Real estate sentiments have definitely improved with RERA and GST and the festive season is expected to mark the revival of the sector. With ready-to-move-in inventory volumes standing high in Ghaziabad, real estate sales witnessed growth of 20% throughout Navratri and its 9 days. The number of inquiries also went up by close to 15-18% as compared to 2016 Navratri. According to the General Secretary, CREDAI Ghaziabad, Gaurav Gupta, the high sales volumes throughout Ghaziabad can be attributed to the higher footfalls and queries across all micro pockets including Vasundhara, Raj Nagar Extension and Indirapuram.
According to him, other regions also had a part to play in this growth and another increase in demand is already forecasted in Diwali. RERA is already operational throughout Uttar Pradesh and so is GST. The real estate sector should witness better times in the future according to Gupta. The highest sales volumes were observed in case of projects that are nearing completion or those that have already been delivered. There are more end-users in the market than investors as part of this trend. Units ranging between Rs.45-70 lakhs were highly in demand and 2 or 2+1 BHK were preferred configurations.
Even the resale segment has witnessed overall growth of 15% throughout localities like Vasundhara, Indirapuram and Vaishali. Raj Nagar Extension offers 17,400 homes which are currently being developed and 16,900 homes have already delivered. 20% growth has been witnessed here while Siddharth Vihar, which has several group housing projects underway, has also witnessed heady growth.
According to the President, CREDAI Ghaziabad, Manu Garg, areas like Siddharth Vihar, Raj Nagar Extension and nearby areas along the National Highway 24 are already witnessing 10-15% of growth and with RERA in force, the market sentiments are positive according to him. Garg also stated that Ghaziabad has always been one of the prominent real estate markets in the NCR.