The region has witnessed the maximum number of project launches at various stages of construction in contrast to the core Noida market.
Greater Noida and Greater Noida (West) have witnessed rapid development in terms of infrastructure and basic amenities. This combined with upcoming Metro line and increase in green area has made the area attractive to developers.
The area has witnessed the maximum number of project launches at various stages of construction. This is in direct contrast to the core Noida market, which reported a relatively lesser number of projects in the last one year.
“Post the Supreme Court judgment, one factor that has worked in favour of Greater Noida is that financial institutions, which were holding back on investment, opened their purse strings to developers and builders. This has resulted in giving the required impetus for several new projects in addition to boosting under-construction projects,” says Tushaar Dua of Avid Associates & Property Advisors.
The one key factor working in favour of Greater Noida is its affordability.
According to HappyKeys data, you can easily buy a 1BHK apartment in the micromarket for as low as Rs 20 lakh while a 2BHK with a unit size of about 850 square feet is available for Rs 29-30 lakh.
Sectors reporting fast development include Sectors 1, 4, 22 (including A and D), 16 and 16C. Other popular sectors include the ones in proximity to TechZone 4, Sector 2 and Chi-Phi.
What’s out there
Developers in this micro-market include Supertech, Jaypee, Lotus Group and Panchsheel.
2BHK in this area is available in the price range of Rs 29 lakh to Rs 40 lakh, catering to a wide demography of home buyers. Broadly, the unit sizes being offered here are between 850 and 1,200 square feet.
Almost 80 per cent of the offerings in the market cater to this segment. Some of the players include Lotus Group with Lotus Greens project, Nirala Greenline and Panchsheel Greens.
In the upper price range of Rs 60 lakh to about Rs 1.5 crore, offerings are varied from apartments to villas and even a few plotted communities.
Interestingly, you can even get a 3BHK at about Rs 35 Lakh and above. Developers offering in this price range include Imperia Group, Jaypee and Supertech.
On an average, a 3BHK unit here is in the price range of Rs 35-Rs 90 lakh for sizes varying from 1,250-2,600 square feet.
“If you compare the prime areas in Noida with those located in Greater Noida, there is an average price difference of 10-30 per cent. And it is this value for money that is making the place attractive,” says Kuldip Singh, a freelance property advisor and consultant, with over a decade of experience in the Noida-Greater Noida Market. “Thus though social infrastructure is still to develop here, there is optimism given the planned infrastructure development underway.”