Locational advantages, proximity to Delhi and Noida and other factors have made Indirapuram one of the realty hotspots in the NCR. But phenomenal demand and growth has also resulted in a host of civic and infrastructural problems, the overcoming of which will define the contours of further growth of the city
There Is a definite buzz about Indirapuram, one of Ghaziabad’s two sub cities, the other being Crossings Republik. In recent years, the Ghaziabad locality has grown in size and stature as a prime residential area and has become one of most preferred localities in National Capital Region (NCR) due to its proximity to both Delhi and Noida.
Also pertinent is the fact that houses here are available at competitive prices and includes all the various property segments — affordable, mid-segment and even the luxury component.
While the interest for the city was sparked off by both residential and commercial needs, as time progressed, the demand for residential real estate has grown exponentially far outstripping the supply. At the same time, neither the demand for commercial development nor the infrastructural requirement has been able to match pacekeeping in view the number of units set up and the number of people residing there.
With rapidly growing population in the area, the Ghaziabad Development Authority (GDA) has prepared many plans especially on the commercial and infrastructural development fronts.
On being contacted, Santosh Kumar Yadav, vice-chairman, GDA told Realty & More: “It is a good hub in Gaziabad that has helped the Authority earn good revenues. A lot of people who are working or doing business in Delhi and Noida prefer this hub to stay and commute daily to their respective work places. For their commuting facilities, we plan to develop all the entries to Indirapuram.”
“The GDA has identified three main entries and our effort is to make them beautiful by landscaping and other methods such as widening the roads, maintaining greenery all around, setting up sufficient traffic lights in all intersections etc.”
Yadav also added that the proposed Metro extension from Sector 32 to Sector 62 would ease commuting problems to a large extent and that the Authority has an in-principle agreement with Delhi Metro Rail Corporation for the purpose. “The Detailed Project Report is already in place.”
Asked about the time-frame and budget of this particular project, Yadav says: “It will be completed in the next three months or so and we will be spending approximately `20-25 crore on it.”
The Authority has ambitious plans to develop local markets in the area too. “As far as the area is concerned, the place is not very big. As a lot of local markets are mushrooming in the area, the Authority has identified a particular place for access to all the markets. This is a part and partial of our main plan,” Yadav said, adding that a golf range is also in the offing in the area.
To strengthen the security system in the area, the Authority has tied-up with Reliance which is installing its 4-G network in the locality. Yadav says: “To increase vigil, the police have demanded cameras to be installed in over 50 places. So we have tied up with Reliance and the company has agreed to set up cables for CCTV installation. It will happen in the next two months.”
With the realty sector growing here at a phenomenal rate over the last few years, the promises to grow in the coming years are getting only stronger. There are over 55 projects of several builders like Gaursons, SVP Group, Victory Infra, Mahagun, Amrapali, Ashiana, Parsvnath, Express Builders, Krishna Apra, Jaipurias, Agarwal Associates and SVP Group which have already been completed or are in various stages of completion.
There are plans also to develop the commercial and office space segment. “The GDA has plans to develop Indirapuram Extension in about 150 acres for commercial and office space. This shall be done in the current financial year,” Yadav said.
Besides the GDA’s effort, some developers are also trying to give this area a new look in the near future. In line with India Habitat Centre at Lodhi Road in Delhi, Victory Infratech now has entered into the real estate development of Ghaziabad city with the launch of Indirapuram Habitat Centre.
Responding on a query on this development, a senior official of GDA said,“This coveted project, if completed on time, will turn the dream of owning both commercial as well as office space of international standard into reality midst natural elegance.”
Envisioned by the GDA, Indirapuram Habitat Centre will come up as a single destination for every kind of activities, be it conducting business meetings, debate issues, shopping or having fun with their loved ones. With the real estate business growing manifold in the area, for the sake of prospective buyers especially in residential projects, the GDA is making its all-out effort for a realty boost in Indirapuram. Following recent large-scale violation of the UP Apartment Act by developers, the GDA has issued notices to over 30 realty firms and asked them to submit a declaration in which they have to explain details of their projects, including plot size, number of floors and flats to be constructed, land title, facilities to be offered, etc.
The Authority will later crosscheck the details and examine whether construction is going on as per necessary approvals or not. Despite the GDA’s strict norms and monitoring, developers are sure about their business prospects. They feel that the growth of real estate in a particular region is based on several parameters such as location, connectivity, infrastructure, etc which Indirapuram offers.
“Indirapuram fulfills all these parameters the most and it has always made the real estate demand to surpass the supply. The work of the authorities has also been very good for this region. The only thing lacking here is that of commercial and industrial developments but which will only get better with time,” said Ashok Gupta, chairman and managing director, Ajnara India. “The initial development at Indirapuram saw major residential projects which have only carried further up till date.
Approximately 70 per cent of the projects are residential here. The only drawback is that there has not been much commercial and industrial development here. Today we do not have even a single giant MNC, they are yet to pay us a visit. So, a few years down the line we may perhaps witness an overall renovation of the city,” said Kushagr Ansal, director, Ansal Housing.
“A government body of a region is most important for the region’s infrastructural development. When the infrastructure is in place, the demand automatically shoots up. Looking at the current construction status of the developers, meeting sales demand has been quite easy in Indirapuram as compared to other places,” said Deepak Kapoor, director, GulshanHomz.
But the hope abounds. “The plan laid down for the city has been such that it provides a wonderful location and connectivity for the residents and commuters. There are a few hurdles in the way such as electricity problems, few bad roads, and lack of industrial and commercial developments. But this is very momentary. The future of this city looks even better than the present,” said Rupesh Gupta, director, JM Housing.
Lastly,but not the least, there are no dearth of hospitals, clinics, malls and schools in and around Indirapuram.Moreover, there are several plans in the pipeline to widen NH-24 and develop Habitat Centre on the lines of India Habitat Centre in Delhi. Besides, a lot of multinational companies such as Starbucks, Shoppers Stop and other retail giants are eager to enter the area for their presence.
“Indiapuram is a very promising place to run our business. We are now concentrating on reviving the existing stores. In future, if things fall in place, then we will think about expanding further,” said Deepak Yadav, assistant vice president, Business Development, Shoppers Stop Ltd.
With houses available at competitive prices even though the place is very close to Delhi and Noida, developers feel that the realty sector will grow here on a phenomenal rate over the next few years and hence the price corrections will take place accordingly.
“Indirapuram’s real estate market currently is stable. In 2002, the real estate scenario had fallen but now the market has shown a tremendous rise and various upcoming projects are getting a brilliant response from investors. So there may be some price appreciation in the near future,” said Dhiraj Jain, director, Mahagun Group
WHAT DEVELOPERS SAY
“The prices in real estate can never fall. Property is the most valuable asset for everyone and hence it always appreciates with days and years. So thinking about price correction is baseless. It is always better to invest at the earliest due to the fact that the prices will not be the same as before,” added Prashant Tiwari, chairman and managing director, Prateek Group.
A key factor that will result in further enhancement of Indirapuram’s prestige and demand as a realty destination is when the government bodies pay heed to the development of NH-24. And hopefully, it is sooner rather than later.