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People's purchasing habits have shifted dramatically in recent years. It has become critical for retailers to provide their customers with a pleasurable shopping experience. When it comes to purchasing retail space, the majority of retailers are looking to emerging cities such as Ghaziabad. Here are some of the factors why Ghaziabad is one of the Fastest Growing Retail Destinations.
Ghaziabad, in the NCR region, is often referred to as the "gateway to UP." This planned industrial city is gradually becoming a real estate hotspot and a hub of activity. The demand for real estate in Ghaziabad has skyrocketed. So, if you're wondering what's causing this rapid change, consider the following factors.
The increasing number of residential complexes has increased the commercial property's business feasibility in this area. Numerous real estate projects in Ghaziabad offer retail spaces at reasonable prices.
Ghaziabad, which is adjacent to Noida and Delhi, is one of the top priorities for people looking to buy a new home because it has affordable rates, low-density projects, and a population that is lower than that of Delhi. Ghaziabad's real estate market is appealing to investors for a variety of reasons.
In terms of the population coexisting there, Ghaziabad offers extreme variety - one can easily find a suitable neighbourhood that suits their standards of living. As a result, the Ghaziabad neighbourhood has a variety of markets and malls, putting you close to both the subzi mandi and the department store aisle.
Furthermore, people who are relocating with their entire family can find the ideal retail space in Ghaziabad. It is, of course, advantageous that local amenities such as restaurants, grocery stores, gas stations, public transportation options, vehicle parking rules, convenient stores, and gyms are located close to residential spaces, as this provides ample business to retail spaces and convenience to homeowners.
Ghaziabad has emerged as one of the most sought-after locations in the NCR for homeowners over time. Ghaziabad is well-known for being one of the prime locations for upcoming housing projects in Delhi NCR. A lesser-known fact, however, is that Ghaziabad, a densely populated town in Uttar Pradesh, is the seventh-best city in the country for public open space, according to the Centre's 'Ease of Living' Index curated by the housing ministry. According to the index, the city is ranked 46th out of 111 cities overall, but it is the fifth-best city in the northern zone and the best in the NCR in terms of ease of life.
Ghaziabad is the world's sixth most dynamic city and is quickly becoming the hottest investment destination in the NCR, thanks to a slew of major world-class projects on multiple fronts. GDA intends to build two large five-star hotel projects in the city as part of the Commonwealth Games in 2010. The Jal Nigam intends to increase the city's water supply.
Affordable homes not only meet a basic human need for shelter but also benefit the well-being of both parents and children. According to studies, children who live in stable housing perform better in school and are less likely to experience disruptions in their education as a result of unwanted moves. Adequate housing reduces stress, toxins, and infectious disease, resulting in better physical and mental health.
The GDA has proposed fourteen new flyovers, grade separators, underpasses, and clover passes at various locations throughout the city.
Four of these flyovers are currently under construction. These flyovers are expected to not only significantly reduce traffic congestion in the city but also beautify the city, increasing land value. The flyovers would be built at a cost of nearly Rs 200 crores by the Uttar Pradesh State Bridge Corporation (UPSBC).
Furthermore, the Ghaziabad Development Authority's (GDA) plan to extend metro corridors from Vaishali to Mohan Nagar, Sector 62 to Sahibabad Extension, and Shiv Vihar to Mandola in Loni would not only alleviate traffic congestion but also increase property prices in these areas.
Water is an extremely important but often forgotten resource when it comes to retail spaces in Ghaziabad. Ghaziabad residents can expect an improved drinking water supply in the coming days. The Jal Nigam intends to increase the city's current water supply of 210 million litres per day (MLD) to the required 217 MLD of drinking water.
According to YP Singh, executive engineer (Additional Project Division) UP Jal Nigam, "the city has a population of 9.68 lakh according to the 2001 census." Based on that figure, the population in 2007 is estimated to be around 14 lakhs. To meet the current population's demand, we need a drinking water supply of approximately 155 LPCD or 217 MLD, as opposed to the current supply of 210 MLD."
Ghaziabad is attracting a lot of attention in terms of investment. The presence of MNCs, banks, telecom, and insurance companies is increasing in Raj Nagar District Centre (RDC), one of the fastest-growing commercial centres not only in Ghaziabad but also in the NCR.
The property market recently broke all records when a property in the area was auctioned off for Rs 50,000 per square yard. Furthermore, the presence of police and district administration headquarters in the area makes it safer. The effects of increased commercial activity may be felt in nearby residential areas such as Raj Nagar and Kavi Nagar.
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