Vaishali real estate update
Vaishali, which was once famous for builder-floor apartments, now offers a wide range of properties from affordable housing units to ultra luxury homes. It is mainly a secondary market with various options of resale properties than new launches.
With the metro becoming functional, the real estate in Vaishali started hitting new heights. The demand and pricing for properties in this part of Ghaziabad started witnessing an upward trend. The same kind of growth is expected in the upcoming years too.
Location
Vaishali is an area located in Ghaziabad city of Uttar Pradesh on the eastern part of National Capital Region (NCR). The area is surrounded by Patparganj, NH-21, Indirapuram, Vasundhara, Kaushambi, etc.
The area is situated at only 14 km from Delhi, 16 km from Noida, 40 km from Greater Noida, around 35 k from Faridabad and 47 km from Gurgaon. Indira Gandhi International Airport is located at nearly 30 km from Vaishali and New Delhi Railway Station is at 15 km.
Connectivity
The area is well connected to Delhi by road and metro network as well. Vaishali houses an elevated metro station, which is among the busiest stations in Delhi-NCR. The national highway-24 and GT Road are in proximity to Vaishali and provides good connectivity to many surrounding cities.
The connectivity of Vaishali will further get a boost with the Eastern Peripheral Expressway (Kundli-Ghaziabad-Palwal) project. The 22 km-long link road between Greater Noida and Ghaziabad, which connects the active Zeta sector in Greater Noida with the Vijay Nagar Bypass on NH-24, will add to its connectivity. The proposed Wazirabad Bridge (Signature Bridge) project will give easy access to areas in North Delhi. The entry of Metro, proposal of a Rapid Metro link from Delhi to Meerut through Ghaziabad, several flyways and flyovers have added to the connectivity.
Price Trends
The properties in Vaishali have been witnessing rapid hike in prices in the past few years. The average price per sq ft of properties in Vaishali was around Rs 4,000 in Q2 of 2011. It increased to Rs 5,370 by June 2012 and to Rs 6,350 by June 2013. There was nearly 60 percent hike in the property prices in Ghaziabad in the last two years. A 2bhk apartment in Vaishali would be priced at around Rs 40 lakh to 70 lakh while a 3bhk would be available at around Rs 90 lakh to 1 crore.
Real estate development
The real estate in Vaishali is saturated and offers a wide variety of resale properties. Since the area was formed long back, currently there is very less vacant area available for new real estate projects. The projects existing in Vaishali are all mostly launched years ago and are fully occupied. The area observes demand by mostly the working population of Noida, Ghaziabad and Connaught Place.
Some of the residential projects in Vaishali include Gaur Galaxy, Mahagun Mosaic, Supertech Residency, Gaur Ganga, etc. The list of developers operating in Vaishali includes Ansal, Gaursona, Ajnara, Leela Homes, Mahagun, etc. Dasnac Designarch has come up with an e-homes project which comprises of two towers with 124 apartments. Some of the commercial complexes include Mahagun City, Shopprix, Cloud9, Ansal Plaza, Ramprastha Greens, Royal Park, Platinum Heights, Acacia Valley, Florencia, etc.
Owing to its proximity to Delhi and Noida, Vaishali has also been witnessing good rental demand in the past few years, with the rental values growing high. Also since the market is mainly a secondary market, people are left with fewer options to buy properties while there are many options to rent a property. The rent for a 1bhk apartment starts at Rs 9,000 in this area.
Though Vaishali has been witnessing extensive growth in terms of residential and commercial realty sectors, there is no proper infrastructure in place. The localities in Vaishali are mostly overcrowded with not sufficient facilities and developments. Also there are few serious issues in this area like power cuts, waterlogging, blockage of drains, etc. Buyers looking to invest in Vaishali real estate have to make sure that the society includes power back-up facility, properly maintained sewage network, etc.
