With its metro extensions, expressways, wider
highways and availability of land parcels, Greater Noida promises to be
the emerging residential destination in the National Capital Region
(NCR). About 26.5 million sq ft of housing supply is projected to come
up in Greater Noida by 2009-10.
The Taj Expressway, now open to
traffic, has brought in higher end-user demand for housing. After
rising consistently for three years from 2003 to mid-2006, the Greater
Noida property market is stable now. The days when prices doubled every
year are long gone. Prices are quite high and investors, many of them
having made substantial gains, are heading for the exit. Another reason
is that with property rates having risen quite high, investors are
heading for other cheaper destinations, such as the Nahar Paar area of
Faridabad.
The Greater Noida Authority is revamping the civic
amenities and other infrastructural facilities. Much awaited projects
like the international airport at Jewar and 160-km long Noida-Agra Taj
Expressway will help in the fast-track growth of the Greater Noida.
Level
of occupancy in higher-end housing projects in Greater Noida is
recorded at around 20-30%, as for HNIs (High Networth Individuals) who
buy property in Greater Noida is just for the purpose of investment.
Furthermore, due to lack of basic civic amenities, the end-user segment
is not ready to shift in these projects. One of important factors
responsible for the low occupancy in many of Greater Noida's sectors is
the absence of public transport. At present only those who can afford
private vehicles live in Greater Noida.
Most builders are
developing premium residential and retail projects in anticipation of
the Noida-Greater Noida zone emerging as an IT-ITES hub. These real
estate projects in Greater Noida are targeted at higher-level
executives from the IT-ITES industry. However, as far as long term
prospects of Greater Noida are concerned, the township is very
well-planned, and offers clean air and a lot of greenery.
