The real estate market in Delhi NCR recorded an impressive surge in new residential units by various developers in the first three months of 2023. This made a remarkable 189 per cent QoQ (quarter-on-quarter) growth.
As Delhi NCR is among the most important economic hubs in India, the region has opened the gates of a variety of job opportunities, entertainment options, cultural experiences, educational institutions, and superior connectivity to other parts of India and the world. With the availability of basic infrastructure such as transportation, security, water supply, electricity, etc., the overall quality of living has improved across the region.
As a result of this extraordinary development, the National Capital Region (NCR) of Delhi elevated its place among the top options for people wanting a suitable residential spot. Greater Noida (West), Noida Extension, and Noida Expressway are the top spots in Delhi NCR based on the demand and supply of the real estate market. Even affordable residential plots on Noida Expressway grabbed the attention of many real estate developers and property buyers.
Noida Greater Noida Property Market
As Noida is an emerging IT hub in Northern India, Greater Noida (W), Noida Extension, and Noida Expressway are among the most favourable destinations for home buyers real estate developers. These locations in Delhi NCR have provided seamless connectivity to several locations, adequate availability of social and retail amenities, upgraded infrastructure, and the presence of affordable properties. These are the supportive factors that propel the growth of residential and commercial real estate in the micro markets.
Noida has become a hub for real estate investment and relocation due to its increased industrialisation and flat costs, and as a result, prices are rising. Since Delhi and Gurgaon are going to get more crowded, investors are seeing Noida as their next big destination. Big corporations, startups, and many educational institutions have shifted their focus to Noida, which is increasing realty prices exponentially. In fact, this city in Delhi NCR will report a 40 per cent hike in property rates in the upcoming year.
Property Rates in Noida
As Noida is full of emerging opportunities, the city’s land prices have skyrocketed post-pandemic. After the slump of the COVID-19 pandemic, Noida’s real estate market has developed drastically as it witnessed a 5 to 12.5 per cent surcharge for properties in and around metro stations.
Noida’s basic concept of an industrial township with wide roads, smooth flyovers, splendid complexes for residents, efficient telephone networks, secure drinking water facilities, a good power supply, etc., is now bearing fruitful results. These factors led to the positive growth of residential prices in Noida.
The land price in Noida ranges from a few lakhs to crores, depending on factors such as the number of BHK, neighbourhood, and proximity to other locations. For instance, Yamuna Expressway property rates range between Rs. 2,000 to Rs. 13,000 per square foot of area. The average price of a 1 BHK apartment is around Rs. 2,500 per sq. ft. in Noida. Also, if you’re buying a property, keep in mind a few factors, such as location, public transport connectivity, and nearby resources, influence the overall price of the property.
Tips for Navigating Noida’s Real Estate Market
As property rates in Noida have always increased as time passed, Noida has emerged as the best investment destination for real estate investors. Thanks to the city’s easy access to the best infrastructure, it has become one of the most sought-after residential and commercial locations in Delhi NCR.
After you have found the property of your dreams in Delhi NCR, you can follow this guide to ensure your investment is safe, sound and secure.
Fix Your Budget
The first and foremost task to complete before hitting out the hunt for a property is to set a pre-determined budget. It’s important to fix your budget to avoid a hole in your pocket. You can make a list of the various options available and figure out the one which suits your budget and meets your requirements. Also, don’t forget to consider a property’s registration fees, maintenance cost, stamp duty and other legal services.
Consider the Purpose
The purpose of buying a property will help simplify the process. For instance, if you want a family house, you need to consider basic amenities like the availability of schools, proper sanitation, connection to transportation, and healthcare services, among others. Whereas you have to consider metro connectivity, parking space, location, etc. while looking for commercial properties.
Watch out for Upcoming Trends
It is advised to keep a keen eye on the latest trends in the real estate market while investing in a property. For example, you can consider environmentally responsible development around a property for new apartments in Yamuna Expressway. Considering the hazards of pollution, global warming, and other environmental hazards while seeking a new property can help you secure the best results for the future. You can promote sustainable living through practices like environmental preservation, including waste management, water conservation, and energy-efficient design.
Check the Builder’s Identification
The real estate industry is brimming with unlimited potential properties to invest in. However, it is advisable to be careful when it comes to choosing the right builder. Check the builder’s track record, professional experience, personal credentials, and legal compliance before fixing any contract with them. You can also check online reviews and ratings if you’re purchasing a property from an organisation.
Conclusion
Property investments can be confusing sometimes. Keeping up on the latest trends is the key to knowing what’s latest in the market and grabbing the best deal for a secure investment.
With Noida being an emerging IT market in Delhi NCR, many industries and real estate developers have eyed their interest in the city. Whether it is about purchasing residential plots in Noida Expressway or sorting new apartments on Yamuna Expressway, Noida is the destination you should consider right away!