Price appreciation leading to capital gains in Raj Nagar Extension: CREDAI Ghaziabad

Ghaziabad (Uttar Pradesh) [India], June 5 (BusinessWire India): As a region, Ghaziabad has always been considered as the backbone of NCR's realty. There are several micro pockets in Ghaziabad where RNE is regarded as one of the fastest emerging realty hubs. The pricing and infrastructure factors play the most vital role in pulling the customers towards this region.

With connectivity and huge variety of products and sellers to choose from, this region has seen an immaculate demand and growth over the last few years.

Now with the Hindon Elevated Road becoming operational, the region has started garnering limelight ever so again. Buyers who at some point were a bit reluctant in choosing RNE as a destination have started finalising their deals. Talking to few of the buyers, we try to collect their thoughts over this.

Shivam Chaturvedi, a buyer on the lookout for a good deal in the region said, "Delhi will always remain the focal point on NCR as all the regions are established around it. Be it any region in NCR, its attractiveness is greatly defined by the connectivity it shares with Delhi. Now with RNE sharing seamless connectivity with Delhi through the Hindon Elevated Road and the metro work nearing completion, all our hesitations in finalising this destination were abolished."

Another important aspect which has come to the fore in the past two months since the inauguration of the elevated road is the price augmentation. In fact, it was bound to happen as a functional elevated road was sure to drive more demand towards this region.

Speaking to another buyer who has recently booked a property in the region, Aniket Kumar said, "Within a month of the Hindon Elevated Road getting operational, prices in the secondary market had started going up. We were looking out in both the markets, primary and secondary for a decent property in the region but as prices started going up with immediate effect, we had to close down on the purchase fast else we would have lost a good opportunity on the price front."

Some of the noted developers in the region include MCC, Star Realcon, SVP Group, SCC, SG Estates, VVIP Group, Landcraft, Highend, Carol, Ascent Buildtech, and KW Group.

"The realty growth of a region depends highly upon the connectivity with its neighbouring regions or surrounding infrastructure. Raj Nagar Extension is one such pocket in Ghaziabad which enjoys supreme connectivity with neighbouring cities and has been further bolstered with the newly inaugurated elevated road. With such immaculate connectivity and superior infrastructure, the return on investment is sure to be great as already properties in the secondary market have started witnessing a rise of 20 percent in the prices," said Manu Garg, President, CREDAI - Ghaziabad.

Experts are of the opinion that with so much more in store for Raj Nagar Extension in the form of infrastructural developments, property prices in the primary market are bound to see a jump of atleast 10 percent in the immediate future. The GDA has also been very proactive in terms of paying attention to the region, be it the civic amenities, or environmental development.

In terms of overall realty prospects and growth perspective of Raj Nagar Extension, Gaurav Gupta, General Secretary, CREDAI - Ghaziabad said, "Raj Nagar Extension is a complete real estate region with a perfect blend of residential and commercial setups along with apt civic infrastructure. It has been only over a month since the elevated road was inaugurated and we have started witnessing a sudden high demand for properties in the region. There are already over 17,000 families residing in the region and we expect more to take possession soon as many projects are nearing completion. This sudden growth in demand is sure to propel property prices in the primary market as has been indicative in the secondary market as well." (BusinessWire India)

This story has not been edited. It has been published as provided by ANI