[ecis2016.org] Ghaziabad, was once listed among the ‘Ten Most Dynamic Cities’ of the world. It may finally be on the verge of emerging as an economic hub. For home seekers, this region offers many prospects
Ghaziabad, in western Uttar Pradesh, was once listed among the ‘Ten Most Dynamic Cities’ of the world. This was in 2006, when Newsweek included the region in a list that also had Las Vegas, London and Moscow. Since then, Ghaziabad has weathered many challenges, on its route to emerging as an important urban centre.
You are reading: Ghaziabad: Will it be the next Gurgaon?
While very few people have doubts over the potential of the city to emerge as an economic hub, the only stumbling block seems to be confidence in the market. Nevertheless, Ghaziabad continued to attract attention, even in the wake of the global slowdown. The main reason, is that the region has a mix of properties, catering to every segment.
Factors that worked in Ghaziabad’s favour
Moreover, it has relatively lesser inventory issues and faster delivery of projects. At a time, when the property markets across Delhi-NCR are softening, Ghaziabad seems to be defying the trend. While it may not match Gurgaon or Noida, in terms of infrastructure, it remains a safe market to invest and earn future appreciation. Ghaziabad also managed to avoid the land acquisition issues that plagued other markets of Delhi-NCR, as there has been no government land acquisition in this region. Consequently, investors also seem to prefer Ghaziabad, over the other saturated markets in the region.
The city is now witnessing a makeover, with malls and a golf course being developed. Although there is a lot more scope for infrastructure development, it still fares better than some of the more costly markets in the region. Analysts compare the rise of Ghaziabad to that of Gurgaon. Gurgaon flourished, in the wake of crumbling physical infrastructure in south Delhi. Similarly, they feel that Ghaziabad’s time has come, with the property markets of adjoining areas, including east Delhi being unable to cope with the pressure on its infrastructure.
The moot question, is whether Ghaziabad will really emerge as a global city. Facts seem to be encouraging. According to a Track2Realty study, the demand in some pockets of Ghaziabad has been steady. In places like Vaishali, Vasundhara or Indirapuram, ready-to-move inventory is less than 15%. The projects in these places, mostly offer mid-size and premium housing units. Moreover, there is a healthy balance between demand and supply, which is commendable, at a time when the Delhi-NCR market is sitting on an inventory surplus of nearly two years
The expansion of the Delhi Metro in and around Ghaziabad, is also prompting the working middle class to settle in these locations. Sandeep Yash, a local broker, feels that buyers in the region are spoilt for choice. Yash maintains that Ghaziabad is not just one market, but many micro markets within the district. “If there are properties in the price range of Rs 7,000 per sq ft in Indirapuram, there are also properties below Rs 3,000 per sq ft in Raj Nagar Extension. Today, Ghaziabad, for all practical purposes, starts from Delhi border and is worth habitation with some of the most attractive properties till Lal Kuan region,” he concludes.
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