Things to consider while buying a home in Noida

Noida has become one of the most sought after destinations for potential home buyers over the past few years. Noida, Greater Noida, Noida Extension and Yamuna Expressway provide affordable housing option; triggering home buyers from National Capital Region to seek buying options in the area.

Noida has projected itself as a desirable option as compared to Gurgaon in many respects. Average price in Noida and its adjoining areas are lower than Gurgaon. While in prime locations of Gurgaon, the average price is around Rs 10,000-12,000; in Noida the average price is less than Rs 4,000-5,000. While Gurgaon is synonymous with high-end apartments; Noida has emerged as the favourite haunting ground for potential home buyers from a wide strata of society.

Before guiding you through to decide whether to it is the right time to buy a home in Noida, let us take a look at the prevailing average price in some of the localities. The prices are based on rates as per January-March quarter, 2013.

Now let us look at few guiding factors regarding property trends in Noida.

1. If you are thinking of investing in property in Noida, then it may be wiser to go for plot rather than an apartment. In localities like Yamuna Expressway, you can buy a plot with the price of an apartment. Yamuna Expressway connects Greater Noida with Agra and demand for plots have been going up in the region. The expressway offers easy connectivity with Delhi and the F1 track is a newly added attraction as well. However, price appreciation may not be as rapid as one would imagine it to be because of the fact that there are plenty of supply of land plots along the expressway at present. Greater Noida plots offer a better chance of price appreciation within a quick period. If you are an investor, you can be sure of price appreciation in the range of 10%-15% in the next few years.
2. If you are an end user and looking to buy an apartment in Noida, keep in mind to check the reputation of the builder opting for the house. The land issue is not yet settled in Noida Extension and it is dissuading investors from investing in the locality. For an end user looking to buy an apartment, there is imminent threat of delivery of the flat being delayed. Go for a premium brands as they would ensure execution of the project at any cost.
3. Go for bigger sized apartments with better amenities and good location. Good location and view along with better amenities like bigger common areas would ensure better return on your investment. All sectors on Noida Expressway are expected to bring in good return and rent demand is also expected to go up. Currently rent of a 3BHK flat in Noida Expressway stands in the range of Rs 15000-Rs 20000 per month. In case of Noida, the biggest positive factor is that supply has not yet outstripped demand and capital values are to go up constantly.
4. Both Noida and Greater Noida are in an advantageous position as compared to Gurgaon when it comes to infrastructure. The ground water level is higher in Noida as compared to Gurgaon. There is less possibility of water crisis in Noida in near future. Unlike Gurgaon, where construction is crippled by diminishing water level and dictate of court ruling out use of ground water for construction; Noida does not face any such restriction. In case of connectivity, too, Noida is better connected to Delhi than Gurgaon. All these makes it a stronger case for Noida to go for buying a home – both for investors and end users.

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