The real estate market is seeing new developments in Delhi/NCR, especially after the arrival of the new government and a union budget favorable for real estate development. With developments such as allocation of more funds for affordable housing, easing of FDI norms, implementation of REITs and special focus on infrastructure development the growth prospects for this sector are promising.
Noida and Gurgaon Realty Markets Are Witnessing a Great Boon!
Builders and developers want to make maximum of this opportunity; hence, they are looking for the most favorable location for the development projects. As land is a prerequisite for any kind of development, Noida and Gurgaon are the logical answers to the location search of the builders and developers. Noida is constantly expanding and this expansion is fuelling further growth. Various recent announcements and the infrastructure uplifts of the city have made Noida’s real estate market increasingly attractive.
Metro Fuelling the Growth
With the Delhi metro increasing its route to Noida the city has another reason to see further growth in the real estate segment. With the fast-paced development in infrastructure in Noida and its vicinity, real estate growth has really picked up over the past few years.
The Noida authority has several plans for infrastructural development on this stretch, according to the new master plan; the recently approved Metro alignment will be developed to link Noida with Greater Noida, and later on at the Yamuna Expressway. The Metro line that will begin from Sector 32 will caters to residential sectors lying along the expressway.According to the new master plan, 70 per cent of the total area along the Noida and Yamuna Expressways will be kept for green spaces.
Noida has emerged as a well-developed micro market having substantial office and retail space, with commercial activity deepening in its various sectors. This will lead to future growth in rental markets.
Availability of Affordable as well as Luxurious Housing Projects
Though Noida is known for its affordable housing projects, there are numerous luxury projects underway as well as in the pipeline in Noida and its adjoining areas. Renowned developers like Supertech, 3C Company, Prateek Group, Lotus Greens and Wave Infratech have launched super-luxury projects with 3-5 BHK apartments of 2,000-4,000 sq ft and priced in the range of Rs 1 crore to 3 crore.
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.
Greater Noida is Witnessing Tremendous Growth Too!
Greater Noida (West) is closer to Noida than the Yamuna Expressway. The real estate prospects here suffered a dampener when Noida real estate released a large quantity of residential stock. Noida Extension or Noida (West) is preferred by those who have limited and smaller budgets. Good infrastructure, metro connectivity and good road network are the major reasons that have attracted the buyers and investors to this area. Positive response from buyers and investors in Noida has now made this the preferred destination for launching new projects and expediting existing ones. With good infrastructure, metro connectivity and good road network, real estate development in the Noida regions is picking up.