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A potential property boom is on the horizon.
The properties, part of the Uttar Pradesh Housing Development Council's Mandola Vihar scheme, cost about half of their market value.
If you are eyeing real estate in the National Capital Region (NCR), then Ghaziabad could be your best bet. The city is currently offering significant discounts on government flats, presenting a significant opportunity to prospective buyers. The properties, part of the Uttar Pradesh Housing Development Council's Mandola Vihar scheme, cost about half of their market value. However, a potential property boom is on the horizon. Here's what you might want to consider investing in right now.
Attractive discounts on government flats
The Uttar Pradesh Housing Development Council launched the Mandola Vihar scheme, located near Delhi's Sonia Vihar border, with a variety of one-, two-, three- and four-bedroom flats. Till August 15, the scheme offers a 42% discount on these properties, with an additional 5% discount on lump sum payments within 60 days. The scheme is open for registration till October 15. For more details, interested buyers can visit the Housing Development Council property office at Vasundhara or visit the department's website.
Reasons behind the expected property boom
The Mandola Vihar scheme is spread over 2,700 acres and includes a total of 9,068 flats. To date, 4,839 flats have been sold, with 4,229 still available. The location of the scheme, adjacent to the under-construction Delhi-Dehradun Expressway, is poised to significantly increase property value. Once the expressway opens, expected to be operational by September, it will reduce the travel time from Akshardham to Mandola Vihar to just 15 minutes. This improvement in connectivity is expected to increase property values exponentially.
Current pricing dynamics
Property expert Brijendra Choudhary points out that the current low property prices are due to the long travel time required to reach Mandola Vihar from Delhi, which involves crossing the Loni border and Shiv Vihar. However, with the nearing completion of the new expressway, accessibility to Mandola Vihar will increase, which is likely to increase property prices exponentially.
For those considering investment, now may be the best time to buy in Ghaziabad before the expected rise in property prices.