The truth about Noida real estate market

Noida NCR Real Estate

Noida is a prominent city of NCR i.e. National Capital Region. Other cities which are a part of NCR includes Delhi, Rohtak, Gurgaon, Meerut, Sonipat, Bahadurgarh, Ghaziabad and Faridabad. The NCR has cities from different parts of the state like Delhi, Haryana, Uttar Pradesh, and Rajasthan. Noida is in Uttar Pradesh.

Noida is an important city as it is strategically located near the capital city Delhi and is also a part of NCR. According to a study done by ABP News, It was named as the best city in Uttar Pradesh in 2015. It was also regarded as the best city in terms of housing. It is now one of the most sought-after real estate destinations in North India.

Noida is a well-planned city with big roads, flyovers, IT Parks, hospitals, schools, colleges, good connectivity to the metro etc. In short, it has all the things which are required in a well-planned city in Urban India. Noida’s connectivity with South Delhi is expected to improve in future. So many people will be commuting freely between the two cities in lesser time. According to the 2011 census, the population of the city was close to half million. This is supposed to increase in the near future as many start-ups and MNC’s are looking forward to establishing their base in the city. This will increase the job opportunities for skilled workforce in and around the city.

Many big builders like Unitech, Omaxe, Parsvath, and Amrapali group have invested in ambitious real estate projects in Noida. Presence of well-renowned builders has given confidence to real estate buyers to invest in buying a property in Noida. People who cannot afford to purchase a property are preferring to stay on rent. As a result, even the rental market in Noida has got a good demand.
One can also find renowned educational institutes like Shard University, Amity University, Symbiosis International University, Jaypee Institute of Information Technology etc. in the city. Noida has many renowned private and public schools like Delhi Public School, Amity International, Ryan International School, Kendriya Vidyalaya etc. as well. In hospitals, one can find Fortis, Jaypee, Max Multispeciality hospital etc. Presence of good colleges and schools, shopping malls, hospitals, and offices have further boosted the demand of real estate properties in Noida.

For builders, the land cost in Noida is more affordable as compared to Gurgaon. This makes the city a place for affordable housing and commercial projects. In addition to it, the municipal authorities are taking positive steps towards making the property registration process easier for the buyers and sellers. The main intention of the municipal authorities is to remove any kind of ambiguity in the transaction. Efforts are taken to enable the buyers to log into a website portal which is owned by the government and then apply for the registration of the property. This will solve the problem of long queues and chaos which can be normally seen outside the property registration office.

Today, the real estate market in India has almost died with many unsold inventories. In Noida alone, there are close to 25000 units of unsold stock which will take around 7 years to clear as per PropEquity. But several positive steps by the government like Rera and Pradhan Mantri Awas Yojana will ease the burden of buyers and bring in more confidence in the real estate market in Noida.