Greater Noida West/Noida Extension has rapidly emerged as one of the fastest growing real estate micro markets in Delhi NCR post the Covid pandemic. Noida Extension is divided into several sectors. Which includes Sectors 4 and 16 for housing, educational institutions, retail and commercial, Sector 1 for residential and commercial, Sector Techzone-4 with a mix of housing, educational institutions, retail and commercial and IT. Two and three-bedroom units are available here at relatively lower rates compared to other real estate parts of NCR. In such a situation, Greater Noida West in NCR remains the first choice for those who are buying for the first time or are planning to buy for investment.
Location and budget
Noida Extension has become a very popular place not only in Gautam Buddha Nagar but in the entire NCR. Greater Noida West was quite affordable for the common people during 2012-16. Where houses were easily available between Rs 18 to 50 lakh. Now after almost a decade new areas like; New types of more high end units are now being offered on the remaining land in Sector 10, 12, and existing sectors.
Which are attracting premium category buyers. This has received a tremendous boost from the emerging IT and infrastructure investments in the district. Now the price of entry level units is about 2.5-3 times more. If we talk about price, it starts from Rs 45 lakh. The maximum price is going up to Rs 1 crore.
The price of 2 BHK units in societies in sectors along the Noida-Greater Noida Expressway ranges between Rs 80 lakh to Rs 95 lakh, while in Noida Extension you can get the same unit for Rs 50-70 lakh. 3 BHK units on Noida Expressway start from Rs 95 lakh to Rs 1 crore, compared to Rs 65-80 lakh for 3 BHK homes in Greater Noida West.
Property prices and demand
From 2016-2020, real estate prices were stable due to incomplete projects and lack of demand. Many infra projects were under construction. But after 2022, prices in Noida Extension have increased continuously. Demand for ready-to-move-in properties has picked up pace and property rates are expected to increase from around Rs 3,800-4,200 per sq ft in 2020 to around Rs 5,500-6,500 per sq ft in 2023 and somewhere around Rs 7,500-8,000 depending on amenities. It is also Rs per square foot.
According to the recent report of Anarock, the demand for bigger houses has not reduced, in the current survey 3 BHK has once again overtaken 2 BHK. Even as life returns to normal after the pandemic, larger homes remain the top choice. About 48 percent of property buyers prefer 3 BHK over other options, while 39 percent still prefer 2 BHK units.
what are the reasons
After giving opportunities to small and mid level promoters, one of the major reasons for this change is the entry of reputed developers in this sector, who command more confidence among the potential buyers due to their construction quality and timely project construction. Another major factor we consider is the disposable income of those who are choosing to invest in real estate in growing their portfolio.
Property rates in Noida Extension have almost tripled, which is a good deal for those expecting good returns. Construction technology has also played an important role in this change. The use of aluminum shuttering in the construction of high-rise buildings has affected the size and structural quality of the units.
Shri Dinesh Gupta, Secretary, CREDAI Western UP, says that we have seen a paradigm shift in the demand for both residential and commercial properties in the region from January 2023. With the new government policies and emphasis on infrastructure, buyers have prioritized this sector and we are expecting developers to surpass their previous sales numbers this festive season as compared to last year.
What projects are going on
The area has residential projects offering two, three and four-bedroom units. Major projects include Nirala Estate (Sector-Techzone 4), Arihant One (Sector 1), Apex Golf Avenue (Sector-1), Exotica Dreamville (Sector-16B), Eros Sampoornam (Sector 2), RG Luxury Homes (Sector-16C) ) ATS Homecraft Happy Trails (Sector 10), and CRC Sublimis (Sector 1). Recently launched and upcoming projects include CRC Joys (Techzone 4), RG Luxury Homes Phase – 2 in Sector 16, Eros Sampoornam Phase 2, Palm Olympia Phase-2 (Gaud City Sector 16C), Civtech Strings in Sector 12. With Aledeco and other developers.
Demand from investors is increasing
According to Himanshu Garg, Director of RG Group, the confidence of investors in real estate has increased a lot, good developers are coming forward in supplying new houses. Buyers are considering them as safe investments. Seeing the three-fold increase in property prices, old users and investors are increasing demand and reinvesting in the market. After residential, people are showing interest in retail and office space.
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