Greater Noida sees maximum new supply in NCR
The year 2014 has been a roller coaster ride for the realty sector. The year started with a new ray of hope in the realty sector in first quarter followed by a somewhat stagnant period during the second quarter owing to the general elections. But this grim period was short-lived with the Modi government coming into power and announcing a slew of initiatives for the real estate sector at large. The overall market was infused with positive sentiments and builders were quick to grab this opportunity. There have been an array of new project launches in the third quarter of 2014.
According to CommonFloor.com research, around 25,000 units have been launched in NCR in Q3 2014. Positive consumer sentiments and festive season were reasons big enough for builders to come out with a slew of new projects. Interestingly, Greater Noida witnessed maximum new launches in the entire NCR with about 67 per cent of the new supply out here. Add to this, there are multiple new developments taking place at Greater Noida which has, in a way, made it a favourable destination for both consumers and builders alike. Further, the ‘affordability’ factor has also kept the ball rolling for this hotspot.
In the present scenario, Greater Noida is seen to be one of the most affordable destinations in NCR. As per data, Gurgaon has also seen a number of new launches in the third quarter but these projects, unlike those of Greater Noida and Ghaziabad, are beyond the affordable range. In contrast, most of the new projects in Greater Noida have properties in the price range of Rs 2,000-3,000 per sq. ft. Alternately, in Gurgaon most of the projects have properties in the range Rs 5,000-7,000 per sq. ft. The key reason cited for this price difference is availability of land at cheaper prices in Greater Noida. Additionally, Greater Noida is yet to be developed completely as social infrastructure is still not up to the mark in comparison to Gurgaon.
Some of the key projects launched in the affordable segment at Greater Noida in Q3 2014 were Nature Valley by Omson Developers, Lotus Park Greens by Lotus Greens, Migsun Ultimo by Mahaluxmi Group, Trinity NX by Urbania Spaces, Ansal Aastha Uday by Ansal API, Brys Indihomz by Brys Group, Sunworld Vandita by Sunworld Group and Kaamya greens by Sikka Group. These projects, all located at Greater Noida, are the most affordable properties amongst the new launches of NCR in the third quarter. Interestingly, Gurgaon, which comprised nearly 25 per cent cent of the total new supply in NCR, was the most costliest city as far as prices of the new projects were concerned. Noida, Faridabad and Ghaziabad were reasonably better than Gurgaon.
