad­vis­ers. The i mme­di­ate ben­e­fi­cia­ries once the pro­ject is com­pleted will be Indi­ra­pu­ram and Vaishali, which will even­tu­ally de­velop into pre­mium mar­kets in the area.

“In­fra­struc­ture de­vel­op­ment such as widen­ing of NH 24 will re­duce com­mute time from Ghazi­abad to Delhi. There are many res­i­den­tial op­tions in var­ied bud­gets avail­able along the stretch and once the pro­ject is com­plete, it will boost de­mand for th­ese units,” says Vikas Bhasin, managing director, Saya Homes, that has two on­go­ing projects along this belt – Saya Gold Av­enue and Saya Gold Av­enue lo­cated in Indi­ra­pu­ram.

Max­i­mum ap­pre­ci­a­tion in prices is likely to be seen in af­ford­able mar­kets such as Greater Noida West, Cross­ings Repub­lik ( the ₹ 3,000 per sq ft to ₹ 3,500 per sq ft mar­ket) and even in mid-seg­ment mar­kets such as Sid­dharth Vi­har. Go­ing for­ward, more af­ford­able projects are likely to come up along the stretch.

Ac­cord­ing t o Mu­n­ish Mishra, VP (sales), Wave City, the widen­ing of NH24 will see the emer­gence of an af­ford­able hous­ing hub in the area.

“The NH24 pro­ject ( Springview Heights) is more or less sold out. We are up­beat about it. Prices have in­creased after the an­nounce­ment that work on the widen­ing will be­gin soon. As many as 400 fam­i­lies have al­ready moved in out of a to­tal of 700. The com­pany plans to launch 2,000 units some­time in 2017,” says Vi­neet Relia, managing director of SARE Homes.

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