Tag Archives: Greater Noida Property

Greater Noida attractive & affordable rental market

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Bottom Line: One of the attractions of Greater Noida property market is that it is an affordable rental market that offers quality living.  

Paramount Group, Ashwini Prakash, Greater Noida, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyFor 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.  

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.

“When 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,” 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.

“Greater 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,” says Hawelia.

Greater Noida Advantages 

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 huge 

Critics nevertheless argue that the real potential of Greater Noida is yet to unfold. 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

 

Habitation challenges galore in Noida Extension

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Noida Extension, Greater Noida Property, Greater Noida West, Delhi-NCR Property, Indian real estate market, India property market, Real estate news portal, real estate website, Real estate news in India, Track2Media Research, Track2Realty, NRI property market, Investment in Delhi-NCRNo other residential micro market of India has arguably weathered as many challenges and controversies as Noida Extension. Its inception as a separate zone, other than Noida & Greater Noida, did lend credence to conspiracy theories against the farmers that culminated into land acquisition litigation. Since then it has been a sordid saga of project delivery uncertainties and homebuyers endless wait; not to speak of the additional charges levied as against the compensation amount hiked to the farmers.

Yet, Noida Extension is getting ready to be home to thousands by the end of this year. The well-planned region otherwise, the micro market still stands as a ‘no man’s land’ with not even an official pin code being given to the place.

From the standpoint of urban planning, it has the higher density of population than Noida or Greater Noida with around three lakh apartments under construction. The basic infrastructure is still very much a challenge and officially it is work in progress in Noida Extension. While the Greater Noida Authority (GNIDA) has laid power cables and built substations, the road network is still in a bad shape for habitation of nearly one lakh people very soon. There is only one school ready and the government officials claim land has been allotted for a few more as well as a hospital.

The GNIDA officials say water supply provisions for individual plot owners are in place, but for group housing societies, it is a builder’s responsibility. The industry body CREDAI does not seem to think it is their responsibility to take up the matter with the authorities. As a matter of fact, the CREDAI President Geetamber Anand even refused to speak on whether Noida Extension can be called habitation-ready.

The market is nevertheless going to be the address of those middle class who could not afford in any other part of Delhi-NCR. Most of the developers who started the projects early in the year 2010 are closer to delivery and many of them would offer the possession by early 2016. So, in all nearly 50000 to 60000 flats would be ready for delivery by that time.

In terms of its appreciation potential, the average salaried-middle class homebuyers got a shock in July this year, when the property consultant JLL in a report declared Noida Extension as high-risk zone and advised the homebuyers to stay away. The report had said that with around 2 lakh apartments coming up the market is not likely to appreciate. It seems now that Noida Extension is getting ready to deliver thousand of apartments, the outlook towards the market is changing.

Santhosh Kumar, CEO – Operations & International Director, JLL India says  that with the infrastructure developments happening in the region, and with better connectivity to Delhi and Gurgaon, Noida Extension is ready for habitation. With the rate cuts and cheaper housing loans, demand is going to be high in that region. Both the primary and luxury residential markets segments have high potential.

“At current estimates, around 21,000 units should be delivered by the end of the year. However, some projects may still miss the deadline. At a rough estimate, around 15-18 thousand units are likely to be delivered. The infrastructural developments in Noida, Greater Noida and Noida Extension are well planned, with road and metro corridors. Hence, there will not be much impact as far as the load on infrastructure is concerned,” says Kumar.

Nikhil Hawelia, Managing Director of Hawelia Group that is getting ready to deliver a project in Noida Extension early next year is bullish on the market. According to him, going with the present situation a number of developers has already started giving possession of residential units in different projects in Noida Extension. The region is on the fast track of progress. Great connectivity & infrastructure with required facilities have made this region a leading real estate market today. Already near to 300-400 families have moved and living here. At the same time the other related developments which are necessary for a comfortable and hassle free living are taking shape speedily.

“With the kind of development taking place in this region, it is undoubtedly all set to become an ideal destination for habitation by addressing all the required necessary facilities for a community living. Currently, basic daily needs are being addressed but it will take another 10-12 months for major facilities to be fully functional in the area. As of now, receiving a courier to your home address is a challenge in the existing scenario. Local transport facilities from authorities and state government are still not functional. Installation of a landline phone connection or internet facilities which are the necessity of today’s modern habitable living are still the concerns,” admits Hawelia.

Urban planning fundamentals suggest that for a city to grow as a residential or commercial hub and to lure its potential customers, there is the need to set in place its basic infrastructure and facilities which are the factors considered pivotal in decision making. Can Noida Extension be termed as investment magnet from that given benchmark? The opinion is divided but on paper there is definitely detailed planning of infrastructure, including the road connectivity network, sewage & sanitation, electrical, etc.

The developers active in the market assert that with a lot of developments across various sectors, and metro connectivity to all key destinations, this region will not add up to the load on infrastructure. They maintain it will become one of the fastest developing sub-cities in the NCR. Also in line to the residential developments, the required commercial developments, educational institutes, health & medical facilities and office & IT spaces are already part of the planning by GNIDA.

On the eve of festive season, as many of the homebuyers were evaluating their work-life balance post shifting to the new homes in Noida Extension, there came another blow to dampen the spirit. The Allahabad High Court ordered the demolition of numerous realty projects launched by various real estate developers including Supertech, Amrapali and Jagat Taran. The demolition of the high-rise building projects located in the Patwari Village of Greater Noida came in light of the fact that they are situated nearby graveyard areas, which according to the High Court, is illegal and therefore stand to be demolished accordingly.

The final vote of confidence, if not verdict, on Noida Extension is yet to come. However, within the built environment of Indian real estate everyone continues to whisper that Noida Extension has been a thriller micro market that has scripted many thickened plots.