The fire started at around 3:45am and it could be doused only by 11am, fire department officials said.
No loss of life or injury was reported, officials said, adding that damage to property worth several crores of rupees could not be ruled out.
Manufacturing machines and all goods of rubber and shoes factories were destroyed, they said.
"Fire erupted in shoes' manufacturing factory which soon engulfed adjacent rubber factory," Chief fire officer, Ghaziabad, VK Singh said.
When fire fighters reached the spot, heavy smoke filled the air, fire department officials said.
"Around 13 fire tenders were pressed into service. Three fire tenders were also taken from Noida fire department to douse the flames," he said.
"Fire were completely doused by fire fighters by around 11am," a fire official said.
The fire might have been caused due to short circuit, but further investigation would reveal the truth, he said.
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