Increasing Resale of Property in Noida
Because of the expansion of the metro railway along with high end construction projects, many areas in Noida are showing a rapid increase in the resale flats and houses property market particularly in the sectors of 74, 75, 78, 76 and 79. All these locations have shown an increase of roughly 15 percent in the prices of resale properties whereas the actual price of these apartments is almost 10 to 15 percent lower than flats and properties which are a part of the higher end projects that are going on now. Most brokers working in the area have vouched that certain sectors in Noida are experiencing rapid growth of the resale realty property in Noida, particularly the sectors 74, 79 and 78. This trend is being seen mainly because ongoing projects are being completed late and higher end projects are steeply priced and in the pipeline. This is giving a boost to the price of the existing properties for residential use.
Brokers have also stated that the sectors 75, 77 and 76 are also showing signs of an inflating resale property market to roughly 10 percent to 15 percent in the past 6 months as the sectors are located close to the metro link that has been proposed in Noida. The areas are also connected well with Greater Noida West and the NH 24. The units that are available for selling in the sectors 74, 75, 77, 76, 79 and 78 are pre-occupied by investors who had booked the units for Rs 2500-Rs 2600 for the square feet at the time of the project being launched. Currently, these units have been priced at Rs 5,100 for square feet or even more. This is one of the reasons why investors are interested in reselling their apartments for booking profit. This has led to the resale realty market gaining momentum. Moreover, the luxury projects that have been proposed close to sectors 74 to 79 such as Sports City and Meghdootam, good connectivity and high quality infrastructure have also led to the growth of the resale property market.
The above mentioned sectors are well connected to the Noida Expressway that is located less than 2kms from Sector 74. Aside from this, higher end projects have been proposed close to sector 79 where the commanding price of square-feet is around Rs 8000 or so and the apartments available there are quite large. The final that a buyer may have to pay for such an apartment is between Rs 1 crore to Rs 1.5 crores. However, 2BHK apartments which are priced between Rs 50 lakhs and Rs 60 lakhs are available in sectors 74 to 79, based on size. The luxury apartments that are coming up are devoid of the 2BHK style of flats which is why the demand has shifted to the reselling properties. The reselling is also happening in projects that were launched around 2-3 years and are about to be completed. Therefore, these apartments have not been lived in per se. When a housing project is launched in the market, roughly 30 to 35 percent of the units are bought by investors. Therefore, the resale is being conducted by the group of conservative investors who belong to the age bracket of above 50 and below 60. The investors are booking their partial profit because they want to be safe. Some of them are also interested in relocating their investment in Noida Sector 79's Sports city. Because of the resale in sectors 74 and 79, the resale property in Noida bazaar has seen a growth of roughly 25 percent.
The reselling flats and apartments property market in Noida sectors 74 to 79 shall see a boost of roughly 50 percent from their current levels. This is happening because the units being sold are almost brand new and completed. They are priced at roughly Rs 8200 per square feet. Realtors expect in the near future too, the resale housing property market would grow at a competitive rate. As newer projects have better infrastructure and facilities, these amenities would trickle down to people who live in the surroundings. This theory has been tested in Gurgaon and DLF City. Currently, the price of sector 50, which is opposite to Sector 79 is around Rs 8,100 per square feet whereas in Sector 79, the price is still between Rs 5000 to Rs 6000. Therefore, those looking for property in Noida for end usage currently shall prefer to buy apartments in sectors 74 to 79. The resale is mostly of properties which are brand new and have a price tag lower than what is being quoted by a developer.
Noida is one of the most prominent areas of the Delhi NCR region and its prominence is growing with the increase of schools, colleges, universities and work avenues. Plenty of companies have moved to Noida because of cheaper costs of operations compared to Delhi. The area is connected well with Delhi not only via roads but also via the Metro Railway. Currently the Noida City Center is the last stop of the Delhi metro but it is being planned to extend the metro to other parts of Noida. The opening up of the Yamuna Expressway which connects Noida to Agra along with the Buddh International Circuit has led to the growth of housing options in Noida. Noida abounds in housing communities that offer 2BHK and 3BHK apartments at prices sub Rs 1 crore. The Noida Development Authority is also trying to improve the situation of housing in the area with easier policies of land acquisition. Such is the demand for housing in Noida that old residents are converting their garages into one room accommodations for Rs 10,000 to Rs 12,000 in a month.
