5 Things That Can Change The Face Of Ghaziabad Real Estate
People often look to invest in property in Ghaziabad as the city offers a buffet of affordable real estate assets. However, before making an investment one must take a close look at various factors that influence the capital values of properties. Here's what can make Ghaziabad promising:
Bridging demand and supply mismatch
The main reason why the capital values of properties in a particular area appreciate or depreciate is the demand and supply economics. Currently, there is an over-supply of properties and, hence, the rates in the city have more or less remained constant over the years. However, the situation is opposite for places like Indirapuram, where there is a steady demand for properties. Sadly, barring a few localities most areas of Ghaziabad face a problem of oversupply and lack of demand, which has affected the overall real estate sector of the city. Good deals can attract price-sensitive customers to invest here, and once the problem of property oversupply is solved, the city's real estate will receive a boost.
Addressing connectivity issues
Many people have invested in Lal Kuan flats and properties along the NH-24 thinking that these assets will appreciate due to location factor. However, the roads are narrow, which creates connectivity issues.
All the main civic administration offices are also located in the old city, and are very difficult to access due to narrow roads. Although now there are talks about making the NH-24 wider, home buyers would prefer that the pace of these developments catches up. The deadline for the Stand Metro line plying between Dilshad Garden-New Bus which will run 9.41 km has also been extended by a year. If the Metro work would have been completed on time the property in Ghaziabad would have been promising.
Although the infrastructure in Ghaziabad is evolving, the pace of development is painstakingly slow. In addition, the existing infrastructure needs to be upgraded urgently to accommodate the burgeoning needs of the growing population. The much-anticipated Metro project that was supposed to be completed in June 2017 has also been delayed by a year. The state government should clearly assess the situation and provide adequate funds so that all the projects are completed on time.
Strict adherence for law and order
Law and order issues have taken a toll on the health of the Ghaziabad real estate market. Many people who are living here often say that they prefer not to travel during off-peak hours, as they fear they will be a victim of street crimes.
Improve occupancy levels
Barring a few well-connected areas, most of the townships are still not fully occupied and this has led to a surge in criminal activities as well as slow pace of development. Low occupancy has also resulted in absence of a residents' welfare association, which can fight for residents cause with big developers.
Most of the people who have bought properties in Ghaziabad have done so for investment purpose and therefore not many people currently live here. This too proves to be a negative factor that prevents many end-users from purchasing a property in Ghaziabad.
Many completed projects still do not have proper power and water supply, as these projects are not fully occupied. If the infrastructure of the city is improved, more end-users will be prompted to stay here and the problem of vacant apartments will reduce significantly.