ICCPL PROPERTY NEWS

NH 24 VERSION 2.0 TO BOOST REALTY ALL ALONG

   Just as the year 2015 drew close to it’s end, our Honourable Prime Minister, Shri Narendra Modi had launched a mammoth 7,500 crore project for the widening of the existing Delhi – Meerut roadway and replace it with an expressway to decongest the National Capital and its nearby regions that form the integral part of NCR’s realty map. The project was estimated to be complete in the next 30 months. When this project was inaugurated, everyone was high in anticipation that not only will this benefit the daily travellers of this belt, but would also boost the real estate growth along the entire patch. Regions falling along the widened belt are expected to yield the biggest benefits.

Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz avers, “History has been a witness to how connectivity plays a major role in shaping up the real estate of a region. When talking of ongoing widening NH 24, there are multiple micro pockets of both Ghaziabad and Noida which would benefit hugely from it. To name a few, pockets like Rajnagar Extension, Indirapuram, Siddhartha Vihar, Crossings Republik, etc. which enjoy direct connectivity with NH – 24 and would be the first to reap fruits of this new expressway.”

“Micro pockets like Indirapuram and the first phase of Crossings Republik have already materialised to a great extent but Siddhartha Vihar and the second phase of Crossings Republik have just seen the dawn and are still in their budding phases. Siddharth Vihar has huge housing potential and more than two lac people are expected to live there in next 5 years. Once the expressway becomes fully operational, the growth of these upcoming regions would definitely get on fast track and demand will automatically escalate to an all time high. Infact, the whole of Ghaziabad would benefit hugely from this because of the ripple effects which this development will have on regions adjoining the micro pockets falling directly on this expressway”, explains Gaurav Gupta, General Secretary CREDAI – Ghaziabad & Director, SG Estates.

Elaborating further, Manoj Gaur, Vice President CREDAI-National & MD, Gaurs Group says, “Any region thrives heavily on connectivity and when one refers to a National Highway, the number of regions increases manifolds. With the current trend in the realty market shifting more towards affordable housing, the widening of this highway will certainly open multiple new pockets for development as a major issue of connectivity would have already been addressed. These new pockets can surely emerge out as affordable housing destinations owing to the factors affecting the cost of units being low in these regions. Once settlement starts, commercial real estate automatically picks up pace in order to fulfil the demands of the residents.” 

Adding to the views, Dhiraj Jain, Director, Mahagun Group says, “The widening of NH 24 is no less than creating a new roadway for the region as the existing stretch was heavily under traffic pressure that had resulted in traffic chaos. A decongested NH 24 will give way to greater demand as this stretch has always been the lifeline for commuters from Delhi to Ghaziabad and Noida. The expressway extending up to Meerut will mean newly tapped regions for the growth of real estate all along and hence giving a whole new dimension to the realty of this region.”

“The most prominent sight that we will witness after the widening of NH 24 will be the appreciating prices along the properties located on the NH 24 belt along with smooth traffic flow with no traffic jams. The demand in the micro regions of Ghaziabad such as Indirapuram, Siddharth Vihar, Crossings Republik, Raj Nagar Extn. and some sectors of Noida will witness a steep rise. Also, having an expressway will help in generating a lot of revenue for the government”, concludes Vikas Bhasin, MD, Saya Group.

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