15/01/2016
Property experts across the region agree that property prices in the Noida-Greater Noida region are much less and more affordable than Delhi and Gurgaon which make it most lucrative for buyers.
Noida-Greater Noida region has become one of the most sought-after area for those looking to invest in property in the National Capital Region (NCR). It is also one of the country's largest industrial suburbs. Major IT companies such as IBM, TCS, HCL, Tech Mahindra, Adobe and Dell, and power companies including Reliance, NTPC, Tata Power, Bharat Petroleum and Indian Oil have their corporate offices here, making the region an employment hub.
The second pocket is the area across the Noida expressway. The six-lane expressway connecting Delhi and Noida is home to many luxury projects- the average price of these are around Rs 5,000 to Rs 7,000 per sq ft.
The third pocket is Greater Noida (West), popularly known as Noida Extension. Around 3 lakh flats are being constructed in this area. Compared to other areas of NCR, the cost of property is lowest here, making it a popular option for middle-class buyers. The average price of property here ranges between Rs 2,800 and Rs 3,500 per sq ft. There is no dearth of both new as well as resale properties and home buyers can take their pick.
Infrastructural planning of Noida Extension is the best in NCR. The plan is to develop this region as a self-sufficient zone that offers employment opportunities. Separate IT and commercial zones are being developed here as well as a good lifestyle to its residents.
Presently, the property market in Noida and Greater Noida is divided into three pockets. The first pocket includes Sectors 74, 75, 76, 78, 79, 119 and 120. Proximity to the Metro rail is their biggest USP. Also, there are plenty of ready-to-move-in apartments in these sectors, which is another big draw for buyers. Prices are usually between Rs 4,500 and Rs 5,000 per sq ft.
For buyers looking for high-end top quality houses, shops or office space, Wave City Centre in Noida is the best destination. This place has a broad range of choices. The entire project, adjoining Noida City Center Metro station is going to be a show case of entire NCR region which is designed and developed by big names in international designing and planning.
Over the last two quarters, the residential property market in South Delhi has shown only marginal appreciation in capital values and rentals. This could have more to do with the recent upward revision in circle rates in various zones than anything else.
In Gurgaon, almost all major micro-markets have witnessed significant variations over the 2011 levels. Super-luxury residential price points have definitely corrected, currently being in the range of Rs. 23000-28000/sq.ft. as compared to the Rs. 30000-35000/sq.ft. range two years back. Premium / luxury projects in Gurgaon are currently priced between Rs. 12000-17000/sq.ft.
The Gurgaon residential market has currently stabilized, and there is no scope for any significant appreciation in the near term. Gurgaon has transformed to being an end-user driven market from an investor-driven market short-term speculators on the lookout for immediate capital gains have ceased to exist in this market.
Developers in the NCR region have been hit adversely due to the drop in residential prices at a time when they are running high inventory levels. Residential sales have picked up only marginally over the last three quarters.
This situation of low prices combined with availability of enough choices of good quality, ready to move flats has made it a very good time to buy your dream house in this buyers market where you have the upper hand compared to a few quarters earlier.
So, go ahead and buy your dream house today. This opportunity may not last long as in a few months time Central Govt. is likely to annousubstantially higher pays for lakhs of their employees and pensioners and once they get their arrears and higher take take-home pay, market is again going to be flooded by new buyers, once again starting the upside movement in prices.
If you are interested in buying a house now and looking for good property from genuine builders or in re-sale, please feel free to contact us on:
Ph. 9899106125 / 9718352666 or wrtie to us on: [email protected]
