Real estate in Meerut is riding the crest of increasing demand boosted by large availability of abundant land at throw away prices. The market trends are witnessing the buoyancy with the presence of prominent builders such as Ansal Properties, MSX Developers, Era Group, Supertech Group, Majestic Properties, DLF, and Omaxe working on new real estate projects.
Meerut is a place you can reach by a short bus journey from Delhi, a matter of a major convenience. Meerut today enjoys the unique advantage of a city growing by leaps and bounds, given the large supply of quality real estate.
The city also experiences an upswing in prices owing to the presence of leading construction companies eager to buy land in Meerut and raise buildings. Property prices in Meerut are known to have trebled in the past two years.
Commercial Property in Meerut
There is an emerging limited segment of high end commercial development in Meerut. Most of the office spaces are in the form of B and C Grade commercial-cum-retail complexes. Some upmarket areas are Abu Plaza, Metro Plaza, and Ganga Plaza.
Rates of agricultural land in Meerut are growing mainly in the areas falling adjacent to main roads and hover around Rs 25 lakh – Rs 32 lakh whereas for other purposes, the prices have increased from Rs 41 lakh – Rs 52 lakh per hectare.
Add to this are the high price trends being witnessed by the agricultural land on city roads. The rates there range from Rs 19 lakh – Rs 25 lakh per hectare. For the other purpose, the rates are no less than Rs 26 lakh.
Outlined below is the chart summarizing old as well as revised rates of commercial property in Meerut:
|Preferable Commercial Locations in Meerut||Commercial Property Rates per sq mtr. (OLD)||Commercial Property Rates Per sq mtr.|
|Abu Lane||Rs 25,000||Rs 33,000|
|Sarafa Bazaar||Rs 23,500||Rs 30, 000|
|Begampul||Rs 24,200||Rs 30,300|
|National Highway (bypass)||Rs 33 lakh (Per hectare)||Rs 43 lakh (Per Hectare)|
Residential Property in Meerut
There is a great demand for quality accommodation units on outskirts of Meerut which are blessed with excellent infrastructure facilities, sound planning as well as top grade security. The most sought after location is along the Meerut Bypass.
Also, the Hapur Road and the Cantonment Road are gaining prominence as ideal destinations for property investments and are attracting large developments. Commercial and residential complexes are of late coming up on Mawana Road and Modipuram on the Muzaffarnagar Highway.
Earlier, property prices in Gurgaon and Noida were considered to be going through the roof which drove the interests of property buyers to the known residential areas in Delhi and the places falling in its vicinity.
Meerut property market has certainly shown phenomenal potential for growth. For the individuals who cannot afford to buy an apartment in Delhi and yet desires to remain near the city, Meerut offers the cost effective options.
Outlined below is the chart summarizing old as well as revised rates of residential property in Meerut:
|Preferable Locations in Meerut||Residential Property Rates per sq mtr. (OLD)||Residential Property Rates per sq mtr. (REVISED)|
|Major Dhyanchand Sports Good Complex||Rs 2,500 – Rs 2,800||Rs 3,500|
|Shatabdi Nagar Colony||Rs 1920||Rs 2350 – Rs 2500|
|Shradhapuri Phase I||Rs 3100||Rs 3400|
|Shradhapuri Phase II||Rs 3100||Rs 3600|
|Defence Enclave||Rs 3100||Rs 3700|
|Pallavpuram||Rs 3100||Rs 3500|
|Ganganagar||Rs 3050||Rs 3500|
|Rakshapuram Colony||Rs 3050||Rs 3500|
|Dr Ram Manohar Lohiya Nagar||Rs 2160||Rs 2650|
|RS: Abu Lane||Rs 9600||Rs 13000|
|Sarafa Bazaar||Rs 12000||Rs 16000|
|Begampul||Rs 13, 200||Rs 16,500|
Retail market in Meerut
Meerut retail market is making rapid strides with the emergence of exclusive shopping malls and multiplexes. The city’s most famous retail hub so far is PVS Mall located in Shastri Nagar.
There is a CG mall featuring a three-screen multiplex which has recently been bought by Adlabs. A multitude of property developers envisage to make it BIG in Meerut retail sector. MSX Developers are soon to come up with a multiplex-cum-shopping mall spread over 2.5 lakh sq. ft of area. The construction would start within six months and is likely to be over by mid-2009.
Era Group is too planning to transform the old Ajanta Cinemas into a glitzy Era Mall. The mall would be leased out and its highlights would be a shopping mall, multiplex, food court, and swimming pool on top floor with a restaurant. The development of mall is scheduled to be over by the next 18 months.
Sushant City, the upcoming residential project of Ansal Properties will have a mall as it’s another attractive facet. At present, no booming mall culture exists in Meerut but the city’s inherent potential for organized retail will be recognized soon.
Upcoming Real Estate Projects in Meerut
Sushant City: Ansals Landmark Holdings has plans to develop a 300 acre Signature Township ‘Sushant City’. It would offer an array of options such as built up houses, independent floors, bungalows and villas. The Township would cater to housing requirements of 5000 families.
Palm Greens: A high end residential project to be developed by Supertech Group, in collaboration with the Proview Constructions Ltd. The project will come up on the main Delhi and Hapur Bypass Road opposite Sanjay Van. The complex would have six blocks with 608 flats, each with a price range of Rs 14.5 lakh to Rs 33 lakh.
With an increase in number of domestic and foreign players across industries shifting their base to tier-II cities, the demand for such Townships is on high. Other known real estate developers considering acquiring land for Townships and residential development in Meerut include Parsvanath, Jaipuria Group and Gaur Sons.