With the improvement in infrastructure, facilities and connectivity, real estate in Ghaziabad is growing faster compared to Noida.
Real estate in Ghaziabad is on the verge to become a hot real estate destination in around 5 years’ time as compared to Noida. Yet one should notice that Noida has achieved a level of growth in a quicker span.
Earlier if the real estate builders avoided Ghaziabad real estate due to its weaker development, the current situation shows that they are keen to build up projects in Ghaziabad. Due to the steady improvement, the city seems to be competent to Noida real estate. Ghaziabad might now obviously hold better investment chances than Noida.
Situation has got changed a lot. In 1990s if the city was not in favor of high- rise apartments, recent trends show that it has become high- rise oriented. Earlier the city did not have any good policy to support group housing developments.
CMD of Supertech, Mr. Arora said that the city can expect some tall residential developments like Supertech Supernova or Supertech North Eye. He said that such tall residential projects will be possible only in case if the Ghaziabad Authority takes necessary actions and implement policies.
He demanded that first of all the GDA should increase the FAR. He pointed that tall buildings can be built only with an improved floor area ratio.
When asked about the better scope of Ghaziabad real estate, he said that Ghaziabad real estate has a bright future. The city now has improved infrastructure and adequate power and water facilities. Furthermore the connectivity of the city also has got improved. Metro network also is expanding. With all these factors Ghaziabad real estate will boost and flourish.
The numbers of good educational institutions are also increasing. There are many multi- specialty hospitals in the city. Further the future of Ghaziabad real estate is brightened by the presence of MNCs and other National Corporates. Though there aren’t many in comparison to Gurgaon or Noida, there is an increase in the MNC -number.
Ghaziabad real estate developers demanded a rise in the Floor Area Ratio (FAR). They demanded that the Ghaziabad Development Authority (GDA) should increase the Floor Area Ratio in view of enabling the builders to construct taller buildings.
Realizing the increased demand for housing units, real estate developers demanded that the development- authority should increase floor area ratio. Only the taller buildings can solve the issue of increased demand for housing units.
The lack of land parcels has created a big problem for the real estate builders in constructing sufficient number of residential units. Besides the increased demand for housing units, the commercial needs also can be met only in case if the floor area ratio is increased.
Supertech’s CMD Mr. RK Arora said that Noida real estate holds better scopes than Ghaziabad as the GDA is not implementing real estate supportive policies. On the other hand he stated that Ghaziabad did not have any policy of group housing. The infrastructure development of the city was weaker than Noida.
Real estate experts predict that Ghaziabad real estate will be one of the hotter real estate destinations in 5 years’ time. They opine that nearly 3-4 million housing units will be demanded in the area.