The Tale of Two Segments in Ghaziabad's Real Estate Revolution
Ghaziabad has become a key player in NCR's real estate scene, showing a remarkable 139% growth from 2019 to September 2024. Yet, this impressive growth hides a captivating story of differing market behaviors between luxury and mid-segment housing.
Luxury Housing: Premium Resilience in Action
The luxury segment in Ghaziabad shows impressive price resilience during market fluctuations. Projects like Prateek Grand Begonia in Siddharth Vihar highlight how ultra-luxury developments keep up demand even during economic uncertainties. High-net-worth individuals and NRIs keep buying, driven by lifestyle aspirations rather than market changes.
Luxury properties priced above INR 10 million now make up 46% of total sales across NCR, recording a stunning 29% year-on-year increase. This segment shows lower elasticity - meaning demand stays steady despite price hikes.
Mid-Segment Housing: The Affordable Luxury Revolution
On the other hand, mid-segment housing shows higher price sensitivity but greater volume stability. Affordable property between ₹40-80 lakh in Ghaziabad attracts middle-class families looking for premium amenities without ultra-luxury price tags. This segment benefits from government subsidies under PMAY schemes, creating a buffer against market shocks.
The 14% increase in housing supply specifically caters to this demographic, showing developers' confidence in sustained demand. Ready-to-move-in properties gain traction here as buyers seek certainty amid rising construction costs.
Market Elasticity: The Verdict
Luxury housing shows inelastic demand - buyers purchase based on lifestyle aspirations rather than price considerations. Mid-segment housing shows elastic characteristics, responding more sensitively to economic conditions but benefiting from broader market participation.
For investors, luxury offers stability during upswings, while the mid-segment provides volume-based returns with government policy support acting as a demand stabiliser.