Sky rocketing property prices in Delhi-National Capital Region (NCR) have made housing unaffordable for many looking to purchase their first home. But don’t lose hope. There are still micro-markets out there where you are able to buy affordable homes. And to make your life easier, we list 3 regions that just might be perfect for you.
Raj Nagar Extension
Known as the most promising residential hub of the NCR, Raj Nagar Extension mainly consists of mid-rise apartments in Ghaziabad with 1 BHK flats available for Rs 15 Lakhs to 4 BHK flats at around Rs 50 Lakhs. There are over 30 developers in the region who are working on 50 projects with around 20,000 ready built units and another 30,000 units that are under construction. Key points to look out for include:
· Ghaziabad Development Authority (GDA) has declared 500 acres along Hindon River as a green belt.
· A proposed flyover and road from Hindon airbase will offer greater connectivity with Delhi.
· GDA has proposed to construct a 6-lane Northern Peripheral Road bypassing NH-24.
· While schools & local shopping arcades are present, there are no major hospitals, shopping complexes or malls operational.
Next on our list is NH24 Bypass or the National Highway 24 stretch. It is a 438 Kilometer-long stretch from Delhi to Lucknow and is one of the biggest and most important highways in India. There are 13 ready projects offering close to 4,500 units and 31 projects with over 21,000 units that are under construction. The area has a large number of integrated townships that offer schools, ATMs, hospitals and shopping facilities. Key points to look out for include:
· Major ongoing infrastructure projects including an extension of Delhi Metro up to the Ghaziabad New Bus stop.
· Widening of the highway from a 6-lane into an 8-lane will ease congestion and improve connectivity to Delhi, Ghaziabad and Noida.
· Healthcare facilities include the Columbia Asia Hospital, while educational institutes like Ryan International School, IMS Ghaziabad and others are present.
Greater Noida West
Noida West or Greater Noida Extension is considered to be India’s biggest residential hub with over 250 projects offering a wide range of options to buyers looking to buy their first home. More than 75 developers have been allotted plots here for constructing residential units, high-rise and low-rise structures, to cater to a projected population of 10 lakh. An estimated 2.5 lakh built-up houses are to be delivered in the next two years. Key points to look out for include:
· A 14.95 Kilometer-long metro route is planned between Noida Sector 71 and Knowledge Park-V.
· The under-construction FNG Expressway will improve connectivity between Noida and Ghaziabad.
· The Greater Noida Authority is working on building better internal roads to improve connectivity.
· Ryan International School and Sarvottam International School are present, but there are no major hospitals in the region.
Experts that NDTV spoke to say that out of all three micro-markets, Raj Nagar Extension is the best thanks to its affordable pricing, high absorption rate, basic amenities and decent physical and social infrastructure. On the other hand, NH24 Bypass is expected to evolve over the next two years as major infrastructure projects are completed while the resolution of land acquisition issues will see Greater Noida West attracting a lot of home buyer and investor interest.
Reporter : Chankya Bhatia, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV