If you are not one of the 25,000 lucky winners of DDA housing scheme 2014, here is one more opportunity to own a home in NCR. Ghaziabad Development Authority has come up with 2 latest housing schemes, one in Indirapuram and other in different parts of the city for EWS and LIG categories. The authority is offering a total of 370 multi-storey flats in the Indirapuram scheme and 1979 flats in the EWS/LIG scheme. But, you might want to consider investing in properties of private builders after looking at the cost, especially of the Indirapuram flats.
Indirapuram Nayaykhand-1 area which is situated along NH-24 is one of the most preferred localities for capital and rental market in Ghaziabad as per the quarterly research initiative PropIndex (Jul-Sep 2014) by Magicbricks. The area has several advantages such as proximity to Noida and East Delhi and easy connectivity through Vaishali metro station. The cost advantage is another factor why people even from Gurgaon are investing here including the end users.
However, when it comes to the actual cost of the flats, GDA schemes may not be enough to impress. The cost of 2BHK flats in GDA Indirapuram scheme starts at Rs. 52.79 Lakh with a super area of 96.20 square meters or 1035 square foot (Approx. 900 Square foot covered area) while the flats by private developers in the same area starts at about 26 Lakh with a covered area of about 850-950 Square foot. However depending upon the location and amenities the 2BHK flats by private developers are available for up to 95 Lakh with covered area range of 750 to 1400 square foot.
One more major factor which can be considered is that GDA flats are still under construction and may take another 3 years to be ready to move in. While, many developers are offering ready to move flats in the same area at lower cost. Many developer projects may offer the possession in the coming 3 to 6 months.
There are a number of options available of luxury and semi-luxury segment as well with a price range of Rs 4,750-6,500 per sq ft. depending upon the exact location within the Indirapuram.
According to several brokers, the flats constructed in the GDA scheme do not give any extra benefit to the buyer and event the construction quality is not very good. If a buyer is willing to invest about Rs 50 lakh, then he should also consider the flats offered by private builders. One more thing is that, the cost of flat mentioned by the GDA is not final, it is estimated and may go down or up depending upon the market rates in future.
There is one benefit for sure of investing in GDA flats is that the buyers don’t need to worry about the legal part of the project or any unauthorized construction. However, if a buyer wants, he/she can confirm the legality of the builder project by approaching the local authorities before investing.