Why are outlying areas of Noida witnessing increased interest from home buyers?
Over the past few years, the outlying areas of Noida have emerged as one of the largest residential real estate markets in the country. An increase in the number of new private companies, improved logistics infrastructure and affordable real estate prices are key factors driving demand. In the first quarter of 2022, Noida witnessed an increase of almost 60% in the sale of residential properties. In fact, sales have increased by around 40% in Greater Noida over the same period. Ease with multiple advantages, the real estate in the surrounding neighborhoods of Noida is growing rapidly.
Metro connectivity and future developments
When looking for a suitable property, connectivity and accessibility to schools, markets and hospitals are the main considerations for most people. With the Noida Metro linking the NCR region of Delhi to the capital, the demand for property in the Noida extension area has undoubtedly increased. The launch of the Noida-Greater Noida Metro Rail (Aqua Line) project has made connectivity within the Noida extension much easier. Moreover, the ongoing favorable civil and infrastructural development such as the forthcoming Jewar Airport is another major driver driving the real estate development in the region.
High scope of building well-planned societies
Noida has undergone a significant transformation over the years, but even now some areas are inaccessible and underdeveloped. However, the continuous development of world-class projects has made it one of the best places in the real estate market. Moreover, the remote areas close to Noida have become conducive for the siting of residential buildings. It has become a favorite spot for estate agents who don’t want to be involved in sporadic, disorganized construction.
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Affordable compared to Delhi and Gurgaon
Compared to other major markets, such as Gurugram, the price of land in Noida is relatively affordable. As a result, many businesses, corporations and businesses have moved to the city. Simultaneously, properties in the Noida Extension are significantly cheaper than those located along the Noida-Greater Noida highway. Additionally, new workspaces like Film City and other industrial hubs in Noida and its expansion make it a much more suitable place to live, work or even invest in real estate.
Gradual increase in real estate investments in Noida region
A real estate company reports a huge increase in the number of real estate investors in the outskirts of Noida. This increase is mainly due to the growing demand for real estate in Noida, which has been supported by an abundance of local investors. In fact, there has been an increase of around 200% in overall property transactions in Noida, which is far more than the national average.
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The areas around Noida are gradually gaining interest from consumers, property developers and investors. While having excellent connectivity with Delhi and the NCR region via the metro and the Greater Noida highway, the affordable residential and commercial centers have made it a favorable real estate market. It is set to grow and prosper in the years to come.
(By Vishal Raheja, MD, InvestoXpert)