Noida is one of the fastest growing real estate markets in Delhi NCR due to its excellent infrastructure, facilities, as well as the establishment of a number of MNC’s, and IT/ITes companies in the area.
The Noida development authority has increased the land allotment rates for plots by 10% to 12%, on New Projects in Noida and the Yamuna Expressway in June this year, which has buying property more expensive in the area. The authorities have increased the prices for residential properties, group housing schemes, industrial and institutional plots. However, the rates for commercial properties remain unchanged for now.
The hike in land allotment rates have been done by Noida Authority as they plan to re-allot 2,500 acres of land, which was earlier, set aside for special economic zone for group housing and mixed land use purposes. The current rates for residential property are between INR 62,200 per sq. m. and INR 22,600 per sq. m. in Noida.
Despite the increase in rates, Apartments in Noida, Delhi NCR continue to see an increased demand. They remain the most sought after by home buyers due to the proximity to the National Capital Region (NCR). Noida has the highest per capita income in Delhi NCR that means that the purchasing power of home buyers is the highest in the area, as compared with other regions. Greater Noida, Noida Extension and Noida West have emerged as the most after areas in the region due to its close proximity to Delhi and well as surrounding regions. The approval of the upcoming International airport has also led to an increase in prices in the area.
The prices of residential units in Sector 100 and Sector 104 fell by 2% and 1% respectively during the April to June 2014 period. While, prices of property in Sector 168 went down by 12% during the same period and Sector 168 saw a decline of 12%.
In Sector 76 prices saw an increase of 10% and there has been an increase in price of apartments in Sector 150.
The property prices in Noida have been impacted by a large number of unsold inventory as well as delayed projects from builders. However, Noida still remains one of the most lucrative property markets in Delhi NCR and is expected to see growth over the next 3-5 years.