NCR Real Estate: It’s all about Greater Noida!
The realty market of Delhi NCR continue to defy the skeptics. With several infra upgrades in the pipeline, while the realty market of NCR seems to be quite optimistic, one market that has outshined its counterparts is Greater Noida. As per commonfloor research, in the last four months (Nov-Feb), this market has witnessed maximum number of units launched.
Here is a snapshot.
Units Launched: 42 % increase
Our research indicates that Greater Noida has seen a consistent rise in the number of units launched. To be more precise, in November 2014, about 2,800 units were launched, which increased to about 4,000 units in the month of January 2015. Thus, clearly indicating a rise of 42 per cent in mere two months.
Affordable Properties Rule the Roost!
Interestingly, out of the total projects launched in the last four months, about 82 per cent project had affordable units (<60 lakh), while 7 per cent had units in mid-segment category (60 lakh-1 crore). However, new supply in luxury (1-1.7crore) and ultra-luxury segment (1.7crore onwards) just comprised of 6 and 5 per cent respectively.
2BHK: Most Available
2BHK units tops the list with 45 per cent availability, followed by 3BHK units with 26 per cent. Compact 1BHK and large 4BHK units recorded 13 per cent availability each. 5BHK units recorded minuscule availability of 3 per cent.
Price Factor
Below is the table for price ranges.
Upcoming Infra Upgrades
Heliport
With Greater Noida Industrial Development Authority’s consultant RITES giving a green signal for the feasibility study of Heliport, Greater Noida is all set to get another shot in the arm. The project will come up in Safipur along along the Noida-Greater Noida expressway on a 22-acre plot.
Connectivity
To ensure better connectivity, DMRC has proposed two metro routes connecting Noida and Greater Noida. The first route connects Greater Noida’s Bodaki to Noida’s City Centre through Greater Noida West, while the other route connects them through Pari Chowk.
Total budget of Rs 10,000 crore has been allotted for the project and is expected to be completed within 4-5 years.
Physical Infrastructure
To develop Greater Noida into world-class infrastructure hubs, Greater Noida Development Authority have tabled their annual budget for the year 2015-16 worth Rs 15,881 crore.
The key areas of focus include development project such as metro, flyovers and multi-level parking lots.
The Civic Sense!
Along with the approval of multi-modal transit system between Greater Noida and Noida, the Yamuna Expressway Industrial Development Authority has also approved the master plan for electricity, sewerage and drainage, for which Rs 7,580 crore has been allotted.
For easy commuting, proposals for trams are also doing the rounds.
Thus, on the whole, the real estate market of Greater Noida looks quite promising. With fairly reasonable property rates and several housing options available, it definitely evolve as a good bet for both end-users and investors.
