property in
Please enter place e.g. Delhi, Mumbai etc

Published on 10/2/2017 12:58:31 PM
Indirapuram now within reach
Today, Indirapuram is competing with Kaushambi and Vaishali-the other two most developed regions in Ghaziabad-in terms of growth and development.

This can also be gauged from the fact that most of the major developers of the NCR have projects in Indirapuram, ranging from Gaurs to ATS and from Mahagun Group to Saya Group.

GC Grand and GC Emerald Heights (by Gulshan Homz), Shipra Sun City, Gaur Green City, Gaur Green Vista, Mahagun Mansion, Orange County and ATS Advantage are some of the completed, prime housing projects in Indirapuram, while Saya Gold Avenue and Rishabh Cloud9 are among the projects under construction.

"Indirapuram and Vaishali are well located in the periphery of Delhi and primarily serve mi dsegment housing to the working population of Delhi, Noida, and Ghaziabad. Over the last decade, these two localities have developed as self-sustained micromarkets in terms of social amenities and infrastructure. Availability of public transport, Metro connectivity and proximity to key employment hubs is the primary demand driver of residential apartments in this area," Surabhi Arora, Senior Associate Director (Research) at Colliers International India, said.

Indirapuram and the adjoining areas of Vaishali, Vasundhara, and Siddhartha Vihar have all faced the brunt of the current property slowdown, but realty experts say that this may be the right time to buy a piece of property in these areas, as there are no chances of further dip in prices. On the contrary, once RERA becomes effective and buyers regain confidence, property values may only move northward.

For example, the capital value of Indirapuram as a whole was Rs 4,089-6,021 per square feet in 2015, which reduced to Rs 3,756-5,667 per sq ft in 2017, showing a decline of about 9-6%.

Similarly, the capital value of Shakti Khand and Niti Khand was Rs 3,805-5,371 and Rs 3,850-5,447 per sq ft, respectively, in 2015, which is around Rs 3,505-5,072 and Rs 3,510-5,168 per sq ft currently. And similar is the case with other pockets also--be it Gyan Khand, Ahinsa Khand, or Abhay Khand.

Industry experts, however, are still bullish on the growth prospects of these areas. "Although the capital values of residential properties are almost stagnant for over two years and rents have fallen by about 1520% due to unremitting residential supply in areas like Greater Noida West, Sectors 70 to 78, and Noida like Greater Noida West, S Expressway, we expect the enhanced connectivity via Sector 62 Metro and development of Delhi-Meerut Expressway to give a further boost to these locations," RK Arora says.

Right time to invest

Manoj Gaur, Vice National President of CREDAI-Na and MD of Gaurs Group, says, "Indirapuram has reached saturation point today-be it pricing, population density, load on infrastructure, or future development potential, with hardly any land available for any purpose. The rates of residential properties, which started initially at around Rs 2,000­-3,000 per sq ft, reached their peak at around Rs 6,000 per sq ft, but have seen a downward trend in the recent past. This is a good reason to invest in properties here."

"The government once was also eager to show case Indirapuram as the future of Ghaziabad. The micro-pocket was well planned and developed unlike other competing property markets of the district like Vaishali, Vasundhara, or Kaushambi. With the saturation of its product life cycle, prices even in Indirapuram have started declining, which makes it a good time to purchase properties here," Dhiraj Jain, Director of Mahagun Group, says.

Experts say there is already scarcity of land in Indirapuram and its adjoining pockets. "There is price correction, to some extent, in Indirapuram and adjoining regions with residential hubs like Siddhartha Vihar and Raj Nagar Extension coming up in close vicinity. Buyers should definitely take advantage of this opportunity," says Gaurav Gupta, General Secretary of CREDAI ­Ghaziabad and director of SG Estates.