The biggest advantage of living in Noida, is the connectivity with other parts of the National Capital Region. Noida is connected via several exit points to Delhi, Ghaziabad and will be connected with Faridabad, through the upcoming Faridabad-Noida-Ghaziabad (FNG) corridor. Infrastructure and robust connectivity via road and metro networks, make Noida an ideal residential destination.
Moreover, several new sectors have come up which present good buying options for buyers. Of these, sectors 70-79 have become the focus of investments and property purchase.
Type of apartments on offer
Many projects have seen the completion of their first phase of development, while some developers have now launched new towers. Developers in the region include Amrapali Group, Supertech Ltd, Ajnara Group, Prateek Group, Panchsheel, Gaursons, Sikka Group, etc.
On offer, are two, three, and four-bedroom apartments, with the new towers having the larger apartments. The average rates in sectors 70-79 are in the range of Rs 3,600-5,500 per sq ft.
Apart from regular apartment projects, builder floor apartments are available in sector 70, 72, 73 and 75. Most of these projects are likely to get completed in 2017. However, their rate is lower than apartment projects. Residential plots are currently available only in sectors 70 and 72, in the price range of Rs 55,000-60,000 per sq ft and Rs 70,000-75,000 per sq ft, respectively.
While the residential segment is strong in these sectors, commercial too, is shaping up well. Most shops and commercial centres, are part of the projects.
The rates for commercial shops, range from Rs 14,000 per sq ft to as high as Rs 25,000 per sq ft for a 120-sq ft shop. Commercial centres that have come up, are part of township projects such as Mahagun Moderne, Gardenia Golf City, Urban Casa and Silicon City.
Should buyers opt for these sectors?
Rajiv Mehrotra of Sunshine Properties says, “End-users who wish to invest in the mid-segment to high-end premium apartments, can consider these sectors. Buyers with deep pockets, can acquire bigger apartments that have been launched in some of the new towers or in the second phase of existing projects.”
Several infrastructure developments are also set to give these sectors a fillip.
The proposed extension of the Delhi Metro, from Noida City Centre metro station, will cross Sector 78 and reach Greater Noida. This link is expected to be commissioned by 2017. A robust road network is already in place, connecting these sectors with the rest of Noida and Noida Extension region.
“Barring some, most projects have very less occupancy,” shares a property broker who deals in sector 78-79, requesting anonymity. As of March 2016, most projects in the region had not received their completion certificates, due to an order passed by the National Green Tribunal (NGT) and the phased development of projects. Consequently, these sectors are yet to be fully occupied. In October 2013, the NGT had restrained the development authorities from issuing completion certificates, to buildings falling within a 10-km radius of the Okhla bird sanctuary. “The ban has now been removed, after the NGT issued clarifications and we can now see projects getting their completion certificates,” says another broker, Akash Singh, from the brokerage firm, Investors Clinic.
However, there is a huge backlog, he points out. “There are more than 300 buyers visiting the Noida Authority office, to register their properties,” points out Darpan Sinha from Noida, who is planning to register his property. Hence, buyers may need to hire a services firm or seek help from a consultant, to get their properties registered. It is also advisable to look for ready-to-move-in properties, although these will come at a premium.