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Greater Noida Allures With Exquisite Infrastructure
The research was conducted to help the home buyers and investors identify & shortlist areas that provide extraordinary living experience -whether in terms of living-styles, infrastructure or plain dream fulfillment. Most of the noteworthy areas are found located in the NCR region including Noida, & Greater Noida. It only confirms the rising trends of the upper middle class moving to the area for better living spaces, infrastructure and superior living style.
The analysis was conducted basis data compiled in March 2015-16 and tracked the residential property price movement over the past one year and came up with a list of 50 localities / areas with maximum price appreciation. Prominent areas in the top 50 list include Techzone - 4, Pari Chowk, Noida Expressway in Greater Noida. The rest are in Gurgaon and scattered pockets of Noida.
It is not just the home-buyers who are increasingly getting attracted towards Noida and especially Greater Noida. Big business houses, start-ups and even PSU's are building permanent base in Noida, adding value to the region.
It was the difference in infrastructure, connectivity of metro, better electricity and water supply and above all schools which have sealed the decision made by small homeowners and MSME's which meant staying a slightly smaller but better maintained accommodation. Greater Noida is a good investment option for those willing to hold properties long-term. It is advisable for investors to opt for projects by reputed builders, in areas where the civic and social infrastructure is either strong or is developing at a good pace.
Greater Noida’s connectivity to Delhi and Gurgaon, metro service and good infra facilities make the living experience better in this NCR region. Realty experts see its affordable housing tag as one of key reasons why focus has shifted to Greater Noida among NCR regions. With the prices rising CommonFloor’s recent survey titled “NCR Consumer Confidence Index – H1 2016” revealed that around 30 per cent respondents preferred to invest in micro markets in Noida & Greater Noida in contrast to other areas in the NCR.
Skyrocketing prices have made Gurgaon residential market unaffordable for many. As a result, the focus has shifted to other areas in NCR, particularly Noida. Well developed social and physical infrastructure in the region and good connectivity via Expressway has boosted the demand. Greater Noida realty market also offers good returns on investment with an average yearly expected appreciation of 10-15 per cent, which is an appealing factor for several investors interested in the region. And it is not just the home-buyers who are increasingly getting attracted towards Noida & Greater Noida. Big business houses, start-ups and even PSU’s are building permanent base in the region adding value to the region.
The office market in Noida & Greater Noida is also gaining traction due to availability of quality office space at lower rentals compared to Delhi and Gurgaon and presence of excellent infrastructure. In 2015-16, the region witnessed net absorption of around 1.2 million square feet of office space. The incremental take up of office space is expected to boost demand for residential space in the sub-markets.
While companies are expanding their operations in Noida & Greater Noida due to large floor plates and cheaper rentals as compared to Gurgaon, developers are making the most of this trend by offering budget inventory for which the demand is expected to surge in future.
The demonetization drive by the government is leading to a drop in prices as well as interest rates that will help the realty market in Greater Noida to become even more attractive. Financial experts predict that home loans are likely to fall to around 7%.As the interest rates fall due to the rise in bank deposits following the demonetization; the affordability for small home buyers will improve. Due to the subvention in existence, the net effective rates will come to only 6%. Demonetization will also remove surplus liquidity from the market and in turn lead to low inflation. The biggest gainers will be mid-income buyers for whom owning a house was earlier a pipe dream.
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