There seems to be glut of new flats in Noida which is hurting some and benefiting many others. Those who own flats in Noida have seen their steady stream of rental income fall by up to 7 percent, this does hurt them economically. However, tenants are generally happy with the excess supply of real estate property in Noida as they may now either continue to pay the same rent as they did the previous year or move to an accommodation where rental charges are lower. Since the beginning of this year it seems a large number of new projects in Noida were completed which is the source of anguish for many landlords and a blessing for tenants.
Rentals for 2 BHK flats in Noida may be as high as 10,000 rupees per month in some top residential localities, those who own homes here that have been placed on rent may have to either consider lowering the amount they charge from tenants or to risk the tenant moving to another residential property in Noida. The risk that current tenants may move to other, new projects in Noida is another worry for landlords as many new residential properties in Noida have amenities which older developments don’t have. Attractions such as club houses, gyms and a system to provide power back up were not commonly found among older developments in Noida but are today largely found and in some respects today are expected by those who purchase property in Noida and other upscale micro markets.
It may seem that older property in Noida is running the gauntlet of having to face newer developments which make many older properties in the city seem quaint and perhaps out of step with the times. Despite the fabulous location at which many older developments are found, the rapid growth of new projects in Noida, though at locations which are not central, is challenging older residential societies not just with swankier amenities but perhaps also due to a better build quality, quality which has improved with the superior technology found today. As Noida is one of the oldest suburbs of the NCR, it is home to many projects which were completed in the early part of the 1990’s, a time when Gurgaon was only a distant dream in an, at that time, unknown visionaries mind. Hence many residential properties in Noida today which are centrally located have been standing for nearly a quarter century or more, a time so unlike today that then merely owning an automobile signaled a high status and swimming pools and club houses were largely to be found only with either the armed forces or civil services.
Today many flats in Noida even at good locations tend to appear run down and dilapidated as compared to those in other newer parts of the NCR. The opportunity to live in newer flats in Noida that too at a cheaper rate is one which any sane tenant is right to jump at. The excess supply of property in Noida extension is a sign of vigor and creative destruction or perhaps of “Shiva” who destroys the old and infirm and brings forth the new and vibrant.