Ghaziabad Development Authority to acquire land for new township for Rs 2,500 crore
Ghaziabad Development Authority (GDA) will invest Rs 2,500 crore to acquire 521 hectare land for a new township, opening up land for real estate developers. Following the opening of Delhi-Meerut regional rapid transit system (RRTS), the demand for real estate has in ceased in Ghaziabad but lack of land has kept developers away from launching new projects.
According to GDA, it is a flagship scheme of the authority and will soon be taken to the board for approval.
'The land which comes from authority benefit the developers as majority of the common infrastructure is done by them. We are expecting this township to develop similar to Indirapuram. This will also give buyers the option to buy property at the right price,' said Gaurav Gupta, general secretary, CREDAI-NCR. With the Delhi-Ghaziabad-Meerut RRTS corridor becoming operational, the real estate landscape of these satellite towns will change.
"Real estate development along the RRTS corridor will be the next big opportunity for the developers. There are large parcels of land ready for development has been identified in Meerut, Modinagar, duhai and Modipurm and smaller parcels have been identified in the Delhi side of the Corridor. The price has already increased by 35- 40 % in the area,' said As per Pankaj Kumar Jain VP CREDAI Ghaziabad and Director KW Group.The National Capital Region Transport Corporation (NCRTC), responsible for the Rs 30,000-crore Delhi-Meerut Regional Rapid Transit System (RRTS) project, has also invited bids to lease 45,469 square metres of commercial space across six stations along the corridor.'Ghaziabad has better potentials than its neighbours due to location and infrastructure advantage. Once a congested and heavy traffic laden Meerut road is now offering road and semi high speed rail connectivity which is no where in UP right now. Regions around RRTS will emerge as potential investment hub for residential and commercial purposes,' said Vipul Giri, President, CREDAI Ghaziabad.
The NCRTC aims to transform these stations into commercial hubs to boost non-fare revenue.
Cities like Hong Kong, Singapore, and Tokyo have successfully implemented TOD strategies to finance public transportation while improving urban planning. In India, the National Metro Rail Policy (2017) encourages transit agencies to adopt TOD and VCF to generate crucial revenue while creating vibrant, transit-friendly communities. International agencies like the Asian Development Bank (ADB) and the World Bank are supporting NCRTC in implementing these initiatives. Currently, Namo Bharat train services are operational across a 42-km stretch of the RRTS corridor, connecting nine stations from Sahibabad to Meerut South. The full corridor spans 82 km, running from Delhi's Sarai Kale Khan to Meerut's Modipuram. Trial runs are also underway at the Anand Vihar and New Ashok Nagar stations in the Delhi section, extending beyond Sahibabad, as part of the phased implementation.The NCRTC has also identified 17.27 hectares of land in south Delhi's Jangpura area to develop and lease serviced apartments.Despite being in close proximity to Delhi, Ghaziabad and satellite areas such as Modinagar, Muradnagar and Meerut could not attract buyer interest the way Gurgaon and Manesar did.
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