There were many interesting turnouts during the second quarter (Apr – Jun) in Delhi NCR real estate Property. Many places witnessed a stable growth and few spots witnessed an upward trend. Demand Supply mismatch still continued although many new projects were also released.
Although overall the number of new inventories declined in Noida and Greater
Noida due to piling up of unsold inventories. Metro expansion plans along
Greater Noida offered some relief to Real
estate in Greater Noida with 2% growth. DMRC has estimated a three year
timeline for completion of metro along Noida and Greater Noida and once
finished this will uplift the real estate market along the area by many bounds.
The proposal of new international airport in Greater Noida is also supposed to
create a positive sentiment for property
in Greater Noida. However currently the plan is rapt under jurisdiction, as
the airport laws in India do not permit the manufacture of another airport
within an area of 150 km from existing airport.
Non timely completion of project was also a major hurdle
that has stagnant the real estate in Noida and Greater Noida. In order to
assure timely completion CREDAI has rolled out many laws and has promised to
deliver approx 50000 units by the end of the year. Places like Yamuna
Expressway which was earlier not well connected with these cities has also
witnessed an enhanced growth after launch of new bus service by Yamuna
Expressway Development Authority under the banner Yamuna Sarthi that will
strengthen and reduce the travel time. Sector 16 in Gretaer Noida and Sector 93
in Noida witnessed the highest growth in real estate. According to a report by
CBRE, office lease also increased by approx 70 % in Noida as many IT/ITES
giants have entered the region.
This was a complete insight on the Real estate in Noida and Greater Noida and we hope to see more
positive trends in the next quarter. For best property options you can always
visit our online portal Realtorprop.com.
