Raj Nagar Extn: On road to prosperity

Delhi/NCR
In a major boost on the infrastructure front, work on the 10km-long elevated road joining Raj Nagar Extension to NH-24, in Ghaziabad, has begun.

The road, coming up at a cost of Rs 1,125 crore, is expected to improve connectivity and cut the driving time between Raj Nagar Extension and NH-24 to less than 10 minutes, compared to the present travel time that takes up to an hour during peak hours.

Work on the road started recently and the whole stretch is expected to be ready by March 2017.

The project is being carried out by the Ghaziabad Development Authority (GDA) and will be one of the biggest such projects to be undertaken by a development agency in Uttar Pradesh. The elevated road, which will be toll free, will add to the urbanization of Ghaziabad, Vasundhara, Indirapuram, and adjoining areas. The road will follow the path of the Hindon canal, starting 200 metres from NH-24 on the road turning to Vaishali from UP gate and ending near Karhera in the Raj Nagar Extension area.

Midway, it will have an entry point at Kanavni and an exit point towards the CISF camp. A bridge will also be built over the railway line near NH-24. Once in place, the road will also sharply reduce traffic on NH-24 and Link Road.

Santosh Yadav, chairman of GDA, says: “The new road will cut down travelling time for motorists going to Raj Nagar Extension sharply, to about 10 minutes. It now takes 50 to 60 minutes. Think of the time saved and fuel saved, not to speak of a sharp drop in pollution and increased development.“

With the construction of the road underway, real estate in the area too, has started witness ing growth. Demand for property is rocketing even after realty major like Gaurs, SVP Group, Ajnara, VVIP Homes, SG Group, etc, launched several projects in the area offering thousands of units.

With affordability being a constant and connectivity expected to get better in the days to come, the property prices in the area are witness ing an upward swing.

“When I booked a flat here three years ago, prices were really low. Now that I have got possession of the house, I have been getting offers at a much higher rate. There has been a growth of over 10-15% at a time when the market has not been that good. I am expecting even better returns in the days to come as an elevated road is being constructed to link up the area,“ Ghanshyam Singh, a homebuyer in Raj Nagar Extension, said.

Real estate players and market experts say that prices in the area are set to increase as the road nears completion and gets functional. Prices in the area increased from ` 2,800 per sq ft to ` 3,200 per sq ft in the recent past. Currently, the rates are in the range of ` 3,200-3,600 per sq ft depending on the project.

Market watchers are also expecting the area to see a 20-30% rise by the time the new link is functional.

Geography

Raj Nagar Extension (NH-58) has emerged as one of the best options for homebuyers in the Delhi NCR. Raj Nagar Extension is on the new Meerut bypass and one can travel to Delhi or other cities without crossing crowded areas of Meerut or Ghaziabad. The entire area is developed and this has given the civic authority and developers a chance to carry on planned development. .

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/raj-nagar-extn-on-road-to-prosperity/78702.html