Ghaziabad Real Estate Poised for Growth, Challenging Noida's Dominance
Ghaziabad's real estate market is experiencing rapid growth, fueled by improvements in infrastructure, amenities, and connectivity. This progress positions Ghaziabad to become a prominent real estate hub within the next five years, potentially rivaling Noida, although Noida's rapid growth is noteworthy.
Previously, real estate developers often overlooked Ghaziabad due to its underdeveloped infrastructure. However, the current landscape reveals a shift in their perspective, with developers now eager to undertake projects in the city. This renewed interest stems from the steady advancements Ghaziabad has made, making it a strong competitor to Noida. Consequently, Ghaziabad presents potentially more lucrative investment opportunities compared to Noida.
The transformation is remarkable. In the 1990s, the city was resistant to high-rise apartments. Current trends, however, demonstrate a clear embrace of high-rise living. The city previously lacked supportive policies for group housing, further hindering development. Now, policies and development plans are evolving and promoting vertical expansion.
Mr. Arora, CMD of Supertech, envisions a future skyline punctuated by towering residential projects, comparable to Supertech Supernova or Supertech North Eye. He emphasizes that these ambitious projects hinge on the Ghaziabad Development Authority (GDA) taking decisive action and implementing effective policies.
Mr. Arora's primary demand revolves around increasing the Floor Area Ratio (FAR). He highlights the critical role a higher FAR plays in facilitating the construction of taller structures.
Speaking on Ghaziabad's real estate prospects, he expressed optimism about the city's bright future. The improved infrastructure, including adequate power and water supply, combined with enhanced connectivity and an expanding metro network, are key drivers of this positive outlook. These factors collectively contribute to the anticipated boost in the Ghaziabad real estate sector. Mr. Arora is confident that Ghaziabad will thrive, driven by these improvements.
Furthermore, educational and healthcare facilities are expanding, with several multi-specialty hospitals enriching the city's landscape. An increasing presence of multinational corporations (MNCs) and domestic companies also contributes to this bright future, although Noida and Gurgaon retain a larger corporate presence. There’s a noticeable upswing in MNC activities for the Ghaziabad area.
Real estate developers echoed the call for an increased FAR by the GDA. This is to enable builders to construct taller buildings capable of addressing the rising housing demand and associated needs. The limited availability of land parcels underscores the urgency for vertical development solutions.
Mr. R.K. Arora, CMD of Supertech, acknowledged the strong demand for housing and commercial space, with taller buildings offering a solution to the land scarcity issue and high demand. He previously pointed out limitations in the development-authority policies supporting real estate in Ghaziabad in comparison to neighboring regions like Noida. The limited land parcels are creating challenges for real estate builders in Ghaziabad, particularly in the development of an adequate supply of group housing projects.
Real estate experts foresee Ghaziabad becoming a highly sought-after real estate destination within the next five years. A projected need for approximately 3-4 million housing units within the area underscores the significant growth potential. They opine that Ghaziabad real estate will be a hot market in the next 5 years and that the region can meet the housing units demand required and projected at this time.