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Ghaziabad gets ready for makeover
(Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge) Apr. 14--So, did we hear Ghaziabad, located at the Delhi-UP border forming a triangle between Delhi and Noida, is set to shed its downmarket image?
Well, it appears so, given the required push to infrastructure and quality housing, and its potential to become one of the most sought after residential destinations around Delhi.
But what's really contributing towards a change in the image of this satellite town is a burst of activity on the retail and entertainment front, particularly cinema.
While several multiplexes are already in operation (Movie Palace, M4U and Wave at Kaushambi), a couple like Galaxy are in the final stage of completion. And if cinema has arrived, can restaurants remain far behind?
Already, leading restaurant chains like Sagar Ratna, Pizza Hut and McDonald's have unveiled plans to tap the Ghaziabad market.
Says Rothas Goel CMD, Omaxe Group: " The opening of large scale malls in Noida and Kaushambi in Ghaziabad is a reflection of the fact that supply is now gearing itself slowly but surely to cater to the needs of the suburban crowd. The start was definitely in Gurgaon. Now, it's the turn of the other suburbs."
Indeed, Ghaziabad image is changing now. Says T Chakrabarti, head, India Property Research: " According to current feasibility studies done by our retail research team, this is the only area wherein multiplexes would be able to cater to mass segments because of huge residential colonies, good connectivity with the capital and Noida and compact upper and middle class household pattern.
Most importantly, there is no affluent multiplex in this area." Sanjay Verma, joint managing director, Cushman & Wakefield India, argues that it's incorrect to use the word " most backward" for Ghaziabad.
From a retail perspective, it has a decent size of population and consumer base which can be tapped by large-scale organised retail formats. A majority of mall development is currently happening close to the Delhi border of Ghaziabad district.
Analysts say Ghaziabad remains a notch below other suburbs because of poor infrastructure and law and order situation.
Nonetheless, the situation seems to be improving. Says Mohit Singh, MD, Shipra Group: "Ghaziabad has seen a slew of residential and retail developments in the last few quarter. The residential developments are both in plots as well as group housing categories and the buoyancy in demand offtake has definitely increased the volumes in the residential sector.
" A spurt in builders' flats, upcoming residential projects and proposed amusement park-cum-shopping malls have certainly made a difference.
Three shopping malls like Ansal Plaza, East End Mall by Shipra Group and AEZ East Delhi Mall by Aerens with two multiplexes are set to act like a catalyst in the growth of this belt.
There has also been a lot of residential activity,including group housing in areas like Vaishali, Vasundhara and Indirapuram. Most of these has been undertaken by UP Awas Vikas and GDA with some participation from private developers like Ansals, Shipra and some local groups.
Of late, GDA and UPSIDC have also allowed the conversion of industrial land in some pockets into residential land. These have been mostly done on industrial units which have closed down and have large parcels of undeveloped land.
But given that the average profile of the state residents is middle and low-middle class, doesn't this inhibit top-end retailers and top stores to invest there?
Says Pradeep Jain CMD,Prasvnath Group:"The residents of Ghaziabad is a mix of professionals, businessmen and middle income salaried class. This has a lot of potential from a retail perspective considering the fact that the travel time from the suburbs to Connaught Place or other established retail centres is generally more.
This should form a decent base for mid market as well as some upmarket brands." Agrees Kamal Taneja, MD, TDI Group: " The trend has changed in the recent years. The concept of mall depends upon the nature and profile of household pattern. In fact, the value for money offerings is predominant in the retail mix being planned at these developments and the pricing is in line with what the income groups can support in such a location."
Adds Dr Davinder Gupta, MD, BNB Properties: " It will be wrong to say that developers are risking their projects by focusing on Ghaziabad. The reason for developments of these projects close to the Delhi-UP border is to attract footfalls from the densely populated East Delhi areas of IP Extension, Mayur Vihar, Preet Vihar, Anand Vihar, etc, Noida and of course captive residential locations of Vaishali, Surya Nagar, Indirapuram, Vasundhara and Ghaziabad."
However, that's a tale of yore. Rapid urbanisation is changing it all. In fact, given the required infrastructure and quality housing, Ghaziabad has the potential to become one of the most sought after residential destinations around Delhi.
The inherent advantages cannot be ruled out. These give it a definite edge over other suburbs like Faridabad and Gurgaon.
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