These three localities remain the most preferred places to buy and rent property in Noida as prices continue to rise up with increasing population density
According to Happy Keys research, these three sectors recorded a steady increase in property values and this trend continued through the last one year, when property transactions were going dull across the entire Delhi-NCR stretch. In none of these sectors prices have fallen in the last three years.
Industry players attribute several reasons for this.
“These areas are no doubt well-developed in terms of infrastructure and presence of a lot of green pockets. But those who bought property here in 2005 are booking profits to move to larger units coming up in Greater Noida. Because of this, these sectors have witnessed significant transactions, even in the dull period of 2014-15,” says Ankur Budhiraja of AB Corporations, a real estate agency.
All three of these sectors are located centrally within Noida and Delhi just 30-45 minutes away.
Noida City Centre, the nearest metro station, is a mere 4-5 km from these locations. Then you have at least a dozen primary, senior and higher secondary schools in and around these localities.
“Looking at the kind of infrastructure these sectors offer, it is a complete package for an end-user,” says Rakesh Mahajan, a Noida-based realtor.
Further when we tried to find out what really makes these sectors a complete package, we observed that these localities have a number of parks and religious places as well.
In short, there is something for everyone. People residing in these areas can relax in lush green parks or visit temples nearby or spend time in the clubs nearby.
“It is such a great experience for my parents to visit the Sai Temple, roughly 800 metres away from my house in Sector 61 or for me to go to the club near Sector 50, or simply sit at the parks in the proximity,” says Roopak Bhardwaj, who recently bought a 2BHK in a housing society recently.
The other advantage these sectors present to the buyer is the mix of residential and commercial property.
With the rapid expansion of Noida, these localities are considered central points – shopping malls in Sectors 18 and commercial areas in Sector 63 and Sectors 16A.
“These sectors are equipped with sound infrastructural amenities. Sector 50 has all the facilities for a good family living. Good schools, hospitals, retail shops, restaurants, open spaces, park – all are available at walking distance,” says Jyoti Singh, a consultant at Narayain Realtors.
What’s out there
Property priced between Rs 60 and Rs 80 lakh is seeing the highest demand in Sector 62.
“With a more conducive realty market, we expect property values to rise in Noida. A large number of high-quality commercial, residential and retail projects are still being developed in and around these sectors,” says Rakesh Diwan of Diwan & Son Real Estate Advisors, a property consultancy firm in Noida.
The average price of a 3BHK in Sector 62 is between Rs 85 lakh and Rs 1.4 crore for a 1,250-1,400 square feet property.
For a 2BHK property, the average values range between Rs 60 and 80 lakh for about 950-1,100 square feet space. Though a number of projects are relatively new (below five years), 70 per cent property in the area are old constructions.
Sector 50 offers multiple choices for home buyers who are looking for options to invest.
According to Happy Keys data, the average price of 1,000 square feet 2 BHK flat is Rs 85 lakh whereas a 100 square yard plot is priced around Rs 1.7 crore.