All seems be slowly turning around for property in Greater Noida, the real estate market at this suburb of Delhi it seems is slowly picking up steam, waking from its slumber to take its place as a hot spot real estate destination on an equal footing with other better connected parts of the National Capital Region. Greater connectivity with surrounding regions is what Greater Noida was sorely lacking in the past, however with the enhanced connectivity with Noida via the Noida Greater Noida Expressway as well as the ongoing work intended to establish a metro link to Greater Noida. This region previously in a lull, is now being given a second look by businesses as a good location for commercial space and by households keen to buy a home.
Despite the improving consumer sentiment directed towards property in Greater Noida, it does come on the back of affordability of home ownership rather being shaped only by the appeal of Greater Noida as an attractive real estate destination. For homebuyers keen to own their own house, the opportunity to own 2 BHK flats in Greater Noida for below 50 lakhs, may prove to be an attractive opportunity. Furthermore, with the regions continuing strides towards greater connectivity with other important areas of the NCR, the downside to owning a home at Greater Noida may be less in investor’s eyes. In addition, the greater connectivity and the imminent arrival of the metro line may mean that prices in future are likely to rise at the locality.
Although the news is quietly optimistic for property in Greater Noida, the same may not be the case for real estate property in Noida. At Noida the number of units sold during the period fell from the number sold over the previous period. Although the likely cause of such discrepancy is almost certainly the combination of two factors, the newly found greater connectivity Greater Noida now enjoys with Noida and the large numbers of lower cost 2 BHK flats in Noida. The discrepancy shared above almost certainly has nothing whatsoever that may indicate a preference among buyers for property in Greater Noida over property in Noida based on any other factor than those already stated.
Many of the upcoming projects as well as those that have been already constructed at Greater Noida are priced at below 50 lakhs, the availability of 2 BHK flats at Noida that are similarly priced is far scarcer, thus the increase in sales for residential property in Noida and a concurrent fall in sales for the same at Noida. As a matter of fact some of the partial increase for property in Greater Noida may be the result of home buyers who may very well have purchased flats in Noida yet turned into speculators opting to invest in Greater Noida instead.
It should however be stated that the increase in the numbers of units sold at Greater Noida in 2016 over the same period last year differed by less than 100 units, a less than significant number and though positive, may be too low to indicate that a substantial turnaround in property in Greater Noida, as yet, lies ahead.