There has been an up lift in the market after the arrival of
the new government, especially after the budget has set the ball rolling for
real estate sector. With allocation of more funds for affordable housing,
easing of FDI norms, implementation of REITs and the special focus on
infrastructure development, the government has made it clear that in order to
push economic growth, a special focus on infrastructure and real estate development
is required. In the foreseeable future, the real estate market in Delhi NCR is
going to see considerable forward momentum.
As land is a prerequisite for any kind of development, Noida
and Gurgaon are the logical answers to the increasing need for housing in Delhi
NCR. In terms of inventory, Noida and Gurgaon have more options than any other
city in the NCR. These two areas are consequently expanding and growing and
expansion opens opportunities for further growth in real estate. It is for this
reason that these two cities have now got mature real estate markets for
different sets of buyers and investors. However, they have very individual
returns potential. In the last few years, it appears that investments made into
properties located in Gurgaon have reaped better returns than those secured from
Noida property. Where as, on the other hand, various recent announcements and
the infrastructure uplifts of the city have made Noida's real estate market
increasingly attractive.
What favours investors entering Noida is the lower pricing
factor, which now promises better appreciation and returns on investments. The
realty market in Gurgaon has now crystallized into one most favourable for
buyers in the premium segment. But the other side of the coin is that the high
price points in Gurgaon suggest that properties there will no longer fetch high
rates of appreciation.
With the fast-paced development in infrastructure in Noida
and its vicinity, real estate growth has really picked up over the past few
years. There have been announcements for many new such projects as well, which
has had a positive effect on the real estate market.
The proposed extension of the Dwarka-Noida City Center to
Pan Chowk wall give direct connectivity to Delhi and other NCR areas, and the
project is expected to complete by 2021. The Noida Metro Rail Corporation
(NMRC) has got the required approvals for the 29 kilometer-long Noida-Greater
Noida Metro link from the state government, as well. Simultaneously, the
Greater Noida Industrial Development Authority (GN I DA) has plans to set up
its own power plant, which will provide uninterrupted power supply to the
region.
Though Noida is known for its affordable housing projects,
there are numerous luxury projects under ay as well as in the pipeline in Noida
and its adjoining areas. Renowned developers like Supertech Ltd, 3C Company,
Prateek Group, Lotus Greens and Wave Infratech have launched super-luxury
projects with 3-5 BHK apartments of soon-4000 sq. ft. and priced in the range
of Rs i crore to 3 crore for area with good infrasiructure, metro connectivity and good road
network, real estate development in the Noida regions is picking up rapidly.
This is important, since infrastructure development is the primary draw for
buyers and investors into this area Upcoming major projects like the Export
Promotion Zones and Taj Economic Zone along the Yamuna Expressway are likely to
push the economic development of this region, consequently giving a further
boost to real estate development. In fact, the positive response from buyers
and investors in Noida has now made this the preferred destination for
launching new projects and expediting existing ones. All in all, Noida is
beginning to emerge as one of the brightest stars in Delhi NCR real estate.
