Behind the world’s face, Ghaziabad and the secret real estate industries

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In the National Capital Region, Ghaziabad is one of the most popular real estate destinations (NCR). The city has experienced tremendous expansion as a result of its closeness to Delhi, critical infrastructure, and strong connections. Ghaziabad, a city in Uttar Pradesh, is located in the eastern region of the Delhi-National Capital Region. Ghaziabad is 28 kilometres from Delhi, 24 kilometres from Noida, 46 kilometres from Faridabad, and 62 kilometres from Gurgaon.

National highways such as NH-24, NH-58, and NH-91 pass through the city, making it well connected to all nearby cities. The 22-kilometer connection road between Greater Noida and Ghaziabad, which connects Greater Noida’s bustling Zeta sector with the NH-24’s Vijay Nagar Bypass, will improve connectivity. People travelling between Noida and Ghaziabad are expected to save time and money by using the link route. The Eastern Peripheral Expressway (Kundli-Ghaziabad-Palwal) project would further strengthen Ghaziabad’s thriving real estate industry. The introduction of the Metro, the plan for a Rapid Metro link from Delhi to Meerut through Ghaziabad, and the construction of multiple flyways and flyovers have improved the city’s connectivity with the rest of the NCR. The Delhi Metro line is already operational until Vaishali, and it is planned to gradually extend the network to other parts of the city.

Construction of infrastructure

The Ghaziabad Master Plan has made a substantial contribution to the development of world-class infrastructure in this region, which has accelerated the city’s real estate expansion. Authorities like as the Ghaziabad Growth Authority (GDA), the Uttar Pradesh Awas Vikas Parishad, local municipal corporations, and others have also contributed to the city’s planned development. The state government intends to enlarge roads and build many underpasses, foot over bridges, service lanes with green belts, and other infrastructure improvements that would have a significant impact on the city’s total infrastructure. The Faridabad-Noida-Ghaziabad FNG corridor and the Ghaziabad-Meerut highway are also in the works.

The GDA intends to build the 18-kilometer-long four-lane Hindon Elevated Road, which will serve to relieve traffic congestion and improve the city’s connectivity. The road will begin at the NH-24 bypass and end at a Hindon road connecting NH-58 and Loni. Ghaziabad is one of the most revenue-generating cities in Uttar Pradesh, including small, medium, and large-scale enterprises. Bulandshahr Road Industrial Area, G. T. Road Industrial Area, B S Road Industrial Area, Loni Road, Sahibabad Industrial Area, and others are just a few of the industrial sectors in Ghaziabad.

Development of real estate

In recent years, Ghaziabad has seen new heights in terms of real estate development. Despite not growing as quickly as Gurgaon or Noida, the city has enormous growth potential. The demand for real estate developments is solid, and the supply has been enough thus far. Ghaziabad’s real estate market provides excellent investment opportunities for investors, as well as the promise of substantial returns and capital gain in the next 3-4 years.  Ghaziabad’s social infrastructure is well-established, which is a big draw for property buyers. In this area, there are numerous reputable schools, colleges, hospitals, banks, malls built by reputable builders, and commercial complexes. Those who cannot afford to buy property in Noida or Gurgaon might choose Ghaziabad as an alternative, as the city’s property prices are lower.

Indirapuram, Vaishali, Vasundhara, Raj Nagar Extension, and Crossings Republik are some of the areas in Ghaziabad where real estate is booming. Property prices differ from one part of the city to the next. While a 2bhk (about 1300 sq ft) in Raj Nagar Extension costs around Rs 30-40 lakh, it might cost around Rs 40-50 lakh in Indirapuram. The average price per square foot in Ghaziabad is between Rs 3,000 and 4,000. Ghaziabad has residences in the luxury, ultra-luxury, and budget classes, attracting purchasers from all walks of life. Buyers are drawn to this region by the growth of the industrial sector. In the last year, Ghaziabad has seen a 25 to 35 percent increase in its value.

Ghaziabad is seeing a flood of new projects in the residential, commercial, corporate, industrial, and hotel sectors. In this location, real estate developments are being developed by companies like as Amrapali, Gaursons Ltd, Supertech, Ashiana Housing, Wave City, SVP, Antriksh, Ajnara, Landcraft, and others. ATS Advantage, Sanskriti, Cascade, Wave City, Landcraft’s Golf Links, Colista Towers, Angel Mercury, Bankey Bihari Sharan, Javin Raj Empire, and others are some of the residential projects in Ghaziabad.

With enhanced connectivity, the long-awaited link road between Greater Noida (Zeta Sector) and Ghaziabad (Vijay Nagar Bypass) is expected to stimulate the real estate market in this corridor. Builders are optimistic about the real estate boom in this area, and numerous commercial and residential projects have already begun construction. According to market experts, a minimum of a 20% increase can be projected in this period.

Ghaziabad: A builder’s son and nephew have been detained in connection with a Rs 100 crore real estate fraud

On Sunday, two more people were arrested in connection with the alleged Rs 100-crore fraud perpetrated by a Ghaziabad developer and his family in collusion with State Bank of India employees (SBI). According to authorities, this is the case’s eighth arrest.

The Ghaziabad police detained developer Rajkumar Jain and his four family members on March 1. They had been residing in Delhi under false identities. So far, 72 FIRs have been filed against Rajkumar and his family for allegedly selling the same flats in their Raj Nagar Extension-based housing project — originally known as Red Apple Residency — to multiple buyers, as well as against unnamed SBI officials for allegedly sanctioning home loans to those who had invested in the project. The housing project, which was first proposed in 2012, has yet to be completed. The deception was discovered after a group of home buyers filed a complaint with Rera in 2019 after the builder failed to deliver the promised property over the project on time.

The Ghaziabad police nabbed Rajkumar’s eldest son Akshay and nephew Prateek from the Link Road area of Ghaziabad on Sunday. Akshay had changed his name to Deven Garg, according to Nandgram SHO Amit Kumar. “He had also created identity cards in the name of Deven Garg, including Aadhaar and PAN cards.” The defendant had also filed for permanent resident visas by posing as an employee of a Dubai-based IT firm. “A passport and visa were also recovered from Akshay’s possession,” the SHO added.

Before they were detained earlier this month, Rajkumar, his wife Indu, their son Naman, daughter Anusha, and nephew Rishabh—all partners in numerous real estate enterprises established by the developer—were intending to relocate to Dubai on permanent resident visas secured on false paperwork.

All of the defendants were charged with cheating, forgery, forgery for cheating, 471 (using a forged document as real), and criminal conspiracy under IPC Sections 420 (cheating), 467 (forgery), 468 (forgery for cheating), and 120B (criminal conspiracy). The Ghaziabad Development Authority (GDA) had given the builder permission to develop 11 floors in each tower of the building, according to the SHO, but the accused allegedly sold homes on levels 12 to 16 as well. By changing the project’s name, the accused also sold the same units to multiple customers. According to investigators, the builder has yet to deliver a single apartment.

 

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