House Prices Shoot Up As Buyers Tire Of Noida Land Rows


Ghaziabad: Older and more populous than Noida,Ghaziabad has lived in the shadow of its high-profile southeasterly neighbour throughout the recent boom years.Thanks to its association with Noida even if only in name even the farflung Noida Extension area was able to command a premium in terms of property prices,relative to many parts of Ghaziabad.

However,with the recent controversies surrounding land acquisition in Noida Extension,and the Supreme Courts order of Wednesday reverting acquired land to the residents of a village there,Ghaziabad finally seems on the ascendant on the real estate map.

While homebuyers have suddenly become wary of investing in the Noida Extension-Greater Noida belt,house prices in Ghaziabad are on an upswing,with middle-income buyers looking upon the area as a safe bet.There has been a scramble for booking flats in the Indirapuram and Rajnagar Extension areas of Ghaziabad.Fed up with land acquisition rows delaying projects in Noida Extension,people are now shifting here, said an official of the Rajnagar Extension Builders Association (REBA).Consequently,property prices have gone up by 10-15 per cent in the last few months.

Builders say both inquiries and bookings for flats have increased since the land acquisition controversy erupted in Noida Extension.For the last three months,we have been getting more than 20 enquiries a day and booking more than two flats every week, said a property agent,Ashok Chaudhury,in Rajnagar Extension.

An ordinary two-bedroom-hall-kitchen (BHK) flat that would have cost Rs 15 lakh to Rs 25 lakh now costs Rs 18 lakh to Rs 30 lakh here, said the marketing head of a developer in Ghaziabad.More than 55,000 flats are scheduled to come up in Ghaziabad in the next 10 years,with roughly 5,000 of them in the upmarket Indirapuram area that lies close by Delhi.

At present,32 housing projects accounting for 16,000 flats are coming up in Rajnagar Extension.As part of its commercial development plan,the region is set to have a special economic zone (SEZ),a golf course and a national stadium in the next few years, said the marketing head of a construction firm,Rohit Dagar.

Ironically,it is the lack of government intervention in land acquisition deals that has kept Ghaziabad free from controversies of the kind now snowballing in Noida Extension.The biggest selling point of Ghaziabad over Noida Extension is that most of the land in the former including the entire Rajnagar Extension area is freehold land.Builders have bought it directly from farmers and villagers, said REBA president KK Goyal.You are the owner of your land once you buy it here,whereas in Noida Extension you hold lease rights over land for more than 90 years, he added.

The entire 5,000 acres of land marked for development by the Ghaziabad Development Authority (GDA) in Rajnagar Extension is free-hold.Builders have bought land by making upfront payments to farmers and villagers without the intervention of the GDA, said Goyal.

In Noida Extension,land is first acquired by the authorities,who then give it to builders on a lease.This has sown the seeds of confrontation as farmers,whose land is acquired,invariably protest that they have been shortchanged out of their property

WHY GHAZIABAD SCORES OVER NOIDA EXTENSION


FREEHOLD

land as compared to leasehold land in Noida

EASY ACCESS

to Delhi,Noida

24-HR BACKUP

in most housing societies Ganga Jal Pariyojana to meet water demand Medical facilities with several hospitals in vicinity 16,000 flats in various stages of completion 55,000 flats to come up in next few years Flats in 1/2/3/4 BHK categories cater to all income groups Flats priced between Rs 18 lakh and Rs 1 crore 5000 acres for development in Rajnagar Extension area 2000 acres for residential purpose 3000 acres for commercial purposes 48 new projects in the pipeline.

-TOI
Read more
Reply
12 Replies
Sort by :Filter by :
No replies found.