First among equals

Strategically located between three cities — Delhi, Ghaziabad and Noida — Indirapuram in Ghaziabad district has come of age, says Brix Research
Afew years ago, having a property in Ghaziabad was looked down upon by many on account of its notorious crime scene. Today, the same location is considered a prized property due to its upcoming real estate options. Additionally, entertainment, quality education and health care in the NCR region of Ghaziabad have grown manifold. And, among all, Indirapuram has emerged as the costliest location in the Ghaziabad region.

Strategic location:
Strategically located between three cities (Delhi, Ghaziabad and Noida), Indirapuram’s infrastructure is considered to be its biggest asset. The entire skyline of Indirapuram has changed remarkably in the last two-three years. An increased growth of commercial and retail sector, as well as the social and physical infrastructure, has further resulted in a glut of residential projects including well-planned townships.

Value trend:
The rates of residential properties in Indirapuram have skyrocketed in the last couple of years. According to research reports, property rates in Indirapuram have registered a 70- 80% appreciation in the last one-and-a-half years. Shipra Estate was one of the first private developers to have launched a property in Indirapuram, two years ago. Shipra’s prime residential property in Indirapuram was valued at Rs 1,200 per sq ft, but today it costs more than Rs 2,600 per sq ft, says Mohan Gupta, a real estate agent operating from Indirapuram.

Growth drivers:
The introduction of the Metro Rail and the Commonwealth Games are two epochal events that have stimulated demand for property in the Ghaziabad region. Kaushambi, Vaishali, Vasundhra and Indirapuram have seen the maximum amount of real estate development. Of these, Indirapuram has clearly emerged as the hotbed of real estate activity in Ghaziabad. Property builders and estate agents feel that in another two years’ time Indirapuram would be choc-a-block.

Future outlook:
The properties in Indirapuram are quite affordable. People from middle and upper-middle classes are largely buying these properties. The trend of villas, penthouses and independent floors is also catching up in Indirapuram. With superior standard of amenities being offered in almost all residential projects in Indirapuram, which includes, suitable parking, parks, power backup, 24-hour water supply, swimming pools, nursery, gym, among others, the real estate value of the place is ballooning. Since good living is the catchphrase in the Ghaziabad region, private developers are coming up with a multitude of lifestyle premium apartment-projects in Indirapuram. Provision of high-class infrastructure is foremost criterion for residential property developers. Hit by the current market slump, transactions have been low. Also, due to an increase in the cost of construction, many developers have delayed their projects, for which bookings were made in advance. Besides these, a few other issues like the number of factories on the main road leading to high levels of pollution, crossing the border during rush hour, inter-state buses, transit trucks and local auto-rickshaws parked at the border often leads to long traffic jams. These concerns have to be urgently dealt-with by the authorities, for Indirapuram to become a real estate destination in the true sense — also vouched by residents and developers alike.