What’s In Store For Ghaziabad’s Realty Market With The Upcoming Smart City Project

The Smart City project is gaining momentum as more and more cities are being added to the list. The project symbolizes a technologically advanced and ecologically friendly urban space that is economically stable.

In the recently announced list of cities that will be taken under the wings of the Smart City project, a name that stood out was Ghaziabad. Out of the 13 cities from Uttar Pradesh to get the smart city tag, Ghaziabad received maximum attention due to its proximity to Delhi-NCR. Strategically located just 19 km from Delhi, Ghaziabad acts as a getaway to Delhiites and people living in NCR. This article takes a look at how Ghaziabad will be transformed after the completion of Smart City project.

Realty in Ghaziabad

The congestion in Delhi and surrounding cities has compelled people to opt for housing in Ghaziabad. The city has good infrastructure and the property prices are low here when compared to Delhi and other metropolitan cities of India. According to CommonFloor.com, the estimated sale price appreciation of properties located in Indirapuram, Ghaziabad is 3.3 percent per year.

However, in the recent past, Ghaziabad’s property sector has been declining due to a drop in investments. This fall is credited to the low quality of housing projects and the lack of space. The city also faces continuous electricity and water shortages, all of which also contributed to a further drop in investments.

Smart City Project in Ghaziabad

There has already been considerable growth in the city’s infrastructure, which includes a fully functional metro line connecting major parts of the city. It is now becoming a breeding ground of not one, but all three segments of trade- commercial, residential, and retail. There are several other projects in the pipeline that will further boost the realty sector of this city.

·There are talks of setting up a multi-purpose SEZ (Special Economic Zone) spread over 1000 hectares, which will help reduce the pressure of tax on retailers and traders, thereby increasing the overall investment in this city.

·There are a few other road projects in the pipeline, including Northern Peripheral Road (NPR) and widening of NH-24, all expected to relieve the congestion within the city.

·The city has abundant good schools, shopping complexes, colleges, hospitals, greenbelts and parks, and banks. They all offer an attractive residential lifestyle at a much affordable price than Delhi.

·The new Smart City will focus on some prime sector, such as electricity and water supply, sanitation and waste management, public transport, safety and security, citizen participation, public information centers, IT connectivity, e-governance, and an efficient traffic management system.

·Due to this project, developers will start focusing on constructing pollution-free and energy-efficient commercial and residential projects, all of which aim at improving the overall quality of life in Ghaziabad.

All of these projects will undoubtedly kick-start the realty sector in Ghaziabad that has hit a rough patch lately. It is currently in its second stage of development and the government has plans of installing solar panels and providing WiFi connectivity to its citizens.

With the advent of the Smart City project, we can expect to see rapid development in Ghaziabad and other parts of the country. The project will also improve the overall quality of life that Indians will lead in tech-savvy and ecologically stable cities.