Noida leads NCR in apartment supply for 4 yrs
The residential realty segment of Noida has been the largest contributor of new apartment units in the national capital region (NCR) over the past four years, states a report released by Jones Lang lasalle (JLL).
The report named “Emerging Corridors of Delhi-NCR” states that even though the real estate market is witnessing a slowdown owing to weak market sentiments and economic downturn, the residential market of Noida has remained undisturbed.
Every residential markets has its own set of development pattern, price points and investor categories. Delhi-NCR’s residential segment offers a varied range of projects across all various types of projects such as apartments, plots, villas, row-houses, and in a wide range of pricing. The investor traction is pretty high in Gurgaon and Noida as they have a wide array of projects as well as a healthy demand.
Key sub-markets in Noida
Greater Noida West (earlier known as Noida Extension), which forms a major part of Noida region, has been a major contributor to supply of new housing units in the NCR’s residential market. Due to this part, the residential market of Noida has recorded the highest sales volumes over the last six quarters.
The Noida-Greater Noida Expressway corridor has also remained very active, with projects offered at varying price ranges. Besides pricing, the location attracts many buyers and investors to this part.
Formula 1’s hosting attracted many buyers
Greater Noida real estate market became more attractive with the entry of the Formula 1 event, which triggered interest in that residential corridor. The area had earlier remained stagnant and was less attractive to buyers.
Some other important growth corridors of Delhi-NCR are situated in Gurgaon. The residential segment of Gurgaon so far, has always maintained a strong balance of supply and demand from investors as well as buyers. Several reputed developers have focused on the major growth corridors of NH-8 and the Dwarka-Gurgaon Expressway, which records for a major part of the new supply of housing units in the past six to eight quarters.
Luxury market sees good growth
The luxury housing segment has been witnessing increasing apartment supply, by reputed developers. All these growth corridors have observed a stable growth in the capital value appreciation of primary market with a healthy sales and supply ratio.
Suburbs emerge as affordable housing destination
Other micro-markets in the outskirts of Delhi including Ghaziabad and Faridabad mainly proffer affordable and mid-segment residential units at a much lower price points compared to the sub-markets of Gurgaon or Noida. The lower price range also symbolises the relatively lower investor interest in this part. Although, several developers are showing interest in coming up with affordable projects in areas such as NH-24 corridor in Ghaziabad, with has a fairly large group of living population in already developed residential localities like Vaishali and Indirapuram. In Faridabad, Greater Faridabad (Neharpar) is emerging as the major growth corridor, with properties in affordable price range.
On a long run, Delhi-NCR has observed an almost persistent growth trend in terms of pricing which has supported it to withstand the recent fall in demand over the past few quarters. As an effect of economic downturn, even though there has not been a definitive trend of falling sales, the sales volumes have seen a slight fall, marking stagnancy in the residential markets.
