The prospects of real estate market at Yamuna Expressway corridor are promising. The announcement of new affordable housing scheme by YEIDA may help revive the realty market.
The growing demand for affordable homes in Delhi NCR circuit is the main driving force that has led to a launch of low-cost residential options in the region. This new trend has been well captured by the realty developers to cater this rush. In the last couple of years, NCR has seen rapid real estate development in this regard, supported by social infrastructure and civic amenities.
The Yamuna Expressway Industrial Development Authority has taken new initiative to pump the new life into the real estate market along the entire corridor by offering new affordable housing scheme. The authority has come up with five new housing schemes, especially to attract mid-budget groups.
The YEIDA, in its new scheme, has put on offer five different land use categories across the expressway corridors. The residential category brings 280 flats with 200 smaller units and 80 bigger units. The smaller units are dedicated to low-income groups and will cost Rs 11 lakh. The small ticket size flats are of sizes 29.76 meters while bigger units will have sizes of 54.75 meters and will costs Rs 19 lakh. These affordable apartments are said to be constructed in Sector 22D of YEIDA.
According to realtors, this lucrative offer is to bring the attention of new home buyers who are hunting to get shelter for a long time in NCR regions within their price bracket. This move is also believed to aid the new development in the locality.
These residential flats will be made available through lottery scheme only.
The YEIDA in its next scheme commercial plots for commercial use only has put on offer for public sale. This scheme has been brought to attract investors and entrepreneurs. The authority will also auction 106 institutional plots in its area. These plots are located in Sectors 18, 20 and 22 and allotment will be made through first come and first serve and interview basis.
Why affordable housing is getting so popular?
According to Dhiraj Jain, director, Mahagun Group, “Housing choices that people make are completely dependent on their economic, social and psychological impulses. While some may choose to spend more on housing because they feel they can afford to, others may not have a choice. This portion of population that migrates to urban areas for jobs is the main driver of affordable housing”.
The area spotlight
The area came on international radar with the opening of Buddha International Circuit and successfully hosted two F1 Grand Prix consecutively in 2011 and 2012. And today, the locality is buzzing with ample of real estate activity. The improved infrastructure and smooth connectivity via expressways provides rapid commuting to and fro from the city. So that is why area along the expressway has seen strong presence of builders arena launching their premium projects in commercial, residential, hospitality and retail categories. The good arterial network of roads as well as metro connectivity will upsurge the demand of housing units.
Housing options available at expressway corridor
The average property prices here is low as compared to other realty segment of Noida due oversupply of open land plots in the area. For example, you can get a 1 BHK flat of 625 square feet at Rs 20 lakh and 2BHK apartments of 1,000 sq. ft. at Rs 28 lakh.
The locality has seen the presence of some of the leading developers like Gaur, Lotus Group, Nirala and Oasis.