Living up to the hype and delivering on promise is rarely seen in real estate. One place that came into prominence in 2007 is Raj Nagar Extension (RNE), which has since then fought seve
ral misgivings to come out on top and win the confidence of homebuyers.
From being a unique model with multiple developers working in tandem in one area to providing affordable luxury housing; from being a place that seemed in the boondocks to battling questions about infrastructure, RNE has proved that the place is going to be 'the place' in real estate. Initially, there were 12 developers who got together to realize their vision of providing affordable housing, but as the popularity of RNE grew, more developers joined the caravan and, today, there are 32 developers in the project. As the good word about the place spread and infrastructure got developed in the area, enquiries increased manifold about the housing options and projects available.
The USP of this area is an adjoining perennially green and unpolluted belt, which will remain undisturbed owing to the fact that Ghaziabad Development Authority has declared 500 acres along Hindon river a green belt and banned all construction activity in the area.
This area is in the vicinity of posh localities of Ghaziabad, and though centrally located, it is buffered from the hustle and bustle of that busy township. Raj Nagar Extension is one of the NCR's most well-planned cities with excellent connectivity with Delhi, as well as Noida, Greater Noida, Vasundhara, Indirapuram, and Vaishali. RNE is only 15 minutes away from the Delhi border; other important places in Delhi can also be reached within 15-20 minutes.
The city will have all the ultramodern facilities including shopping complexes, multiplexes, malls, etc. Thus, people who invest here will remain easily connected and with all the modern amenities in close proximity.
Land in Raj Nagar Extension has not been acquired by the authority. Land in RNE is directly purchased by builders from farmers and villagers, hence it's completely freehold. "With clear land titles and the developers' intention to deliver the promised houses, Raj Nagar Extension is a onestop destination for a wide band of middle-class end users. The first thing that a buyer should ask about a project is whether the land has a clear title or not. They should check all the government clearances before investing. Thankfully, at RNE, our focus was always on serving people with right efforts in the right direction," says Manoj Goyal, the chairman and managing director of KDP Buildwell.
Vijay Jindal, the chairman and managing director of SVP Group, says: "This place has proved that with right intention, projects can be completed on time. We can proudly say that all the developers in this area have lived up to the promises made to the buyers. We are happy that the area has come out very well and it was well received by the people. Our projects in the area, too, have seen a tremendous response."
Good connectivity and proximity to the bypass makes RNE a comfortable place to live as people can travel to Delhi or other cities without crossing the crowded areas of Ghaziabad. A proposed flyover and road from Hindon Airbase will offer express connectivity to Delhi via Wazirabad.
As per the latest plan, the proposed Delhi-Haridwar highway will also pass through Raj Nagar Extension. The Delhi Metro is also coming near Raj Nagar Extension, at Arthala, providing one more option of connectivity. Buyers have several options, be it constructionlinked plan or ready-to-move plan. "It is good to invest in areas where development has already taken place and people have moved in. This way you will know that your investment is secure.
The area offers affordable homes and has proved a secure investment. It has seen good infrastructure development, as promised, and thus people are living there after just four years of its launch," says Gaurav Gupta, the director of SG Estates and spokesperson of Raj Nagar Extension Developers Association.
Praveen Tyagi, the chairman and managing director of VVIP Addresses, says: "The area has become livable just four years after its launch, which is no mean feat. All of us worked together with common intention of providing good housing to people, who are showing faith in our projects and in this area. We will keep up the tempo and keep delivering the homes of people's dreams."
At present, 32 housing projects accounting for 16,000 flats are coming up in Raj Nagar Extension. As part of its commercial development plan, the region is set to have a special economic zone (SEZ), a golf course and a national stadium in the next few years. Developers like Landcraft Developers, SG Estates and Ashiana Homes have delivered their projects. Nearly 1,400 families have started living in Raj Nagar Extension. Thirty per cent projects are nearing possession by mid-2012. "Buyers are always concerned about the time of possession and whether their dream home will see the light of the day. By delivering around 1,400 units, RNE proved the seriousness towards timely delivery and, thus, the place is witnessing an enhanced interest of new buyers. We always knew that once the delivery of units happens, the area will see enhanced interest of buyers. In fact, many families have started living here. With the delivery, we have proved that a conglomeration of developers can work in unity if they have a common cause," says Manu Garg, the director of Landcraft Developers.
An ordinary 2BHK (two-bedroom-hall-kitchen) flat that would have cost Rs 15 lakh to Rs 25 lakh two month ago, now costs Rs 18 lakh to Rs 30 lakh here. The prices have increased by 18-20% after the recent controversies surrounding land acquisition in Noida Extension.
"We believe 'affordability' has a wider connotation and hence we have kept our price range wide so as to include the whole of the middle class. Though this place, too, will become fully occupied in next three years, it will still be far ahead of other places where the population density will not appreciate before the next five-six years," says Harendra Khokhar, the director of K M Group.
