Noida is actually an acronym for New Okhala Industrial Development Area, and is the showcase city in the state of Uttar Pradesh. It is situated very close to the national capital of New Delhi and this has tremendously helped in the growth of Noida real estate sector.
Why Invest in Noida Property Market ?
It is also known as the biggest industrial town in Asia. Over a period of time, the city has become the centre of industrialization, and has attracted massive investments not only from NCR, but even direct foreign investments from NRIs.
Today, Noida is one of the most considered places for investment in North India. It is home to a flurry of new housing projects, apartments, shopping malls, commercial establishments, and many IT and BPO companies. The residential apartments are some of the most sophisticated yet relaxing ones in the country. Some of the recent establishments like The Great India Palace and upcoming big projects like the one from DLF are increasingly getting constant inflow of investors from all over the country.
Are Property Rates Saturated?
There was a massive rise in Noida property prices three to four years ago and trends have continued to move up; but off-late, there have been some issues in Noida that have benefitted none other than its arch rival Gurgaon.
The biggest problem is that Noida is almost saturated and there is hardly any more land left for bigger projects. Then there have been consistent complaints from the customers and clients regarding acquisition of their properties.
In the last 6 months, we saw some of the big real estate players like Earth Infrastructures, ATS Infrastructure and The 3C Company make a move from Noida to Gurgaon to kick-off their new projects. Put together, these three real estate companies have completed at least 11 big projects in Noida till now, but they don’t see any more scope of development in the already saturated town of Noida.
Current Market Trends
Coming to the property price trends in Noida, some of the localities have been quite stable, while others are on the rise. Sector 107, for example has seen a growth of 10% in a matter of just 6 months. While multi-storey residential property rates in April 2011 were around Rs 3,500 per sq. ft., by the end of the year it went up to Rs 3,830 per sq. ft. Even sector 100 saw a 5% growth in property rates. However, places like Noida Express Way, Sector 104 and Sector 105 remained quite stable.
If you are on the lookout for commercial office spaces, then places like Sector 1, Sector 16, Sector 64 and Sector 65 can be the best ones as there has been a substantial price drop in these places. Especially in Sector 65 there has been a drop of 25% and you can get a rate of Rs 30 per sq. ft., which was Rs. 61 per sq. ft. just a few months ago.
Luxurious Projects in Noida
Now, let us take a look at some of the current luxury apartment deals in Noida. An up-class luxury apartment situated in Sector 133 is Wish Town Klassic Height, which offers 2, 3 and 4 BHK apartments with accommodation areas ranging from 1200 sq. ft. to 2300 sq. ft. The apartments offer all the latest amenities seen in any high end apartment community. The rate in the apartment is just about Rs. 3700 per sq. ft.
If you are on prowl for an even higher end apartment with top notch facilities like in-campus shopping malls, meditation centre, thematic gardens etc., then there is JP Green Pebble Beach in Sector 129, and the pricing here is kept at Rs. 17,100 per sq. ft. Needless to say, this one is purely for the ones with very deep pockets, and not for the common man!
Invest Very Carefully!
Noida real estate might be approaching a saturation point very soon, but even now there is enough potential in the city. For those who are looking for cheaper properties or want to invest in a project that is just on paper, they should ideally look into the upcoming projects in Gurgaon.
Also, investors from Delhi and NCR are now looking at Gurgaon as the next best destination to invest big money. Keep your eyes open, and invest in a piece of Noida property only if you’re confident about good returns. The point is, most of them assure you of it.