There is increased buoyancy in the market after the
arrival of the new government, especially after the Budget has set the ball
rolling for the real estate sector. With allocation of more funds for
affordable housing, easing of FDI norms, implementation of REITs and 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 pivotal. 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 burgeoning 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 now have 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 properties in Noida. However, Noida is not lagging very far behind.
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 crystallised 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 Pari Chowk will 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 km-long
Noida-Greater Noida Metro link from the state government, as well.
Simultaneously, the Greater Noida Industrial Development Authority (GNIDA) 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 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.
With good infrastructure, 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.
SOURCE: THE INDIAN EXPRESS
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