Bottom Line: One of the attractions of Greater Noida property market is that it is an affordable rental market that offers quality living.Â Â
For a large expat workforce that depends on the rental houses across the cities, the quest has always been to find a house where the rental prices are not high. Though the rental values might seem to be undervalued in the Indian context due to higher capital values, the fact is that when compared to affordability and median income of the cities, the rental values are mostly exorbitant. This is more true in the context of the top 10 cities being the job magnet.
In the context of Delhi-NCR where Delhi and Gurgaon have skyrocketed in rental values in recent times, Greater Noida happens to be a market where the rental values are so reasonably poised that it suits the budget of working class across the budget segment.
The higher rental values are INR 10 per square feet and the lowest rental rates are INR 5 per square feet, with the average of INR 7 as rental value across the sectors of Greater Noida.
With mushrooming educational institutes along the Noida-Greater Noida Expressway, this rental market is proving to be a wishful thought for the students as well.Â Â
And hence, Greater Noida is today evolving from owner driven market to an attractive rental market. With the connectivity to Noida and other parts of Delhi-NCR improving due to the Expressway, Greater Noida is much in demand nowadays for rental housing.
âWhen educational institutions started setting up in the region, I knew Greater Noida would come up as an attractive rental market. In the last two years majority of the demand has come from the students. But what has actually surprised me, of late, is that now with Noida-Greater Noida Expressway even the working class is coming over here to stay and travel to other parts of Noida and NCR,â says Masood Beig, a local broker.
Nikhil Hawelia, Managing Director of Hawelia Group maintains that it is the connectivity that is adding to the attraction of Greater Noida as a place to live & work. Moreover, when compared to the cost of living with quality spaces this is one of the best not only in Delhi-NCR but across the country.
âGreater Noida offers quality housing at a very affordable price, be it for buyers or expat professionals looking for a rented accommodation. Moreover, the kind of social infrastructure that one can find within the housing societies and the neighbourhood nowadays, this is the market that is a top pick for those who wish to travel a bit but enjoy quality living,â says Hawelia.
Greater Noida AdvantagesÂ
With average rental value of Rs. 7 Greater Noida offers most affordable rental market of Delhi-NCR
Students and expat workforce major demand drivers of rental housing in the sub-city
If public transport is upgraded the rental potential of Greater Noida will be hugeÂ
Critics nevertheless argue that the real potential of Greater Noida is yet to unfold.Â They point out that infrastructure alone cannot push the real estate market and what is urgently needed to elevate the regional positioning of Greater Noida is the availability of public transport. They nevertheless agree that rental flats in Greater Noida are still affordable as one can get a 2 BHK in a decent property for around INR 10,000 today.
Considering the fact real estate market in Greater Noida has not appreciated much in the last five years, this market will continue to be paradise for those looking for affordable rental housing for the next few years. Once the public transport system is upgraded and more upscale properties come up, the dynamics of rental house will drastically change in the sub-city.
Another reason that is pushing up the rental potential of the market is the realisation among the corporates about the advantages of setting up businesses in this part of the world. It is a late and slow entry but definitely the market offers much affordable cost of doing business per square feet. Along with that, it brings the workforce in this part of the world; something that is catalyst to the growth of rental market.
By: Ravi Sinha