“When the property prices across the Noida-Greater Noida Expressway region, are around Rs 5,000 per sq ft, why is Sector 150, that is right at the end of the Expressway towards Greater Noida, so costly? Is it just because this sector has the maximum number of luxury projects? Are the higher prices worth the livability index of the market?” questions Priyanaka Manjari, a prospective home buyer.
Manjari is not the only one, when it comes to questioning the real estate prices in Sector 150, which defy the overall price trends in Noida or Greater Noida. Sector 150, is the costliest sector along the 24-km stretch of the Noida-Greater Noida Expressway, with prices in the range of Rs 6,500 to Rs 7,500 per sq ft. Yet, this sector is emerging as a preferred choice for home buyers, even though more affordable options are available in other nearby sectors, along the Expressway.
Nikhil Hawelia, managing director of the Hawelia Group, maintains that buyers are not attracted to this sector, merely for its luxury properties. This region is witnessing developments that are new to this part of the world – like the sports city and the international cricket stadium. Add to it, the excellent infrastructure and the emerging connectivity up to Faridabad, and you have a residential zone that has everything, he says.
“Sector 150’s connectivity with Noida, Faridabad and even Gurgaon, through Kalindi Kunj, makes it a sought-after location for the affluent professionals. The region also boasts of a good social neighbourhood, owing to the kind of projects that have been launched in this sector. Hence, high prices are not a big factor. Moreover, this is one of the largest sectors, with 600 acres of land and thick green cover,” explains Hawelia.
The Noida Authority, too, is putting in efforts and using technology, to keep it a completely green zone. For example, Sector 150 will be completely free of overhead wiring. Wires for power, internet and telephones, will pass through RCC ducts and this technology will be used for the first time in this zone.
Do prices reflect reality?
Ravi Saund, COO, JMS Buildtech, agrees that the excellent infrastructure, connectivity and vast green spread in the region, have served to attract builders, to develop residential projects across all segments. Besides residential projects, this area also has educational institutions, hospitals, hotels, malls and is fast developing as a commercial hub.
“It has multi-purpose play fields, indoor stadiums, a cricket academy and everything that is needed, to make it a self-sustaining market. One does not have to travel to neighbouring areas for such facilities. Consequently, developers are rushing to build projects with world-class facilities and contemporary amenities,” points out Saund.
Would this lead to an over-supply in Sector 150? Analysts feel that as this sector is still evolving, it would be too early to assess the real demand and supply. However, the situation will become clear in a few years, when some of these projects will be delivered. As of now, the high prices in Sector 150, merely seem to reflect the region’s premium housing projects, high standards of living, better infrastructure and connectivity, and the greenery.
- Noida’s Sector 150 is the costliest market, on the 24-km-long stretch of the Noida-Greater Noida Expressway.
- The region is likely to offer a high standard of living, due to several proposed world-class amenities.
- It has good infrastructure and connectivity to other parts of Delhi-NCR.
- It is the greenest zone in the region.
- The authorities have proposed to make this sector free of overhead wiring.
(The writer is CEO, Track2Realty)