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A palatial villa in Golf Links or Jor Bagh may be every home seeker’s dream but not everyone can turn it into reality. When it comes to realistic dreams, most of Delhi’s middle-class, salaried people are heading towards the National Capital Regions such as Gurugram, Dwarka or Noida/Greater Noida. According to a report by ANAROCK Property Consultants earlier this year, the NCR consisted of approximately 28 million people. It is this area, which has seen the biggest expansion in the affordable housing segment over the last couple of years, at 26-30 per cent of the overall segment. The key destinations in this area include Sohna (Gurugram), Rajnagar Extension (Ghaziabad), Yamuna Expressway and Greater Noida West (Greater Noida) and Bhiwadi. Among these, Noida could be the perfect destination, for those seeking mid-income housing.
Economic prospects attract home buyers to Noida realty
Noida Extension was created as a separate affordable market, compared to Noida and Greater Noida, but was never conceptualised as a sub-city. Nevertheless, new projects coming up in this area, are as affordable as they are premium. Industry sources believe that more than 50,000 flats will be delivered in Greater Noida West, in the next three quarters. A majority of the apartments in this region, range from 700 sq ft to 1,500 sq ft, whereas, other adjacent sectors of Noida have flats in sizes of 1,200 sq ft to 2,500 sq ft.
Noida has an appetite for affordable and mid-income housing and many MNCs have shifted their base or expanded their operations to Noida and Greater Noida. This region is likely to witness tremendous job creation, which will lead to demand for economically-priced housing. Prime minister Narendra Modi and Korean president Moon Jae-In inaugurated Samsung’s biggest mobile manufacturing facility in Sector 81, Noida, some time back. Samsung’s presence adds weight to the presence of manufacturing units in this area like Karbonn, Oppo, Lava and Intex.
Connectivity to the NCR boosts real estate demand in Noida
The Uttar Pradesh government has picked Noida, Greater Noida and Yamuna Expressway regions, for massive development in the mobile industry field. This has led to an increase in demand for residential houses in Noida Extension and Greater Noida.
The connectivity to Delhi, is also one of the reasons why mobile companies are picking Noida as their preferred destination. This will further improve, with the 30-km-long Noida-Greater Noida Aqua Line of the metro, which will also pass through Sector 81, thereby, cutting down on travel time substantially. The sectors around this area like 78, 79, 101, 107, 104, 80 and 81, have plenty of affordable housing options, with two-BHK apartments in the price range of Rs 20 lakhs and above.
New regulations to safeguard Noida property buyers’ interests
The festive season in 2018, hence, seems like the perfect time to invest in residential real estate in the NCR and specifically, in the Noida region. The growth in the real estate sector in 2018, can also be attributed to the return of buyers’ confidence, with the Real Estate (Regulation and Development) Act (RERA) in place, to safeguard their rights. The UP Real Estate Regulatory Authority (RERA) is also planning to allow defrauded home buyers to take over and complete stuck projects in Noida.
For example, one project in Sector 137 Tech Zone of Noida, was stuck at 80 per cent but the buyers have approached the authority, for completing this project. Section 8 of the RERA clearly demarcates takeover by the buyers’ associations. It is believed that the UP RERA has received 3,340 complaints, about 722 projects with 70 per cent of the complaints coming from Noida, Greater Noida and Ghaziabad. With developers now under pressure, things are starting to look up for the real estate sector in Noida.
Noida real estate market: What’s on offer?
Real estate developers have now come out with offers like easy payment schemes, extended discounts, fully-loaded flats, gifts like Mercedes Benz or other cars, gold coins, iPhones, etc., to lure buyers, especially during the festive season. Some builders are offering discounts of as much as 25 per cent, on ready-to-move inventory. Others like are coming up with special offers and freebies, including free car parking, club membership, lease rent, free modular kitchen and wardrobe, in all bedrooms. So, this may be the ideal time for home seekers to buy homes in the Noida region, in a price range that one can afford. With a little effort, a dream home can become a reality.
(The writer is CEO, Home kraft, an ATS Company)