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When we talk about Ghaziabad, the first picture that comes to mind is the development – residential and commercial – taking place near NH-24

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When we talk about Ghaziabad, the first picture that comes to mind is the development – residential and commercial – taking place near NH-24. It will not be wrong to say that this highway acted as a facilitator for Ghaziabad’s real estate market.

Places that were seen as ‘not-so-chic’ for Delhiites in early 2000 turned out to be the most prized in the NCR. Another factor that is working to enhance the demand is the extension of the Metro line from Vaishali to Arthala.

The interest

NH-24 came into prominence with the launch of Crossings Republik, where many developers came together to provide affordable houses. According to a study, prices at Crossings Republik started at around Rs 1,800 per sq ft and, in one year, went up to Rs 2,000 per sq ft before dipping again to Rs 1,800 per sq ft in Q2 of 2009. Prices kept on oscillating from Q3 of 2010 and in Q1 of 2011 reached around Rs 2,100 per sq ft.

“People have been responding well to the projects on this stretch, as was evident by the enquiries for all the projects. The recent launch of township projects in this part of the NCR is a welcome development. A township project takes around 10 years to take shape with wellplanned developments. Transport corridors like national highways and state highways across India have witnessed significant real estate development during the real estate boom.

The government has also helped in boosting and promoting industrialization in these areas. Combination of production units, public utilities, logistics, environmental protection facilities, residential areas, social infrastructure, administrative services and industrial areas has been systematically planned along corridors.

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Crossings Republik, which is a privately-developed residential township in Ghaziabad has recorded a hike of almost 50 per cent in its property values in the last two years.

Crossings Republik, which is a privately-developed residential township in Ghaziabad has recorded a hike of almost 50 per cent in its property values in the last two years. The previous year, 2013, alone witnessed a hike of nearly 23 per cent with maximum prices reaching as high as Rs 3,900 per sq ft. The township is most popular for its affordable values and seamless connectivity to the NCR towns. It has been recording increasing demand from middle-income end-users which has resulted in the hike in values.

“Housing demand in Crossings Republik has increased manifolds in the last one year, which has resulted in a hike in property values.

The fact that Crossings Republik is highly approachable through the National Highway-24 makes it highly preferable for those working in Noida and Delhi. While currently it seems to be providing healthy returns to its investors, it still needs to be seen how much appreciation is in store for this township in 2014.

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Splash different colours and enjoy the Holi festival. Let’s celebrate and enjoy!

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