Greater Noida today has emerged as an alternative housing destination for the ones that cannot afford the high pricing of property in Delhi, Noida and Gurgaon. Property in Greater Noida, although not extremely affordable is considerably less compared to property prices anywhere in the region. This part of NCR has been known to support the ever increasing population in the National Capital Region.
As the plans for an airport and metro connectivity in Greater Noida is on the charts, real estate industry is more than welcoming this very important investment opportunity. Many builders have already acquired for land for bigger projects like multistorey apartments in Greater Noida in the considering it shows the most growth potential in the region, compared to any other region right now. Top builders in the region has started many new projects here.
According to recent media reports, Ashiyana Homes has launched two mega housing projects. Rohit Raj Modi, director, Ashiyana Homes group said that “The Company has launched Ashiyana Arcade in Sector Gamma-2 next to the Greater Noida Industrial Development Authority (GNIDA). Ashiyana Arcade boasts of 160 apartments with club houses; 24-hrs power backup, gym and parking facilities. Price of a three-bedroom apartment (area 1,595 sq ft) costs Rs 45 lakhs. While a two-bedroom flat (area 1,100 sq ft) is available at a price of Rs 30 lakhs. Ashiyana Homes has already handed over 176 constructed flats to the Oil India Ltd in Omega-1.”
Similarly Eldeco Infrastructure has launched 3 more housing projects in the region. “These projects are Rivera, Castle and Amazona. In Rivera, 300 flats will be available in Sector Pie. A two-bedroom flat replete with a study room, kitchen (area 1,420 sq ft) will be available for Rs 42.60 lakh. While a three-bedroom flat with a study room and kitchen, would cost Rs 52.44 lakh (area of 1,840 sq ft). The project is likely to be completed by 2008.” Said SK Jaggi Head Marketing of Eldeco Group.
Projects like these have not only ignited the market with many opportunities but these all-encompassing projects will be the most futuristic projects in the region. “The Act mandates planning, development, operations and maintenance and regulatory functions to a single agency GNIDA. Attracting investment in the city is also the responsibility of authority which again seems to have done a good job as the queue of national, multinational companies and the builders is becoming longer with their investment plans.” says chairman cum CEO, Rakesh Bahadur, GNIDA. Today property in Greater Noida are much in demand by the investor community. However the absorption rate is much lower here, things are all said to improve by the end of 2014.
Today if you look at the average price for apartments in Greater Noida, they are nothing less than INR 3500 to 4500 per sq. ft. Sectors like Jaypee Greens and Knwoledge Park have shown very high pricing here. There are average price is somewhere around, INR 5800 per sq. ft.
Sulabha is a real estate expert and consultant from NCR. She deals with analyzing trends in the market of individual house for sale in chennai and commercial properties in Greater Noida