Meerut, known historically for the sepoy mutiny of 1857, is one of those smaller towns that have fast risen as a hub for real estate properties. Owing to its huge availability of land at affordable rates, Meerut has now acknowledged as the next affordable real estate hub in the Western Uttar Pradesh.
The city of Meerut is now acquiring huge popularity as an affordable real estate zone in NCR. availability of land at affordable rates have given a reason for the growth of the mid-segment and low-cost residential and commercial segment in Meerut which can fulfill the requirements of the growing population of the city.
Owing to its advantages of being well connected to the most developed cities like Delhi, Noida, and Gurugram, Meerut hails as an ideal destination for investment within the entire NCR. The city lies 70 km northeast of the national capital of India, Meerut is rising at a fast pace as residential hub for a large number of professionals working in Noida and Delhi. Overhauled by the three national highways (NH-58, NH-119, and NH-235), Meerut is well-connected with the rest of the NCR. The government has recently approved India’s first high-speed regional transit system which will speed up the journey from Delhi to Meerut, addressing traffic congestion.
Presence of Retail market
The city has great potential for the emergence of retail businesses owing to the presence of a number of exclusive shopping malls and multiplexes which employ a lot of skilled workforces. The retail market of this city is growing at a rapid pace due to the presence of exclusive shopping malls and multiplexes. Some of the existing malls in the city are Metro Plaza, PVS Mall, Era Mall, Shopprix Mall, Melange Mall, etc.
Real Estate Trends in Meerut
Despite a price hike every day in Meerut properties, the prices have not yet as high as prices in the National capital of India which has encouraged home buyers to migrate to its neighboring cities like Meerut. The city is high on demand among investors and home buyers, boosted by well-planned development, excellent infrastructure facilities and availability of land at affordable prices. The demand for the residential Properties in Meerut has picked up well as the culture of living in an apartment has come into a trend in different locations of the city.
Hari Mohan Sharma, Director -Strategy, Clicbrics. “The city is still an affordable living option for first time home buyers who want to buy their dream homes but are not able to afford property in Delhi metro region and still want to remain close to the city, this city offers affordable living options."
The most sought-after location is along the Meerut Bypass. The other locations which are gaining huge popularity among buyers and investors as ideal destinations for property investments and large-scale residential developments are the Hapur Road and the Cantonment Road. The city attracts residents from Muzzafarnagar, BulandshahrandHapur for their educational and work requirements. Sports, leather and automobile industries sustain the economy of this industrial hub, and therefore the growth of the real estate market has found support from this segment.
Presence of leading real estate players has a major influence on the real estate sector of the city. These reputed developers have launched several ready to move and under construction properties in Meerut. These residential and commercial properties are indicative of the growth of the real estate sector of this place.