Delhi Development Authority came out with the draw results of the Housing Scheme 2014 and Approx. 25,000 home buyers got lucky. But if you are one of those who are not on the list and still looking for affordable properties in NCR, think once about Ghaziabad Development Authority’s (GDA) Housing Scheme 2014. However, before applying here, here are some points, you should keep in mind :
About Location : Indirapuram – Nyay Khand
Indirapuram Nayaykhand-1, along with NH-24, is the location, where these flats are. According to a quarterly research by Magicbrics, in Ghaziabad Real Estate Market, Indirapuram has retained its top position as the most preferred locality in terms of capital and rental market. Its all because of its location advantage. Indirapuram has close proximity to Noida and East Delhi due to the Vaishali Metro Station. This area has got end-users as well as investors. Not only locals, people working in Gurgaon are also here due to the cost advantage.
The GDA seems to be a lucrative offer, however it has got some points to work on. the scheme for flats are not ready and they are gonna take another 3-4 years before they are ready for possession. Not only this, the prices are also not lucrative. In Indirapuram, a 2BHK unit is being offered at an estimated cost of Rs 52.79 lakh which is almost equivalent to the price private developers are asking for a ready-for-possession flat or for those that would be ready in the next three to six months.
GDA v/s Private Developers
According to a search by Magic bricks, majority of 2BHK units in the area are available in the range of Rs 35-95 lakh depending upon the exact location within Indirapuram and the amenities provided. There are a number of options including semi-luxury to luxury in a broad price range of Rs 4,750-6,500 per sq ft. Most of them are resale properties and new properties are ready for possession. Sizes for a 2BHK unit are in the range of 750-1400 sq ft (approximately 83-155 sq m).
According to the local real estate brokers, if you want to estimate the quality of GDA, then better to pay a visit to GDA flats along with Kala Pathar. If you willing to spend Rs 50 lakh for a GDA flat, then you should check the private flats too. Developers may be making money by compromising on the covered area but GDA too hasn’t provided large spaces. It is just around 900 sq ft of covered area for a 2BHK unit.
Policies for GDA are not clear nor the complete pricing policy of GDA flats has been disclosed. GDA is also charging development charges. Buyers are confused about the ‘estimated’ part of the pricing. Their question is : Would they have to pay more if the overall pricing goes up in future?
However, GDA Flats have got their benefit over private projects in terms of legality and authorizations. You need not be too cautious about the legality of the project if you are opting for GDA flats. In the case of private developers, there have been issues relating to unauthorised constructions and debates over Floor Area Ratio (FAR). But as far as the quality is concerned, private developers are more competitive than GDA.
If you are someone who is heading towards this purchase, weigh the pros and cons carefully!
Alok Kumar Upadhayay
Real Estate Professional