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Finance > Real Estate > Greater Noida: An Emerging Real Estate Destination
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Article rating : 0.00, 0 votes. Author : George Gonigal
With its metro extensions, expressways, wider highways and availability of land parcels, Greater Noida promises to be the emerging residential destination in the National Capital Region (NCR). About 26.5 million sq ft of housing supply is projected to come up in Greater Noida by 2009-10.
The Taj Expressway, now open to traffic, has brought in higher end-user demand for housing. After rising consistently for three years from 2003 to mid-2006, the Greater Noida property market is stable now. The days when prices doubled every year are long gone. Prices are quite high and investors, many of them having made substantial gains, are heading for the exit. Another reason is that with property rates having risen quite high, investors are heading for other cheaper destinations, such as the Nahar Paar area of Faridabad.
The Greater Noida Authority is revamping the civic amenities and other infrastructural facilities. Much awaited projects like the international airport at Jewar and 160-km long Noida-Agra Taj Expressway will
help in the fast-track growth of the Greater Noida.
Level of occupancy in higher-end housing projects in Greater Noida is recorded at around 20-30%, as for HNIs (High Networth Individuals) who buy property in Greater Noida is just for the purpose of investment. Furthermore, due to lack of basic civic amenities, the end-user segment is not ready to shift in these projects. One of important factors responsible for the low occupancy in many of Greater Noida’s sectors is the absence of public transport. At present only those who can afford private vehicles live in Greater Noida.
Most builders are developing premium residential and retail projects in anticipation of the Noida-Greater Noida zone emerging as an IT-ITES hub. These real estate projects in Greater Noida are targeted at higher-level executives from the IT-ITES industry. However, as far as long term prospects of Greater Noida are concerned, the township is very well-planned, and offers clean air and a lot of greenery.
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