The widening of NH24 will impact residential projects located in the developed markets of Indirapuram and Vaishali and emerging markets of Greater Noida West, Crossings Republik, Siddharth Vihar and Hi-Tech City.
Real estate experts say that improvement of infrastructure around this corridor is more of a necessity than a choice and any further delay in widening will lead to piling up of unsold inventory around the area. One must remember that unlike other micro markets such as Gurgaon or even Noida Expressway, the Ghaziabad realty market is primarily an end-user market and is largely dependent on the right price, completion status, location and the infrastructure available in the project.
“There will not be any impact on real estate prices in the next 12 to 18 months. Nobody seems to be excited about the NH 24 story yet because everybody is waiting for actual work to begin on the ground,” says Anckur Srivasttava of GenReal Advisers. The immediate beneficiaries once the project is completed will be Indirapuram and Vaishali, which will eventually develop into premium markets in the area.
“Infrastructure development such as widening of NH 24 will reduce commute time from Ghaziabad to Delhi. There are many residential options in varied budgets available along the stretch and once the project is complete, it will boost demand for these units,” says Vikas Bhasin, managing director, Saya Homes, that has two ongoing projects along this belt – Saya Gold Avenue and Saya Gold Avenue located in Indirapuram.
Maximum appreciation in prices is likely to be seen in affordable markets such as Greater Noida West, Crossings Republik (the Rs 3,000 per sq ft to Rs 3,500 per sq ft market) and even in mid-segment markets such as Siddharth Vihar. Going forward, more affordable projects are likely to come up along the stretch.
According to Munish Mishra, VP (sales), Wave City, the widening of NH24 will see the emergence of an affordable housing hub in the area.
“The NH24 project (Springview Heights) is more or less sold out. We are upbeat about it. Prices have increased after the announcement that work on the widening will begin soon. As many as 400 families have already moved in out of a total of 700. The company plans to launch 2,000 units sometime in 2017,” says Vineet Relia, managing director of SARE Homes.