The property prices in the region have seen an appreciation and prospects here are promising, especially in the new sectors
The country’s real estate segment has been reeling under stagnation for quite some time, but Noida’s property market has beaten this slump very easily. Thanks to increased connectivity, improving social infrastructure and constant launch of new and promising construction projects in Noida has led to this continued positive sentiment.
Owing to this, the Noida-Greater Noida region has become one of the most sought-after areas for property seekers. Buying and renting here has been on rise, especially in the new sectors. This increased occupancy has also led to an increase in the property prices in this region.
The real estate market in Noida is divided in to six key areas:
- Central Noida
- Greater Noida
- Greater Noida West
- Noida Expressway
- Yamuna Expressway
- FNG Corridor (upcoming)
Among these, the Greater Noida West region (earlier called Noida Extension) is one of the key micro real estate markets in Noida. Presently, this is the only region to witness new projects and increased occupancy as well. Noida city is already chockablock; Greater Noida has more projects and comparatively lesser takers and the other regions are still on the brink on making it in the realty horizon.
Sector-wise price distribution:
The property market in Noida-Greater Noida is segregated into three pockets namely — Pocket I, Pocket II and Pocket III.
Central Noida (Pocket 1)
Prominent Sectors like 74, 75, 76, 78, 79, 119 and 120 are marked in the very first pocket. These sectors are located next to the proposed metro rail corridor and boast of this as its biggest USP. One can find plenty of ready-to- move-in apartments in these sectors, along with flats that will be shortly ready for possession and occupancy. This pocket is worth considering for new home seekers. Presently, the price range for multi-storey apartment here ranges from Rs 4,500-5,000 per sq ft.
Sectors along Noida Expressway (Pocket 2)
The area across the Noida Expressway comes under the second pocket. The six-lane expressway connecting Delhi and Noida is site for many luxury projects too. Average prices are reigning around Rs 5,000 to Rs 7,000 per sq ft.
Noida-Greater Noida West (Pocket 3)
The third pocket is Noida – Greater Noida West, earlier known as Noida Extension as well. This segment has many property projects already lined up and still many new projects are breaking ground here. One of the key factors influencing property scenario here is the area’s road connectivity. The Greater Noida West region is located right next to the Noida- Greater Noida Expressway, which is a lifeline for this region. Presently, this region is contributing about 41% of new homes supply and 40% of new homes sales.
Property experts reveal that, the future of this area is promising and buyers have already made profits on their investments. Around three lakh residential flats are being constructed in this locality. The property prices in this area are much affordable when compared to that of the other NCR region. Thus, making it first choice for middle class home buyers. The average price of property is noted between Rs 2,800-3,600 per sq. ft. Home buyers can choose both from new as well as resale properties.
Property buyers and end users have a plethora of choices among the ready to move in property options. Both land parcels and flats are easily available here right now. However, the 2 BHK and 3 BHK multi-storey apartments remain a favorite among the property seekers.. Home buyers can take the advantage of low property rates prevailing in this area right now. Realtors dealing in this area too have recorded large number of transactions.