Wednesday, 16 October 2013
Meerut - The Latest Real Property Destination near Delhi/NCR
The real property market of Meerut has come up in a big way among other cities near Delhi in the recent past. The city today boasts of a booming residential and commercial realty market. Read the following post to know more.
Meerut - A Quick Look
The third largest city after Kanpur in Uttar Pradesh, Meerut traces its history since the times of the Indus Valley Civilization. One of the industrial towns of western Uttar Pradesh, Meerut has a large industrial base. Traditionally known for its handloom industries, the town was one of the first north-Indian cities to have a full-fledged publishing industry way back in the 19th Today, a major manufacturing hub, Meerut happens to be the largest producer of musical instruments, sports goods and bicycle rickshaw. However, with an economic boom, other peripheral sectors began to develop. Among them, the rapid development in the real estate segment is worth mentioning.
Exploring the Real Property Market of Meerut
With an infrastructural boom, the city has underwent a lot many changes. From extensive road networks to flyovers, from shopping malls to business hubs- Meerut’s economy is scaling greater heights with each passing day. The real estate sector has been reaping the benefits and the result is a booming property market that Meerut boasts of today.
Meerut has emerged as an affordable real estate destination in north India in the last five years. One of the major reasons that has been driving the property market of Meerut is its proximity to Delhi. Barely two hours by road, people commute from Meerut to Delhi on a regular basis. Moreover, availability of land at a much lesser price than that of Delhi/NCR has been pushing the realty market of Meerut to a great extent. Top-notch developers have capitalised on the property market of Meerut. Names like DLF, Supertech, Omaxe and Ansal API already have their presence in Meerut. With these leading developers expressing an interest in the properties in Meerut, the property prices in the city has appreciated in leaps and bounds; as much as almost three times in the last five years.
Additionally, the outskirts of Meerut have also recorded an appreciation in terms of land and property prices. High security, rapid infrastructural developments and excellent town-planning have been responsible for boosting the real property markets of surrounding areas like Cantonment Road, Hapur Road and Meerut Bypass. These areas have recorded a huge growth in the commercial realty segment with shopping malls coming up. Recently, areas like Modipuram and Mawana Road on Muzaffarnagar Highway have witnessed the establishment of commercial and residential complexes.
On the residential property market, Meerut has loads to boast of. If we explore, the residential and also the commercial property market of Meerut, we will find that Ansal API has developed a residential township named Ansal Housing; Era Group has a shopping mall and two residential projects coming up under its name. Another real estate giant, the Supertech Group, has three projects coming in the area. The projects are Shopprix, Palm City and Sports City. Other lesser known developers like Gayatri Group and Samaag Group are also capitalizing on the real property market of Meerut.
The state government and especially the Meerut Development Authority have taken up the initiation of infrastructural development throughout the township. The 64 kilometres long Meerut-Delhi Expressway slated for completion in 2015 is expected to reduce the driving time somewhere close to an hour. Industry experts opine that such a move is bound to boost the property market of Meerut to unimaginable heights.
The way the property market of Meerut is growing, it can be said that the region will become a favourite realty destination in the next five years to come.