Certain housing property in Noida are being built along the green housing lines where provisions for rainwater harvesting, solar water heating, ample open spaces and terrace gardens are being planned. These apartments are meant for people working in top IT companies of Noida and hold senior management positions. As employment opportunities in Noida increase, more numbers of people would be inclined to stay here.
Brokers have also stated that the sectors 75, 77 and 76 are also showing signs of an inflating resale property market to roughly 10 percent to 15 percent in the past 6 months as the sectors are located close to the metro link that has been proposed in Noida. The areas are also connected well with Greater Noida West and the NH 24. The units that are available for selling in the sectors 74, 75, 77, 76, 79 and 78 are pre-occupied by investors who had booked the units for Rs 2500-Rs 2600 for the square feet at the time of the project being launched. Currently, these units have been priced at Rs 5,100 for square feet or even more. This is one of the reasons why investors are interested in reselling their apartments for booking profit. This has led to the resale realty market gaining momentum. Moreover, the luxury projects that have been proposed close to sectors 74 to 79 such as Sports City and Meghdootam, good connectivity and high quality infrastructure have also led to the growth of the resale property market.
The above mentioned sectors are well connected to the Noida Expressway that is located less than 2kms from Sector 74. Aside from this, higher end projects have been proposed close to sector 79 where the commanding price of square-feet is around Rs 8000 or so and the apartments available there are quite large. The final that a buyer may have to pay for such an apartment is between Rs 1 crore to Rs 1.5 crores. However, 2BHK apartments which are priced between Rs 50 lakhs and Rs 60 lakhs are available in sectors 74 to 79, based on size. The luxury apartments that are coming up are devoid of the 2BHK style of flats which is why the demand has shifted to the reselling properties. The reselling is also happening in projects that were launched around 2-3 years and are about to be completed. Therefore, these apartments have not been lived in per se. When a housing project is launched in the market, roughly 30 to 35 percent of the units are bought by investors. Therefore, the resale is being conducted by the group of conservative investors who belong to the age bracket of above 50 and below 60. The investors are booking their partial profit because they want to be safe. Some of them are also interested in relocating their investment in Noida Sector 79's Sports city. Because of the resale in sectors 74 and 79, the resale property in Noida bazaar has seen a growth of roughly 25 percent.
The reselling flats and apartments property market in Noida sectors 74 to 79 shall see a boost of roughly 50 percent from their current levels. This is happening because the units being sold are almost brand new and completed. They are priced at roughly Rs 8200 per square feet. Realtors expect in the near future too, the resale housing property market would grow at a competitive rate. As newer projects have better infrastructure and facilities, these amenities would trickle down to people who live in the surroundings. This theory has been tested in Gurgaon and DLF City. Currently, the price of sector 50, which is opposite to Sector 79 is around Rs 8,100 per square feet whereas in Sector 79, the price is still between Rs 5000 to Rs 6000. Therefore, those looking for property in Noida for end usage currently shall prefer to buy apartments in sectors 74 to 79. The resale is mostly of properties which are brand new and have a price tag lower than what is being quoted by a developer.
Noida is one of the most prominent areas of the Delhi NCR region and its prominence is growing with the increase of schools, colleges, universities and work avenues. Plenty of companies have moved to Noida because of cheaper costs of operations compared to Delhi. The area is connected well with Delhi not only via roads but also via the Metro Railway. Currently the Noida City Center is the last stop of the Delhi metro but it is being planned to extend the metro to other parts of Noida. The opening up of the Yamuna Expressway which connects Noida to Agra along with the Buddh International Circuit has led to the growth of housing options in Noida. Noida abounds in housing communities that offer 2BHK and 3BHK apartments at prices sub Rs 1 crore. The Noida Development Authority is also trying to improve the situation of housing in the area with easier policies of land acquisition. Such is the demand for housing in Noida that old residents are converting their garages into one room accommodations for Rs 10,000 to Rs 12,000 in a month.
Certain housing property in Noida are being built along the green housing lines where provisions for rainwater harvesting, solar water heating, ample open spaces and terrace gardens are being planned. These apartments are meant for people working in top IT companies of Noida and hold senior management positions. As employment opportunities in Noida increase, more numbers of people would be inclined to stay here.
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