Raj Nagar Extension has all the basic amenities within a 3km radius, said Gaurav Gupta, joint secretary, Raj Nagar Extension Association. In a discussion with Vikram Jethwani of MagicBricks.com Bureau, Gupta explained why Raj Nagar Extension makes a livable place for home buyers.
What are the growth drivers for Raj Nagar Extension? What all infrastructure projects are under progress currently?
Proximity to New Delhi is the main driving force for growth in Raj Nagar Extension. The place is 25km from New Delhi’s central business district i.e. Connaught Place and only 12 km from the Delhi border.
The proposed 3-lane bridge over the Hindon River at GT Road and widening of the 6-lane road to 8-lane from Dabur T-junction to Meerut T-junction via Mohan Nagar and NH-58 are underway. Further, the proposed 6-lane link between NH-24 and NH-58 would redefine the connectivity in the area.
What is the livability quotient in Raj Nagar Extension?
The main arterial road is in place and work on the other internal roads is in progress. Recently, the Ghaziabad Development Authority (GDA) sanctioned Rs 200 crore for development of internal zonal roads. Water supply is normal. GDA’s Sewerage Treatment Plant is under construction and we hope that it will be functional soon.
What about the social infrastructure such as access to schools, colleges, hospitals, clubs/community centres, etc?
Raj Nagar Extension has all the basic amenities within a 3-km radius. Schools such as DPS Ghaziabad and GD Goenka are operational and every society has its own community centre and recreational zone.
In the current economic scenario, what is selling best in Raj Nagar Extension – commercial or residential?
The real estate market is going through a liquidity crunch. The market sentiment is low for investors, irrespective of the many festive offers. In the prevailing situation, demand for affordable housing is driven by end users.
Most queries are for residential properties. The area is known for integrated township and affordable housing projects. Customers are more inclined towards affordability rather than luxury housing.
Which configuration of property is in maximum demand?
People are mostly asking for 2BHK apartments in multi-storey buildings because they fit into their budget. A 1BHK flat is normally not constructed due to the density norms of the GDA.
Who is buying, what is the profile of the buyers and what are the preferred budgets?
Customers whose offices are in proximity to Noida, Greater Noida and Ghaziabad prefer Raj Nagar Extension. We have observed that people from Meerut are also inclined to buy property in the area to leverage the opportunity of having property in the vicinity of the national capital.
As all projects in this area fall in the range of affordable housing, the Rs 25-35 lakh bracket is largely a ‘middle income group’ destination and the preferred budget range in the area.