Vaishali is centrally located in Ghaziabad, and is about an hour’s drive away from Delhi. That has made it a much sought-after locality in the National Capital Region (NCR) for middle-class buyers. It’s because of its affordable rates compared to surrounding areas. The locality has many multi-storey buildings on offer and is the go-to place of end-users who prefer high-rise buildings which offer parking, power backup, water supply throughout the day and security to residents.
Delhi Metro was extended to Vaishali in 2011 has been a boost to the connectivity of the area. It has become one of the fastest growing localities in the region. Developers like Ansal Housing, Amrapali Group, Antriksh Group, Supertech Ltd, Ashiana Housing Ltd, Gaursons India Limited, Ramprastha Group, amongst others are launching projects in the area. This has made the locality a commercial hub and a hot property for investors looking at good returns.
Families might find it beneficial because of the large number of top-end schools located in the area. It has been noticed that the area is home to a large number of two-wheeler and four-wheel vehicle owners which stresses the affluence of the area. Vaishali is well embellished with restaurants and ATMs also line the area for you convenience. The presence of hospitals in the vicinity ensure that the medical facilities are easily available.
Connectivity and Transit Points
Vaishali is well connected and leads to National Highway 24 via Dabur Mohan Nagar Road. Vaishali is 10 km away from Delhi, and is connected to it through the Blue Line Metro. The fully elevated Vaishali Metro Station is the termination point for the Blue Line rail and has been by far the busiest terminus of the Delhi Metro since it was opened to the public on July 14th, 2011. UPSRTC services from the Metro station connect Vaishali with other important points of the city like Vasundhara, Mohan Nagar, Hapur, New Bus Stand, Ghanta Ghar Kotwali, Old Bus Stand and Raj Nagar.
â— Vaishali Metro Station
â— Supertech Estate
â— Ansal Plaza
â— Mahagun Metro Mall
â— Madan Mohan Malviya Marg
â— Shopprix Mall
Factors for Growth in the Past
Ever since the Delhi Metro was extended to Vaishali, the development of the area has shot up exponentially. Developers like Ansal Housing, Supertech Ltd, Ashiana Housing Ltd., and many more have opened malls in the area. Despite the property rates shooting up, it is still affordable compared to Indirapuram and Kausambi, and people from those areas are looking to move to Vaishali to find homes that are closer to the price range they desire.
The Commonwealth Games in 2010 also saw various infrastructural and social projects being undertaken in the area. That has helped beautify the area and attract buyers to it.
Residential & Commercial Markets
The area has grown as a residential hub in the last few years. There has been an influx of land prices in the area ever since the Metro was announced, but the prices are still affordable compared to neighbouring areas. Prices can range from Rs 5,500 to 6,500 per sq. ft. The realty projects in Vaishali off late have been built at par with International standards in terms of design, aesthetic, and construction material. Attention has been paid to keep buildings and construction environment friendly. Its proximity to Noida ensures that the residents enjoy the best of amenities.
Until a few years ago you could purchase a property in Vaishali for about Rs. 4,000 but since 2011 the prices have risen by about 20%. Investors have benefited from the Metro being opened, and properties have seen a good appraisal in the last couple of years. The area promises good return on investment ratio. The commercial activity has risen in the area with many malls and complexes which have managed to pull in crowds. Despite this, it has been predicted that the property value in the area might be tabling and might hit saturation point in the next few years.
In the summer, the area has been affected by constant power cuts. Sometimes there is no power for 6-8 hours. Despite the lack of service the monthly electricity bills are quite high, even if the electricity being charged for hasn’t been used. Due to poor online services and slow servers, residents have to queue up to pay bills. Even then the payment process is quite lengthy and slow, with officials being absent from their posts. Because no one has come around to take a reading, the residents are forced to do it themselves and present it while paying the bill. Lack of electricity and poor municipal services is a major concern for an area looking to develop in such haste. There have been encroachers in the Green Belt around Vaishali Metro station. The Government has issued notices for their demolition for these unauthorized constructions.
Factors for Growth in the Future
The governing bodies in Ghaziabad have shown major interest in developing Vaishali further. There is a proposed plan to widen National Highway 24 from six lanes to eight lanes between Delhi and Vaishali and the property rates are expected to shoot up along the highway.
The importance of the Metro, which facilitates 20,000 passengers a days, can’t be overstated. It has helped make Vaishali the commercial and residential hub that it is. Investors from large Indian companies and Multinationals too have shown interest in the area. Already home to some of the largest shopping complexes, there are many more planned projects. With incomparable rates to invest in and the promising high rates of returns makes Vaishali an incredible to prospect to invest in.