CREDAI believes that the construction of Delhi Meerut Expressway (the first phase of NH 24 widening project) will positively impact the supply and demand of housing projects in NCR. Locations such as, Greater Noida (West), Sidharth Vihar, Indirapuram, Raj Nagar Extension, Crossings Republik, Vaishali and Kaushambi are more likely to be benefited from the Delhi Meerut expressway.
Reports also indicate that the flats in Ghaziabad will witness a rise in demand, owing to the large population in the city and number of infrastructural developments, for example, Delhi-Meerut Expressway, construction of the remaining part of the NH 24 widening project and Metro route extension to Ghaziabad.
In simple words, Nh 24 Delhi Meerut expressway property market is a boon for investors, end consumers and property developers. At one hand, where investors and home buyers will have access to more lucrative options in residential, commercial and retail spaces, at the other hand, property developers will find more opportunities to develop avant-garde living and commercial spaces to attract new customers. It is thus, a win-win situation for all.
Undoubtedly, the property market lying within the peripheral of Delhi Meerut expressway is the talk of the town these days. With every infrastructural development in the city, the rates and value of property in Ghaziabad is expected to see a hike. This is why market gurus often suggest buyers to purchase a property in the city, as soon as possible.
Here are some of the most important locations along the Delhi Meerut expressway, which are going to experience the maximum changes, in terms of property demand, property rates, connectivity etc.
Ghaziabad shares the maximum length with the expressway. This is the reason why the property market in the city is expected to get the maximum boost or benefits, as compared to other regions. Listed below are some facts that will help you in making your property buying decision –
- After the completion of the first phase of the NH 24 widening project, the property prices in the region grew from 8% to a whooping 12%.
- As of now, the property searches are quite stagnant and similar to those in the last year.
- Initially, property searches were down to 25%. However, as the time passed by, the total amount of property searches neared the amount, as was in the previous year. In the coming days, the searches are expected to increase by a few percentage.
- A surprising fact about the property searches in Ghaziabad is that people from Maharashtra and Karnataka are actively looking for affordable properties in the city.
b) Raj Nagar Extension
Raj Nagar Extension is the hottest real estate destination in the city and attracts number of eyeballs from not just within the city, but across the country. With the widening of NH 24 and Delhi Meerut Expressway, this location might certainly grab heightened exposure to numerous benefits.
- In comparison to the previous year, the property searches in the said location has escalated by more than 35%.
- Most of the property builders in the area agree that after the elevated road got operational, the conversion rate grew up to 35%, while the walk-ins saw a 100% growth. Thus, after the completion of the entire NH 24 widening project, the property sales, conversions and housing demand would multiply by several times.
- At present, there is no such increase in the property rates, as the property builders want to sell off their unsold inventory, first. However, the price may increase by almost 15 to 20% within a few months time.
Meerut is certain to benefit from the expressway, as it will connect Delhi with Meerut via Dasna in Ghaziabad. It will not just boost property rates, but also make daily commuting easier for the residents.
- The city has seen a massive growth in the overall property searches, as it increased by almost 30% compared to the last year.
- Meerut is another location where buyers and investors from Maharashtra and Karnataka are showing huge interest in the residential and commercial properties. Within Maharashtra, Navi Mumbai, Mumbai, Pimpri-Chinchwad and Pune are noted to be among the top places from where people are actively looking for property in Meerut.
- Just like Raj Nagar Extension, builders in Meerut too, are not in the favour of increasing the property rates, at present, just to sell off the existing inventories. Almost after 1.5 years, the city has seen an upward trend in property sales. Hence, increasing the prices at this stage would affect their sales.
The Delhi Meerut expressway also has Modinagar lying in its peripheral. Thus, Modinagar’s property market too will find enormous benefits for its residents and new customers.
- Modinagar’s property market is not price sensitive. However, the residents are optimistic towards witnessing a price hike of approximately 5 to 10% for plot sale.
- Although there are not many players in the market, yet there has been an increase of 20% in the total property searches in the said location.
- As far as builders are concerned, they are of the view that there is not much increase in the property prices. But, there is a sure shot increase in the number of inquiries for the residential or commercial property in the market.
All these facts clearly indicate that purchasing a property that is located in the vicinity of Delhi Meerut Expressway or NH 24, is the wisest decision. This is because the flats in NH 24 Ghaziabad and all the above locations, attract multiple benefits from the NH 24 widening project and carries immense value for the upcoming future.
This is specifically important for people, who are currently living in rented houses. With provision of such lucrative properties at affordable rates, it is wise to ‘purchase’ a home. Even if you ‘own’ a home, investing at these locations would significantly help you, on account of their future potential.
So, be it for investment or for living with family, Nh 24 Delhi Meerut Expressway property market is the ideal pick.