The entry of corporate giants into the real estate space is all set to take the Noida growth story to the next level. Already, Godrej Properties and Tata Housing have entered into Noida market through a joint development model. The market buzz has it that a couple of more corporate giants are to soon announce their Noida entry.
Track2Realty lists down the assessment by Colliers International that will drive the Asia property market in 2018. Here are the Top trends that is expected to be in the headlines.
Swadeep Sharma was on a house hunt in Noida for the last two years. Last year he could find a house of choice at one of the newly delivered projects in Noida Expressway at INR 5600 per sq feet. He could, however, not manage his finances then. Now that he has managed his finances, he went to the same location anticipating shelling out more money. He was, however, taken by surprise. The apartment in the same society is today available at INR 4800 per sq feet.
With the Government of India approving an increase in the carpet area of houses for the two middle-income group categories, under the Pradhan Mantri Awas Yojana – Urban, the industry stakeholders are getting euphoric as if this is the panacea for the ills that the afflicted the business.
On the face value the developers are maintaining an optimistic outlook, but privately many of them admit that demonetization, GST and job market uncertainties have collectively spoiled the festive sentiment this time around. Add to it, the developers running short of fresh ideas in how attract today’s discerning buyers, and it seems market is destined to remain flat.
Secondary market attracts a significant number of transactions and as per a rough estimate nearly two third home buyers get an apartment in the secondary market.
A closer look at some of the leading property markets of the country, like Mumbai, Pune, Chennai, Hyderabad and Bangalore, clearly suggest that the market is poised for an upswing in the next few years. More importantly, it is not just the analysts but also the home-buyers who are today; ready to bet high on the long term growth story of the property market in these leading cities.
Indirapuram has been the introduction of Delhi-Noida-Ghaziabad to modern living that was till then the privilege of only the luxury buyers of Gurgaon. Most of the residents of Mayur Vihar, IP Extension and adjoining areas of Delhi were exposed to the modern urban housing with club, swimming pool and other high-end amenities in this market. Other residents of Noida and Ghaziabad had till then availed only the plotted developments and apartment with amenities was introduced to them here only.
Delhi-NCR based Central Park is venturing into commercial real estate with an investment of about INR 2,000 crore. Central Park will develop a 40 lakh sq ft mixed-use project in Sector 67, Noida which is also its first project in Noida.
Ever since the Jewar airport has been given in-principle clearance there has been the last ditch attempt by the developers of subdued property market of Noida and even Ghaziabad to make the best of it. They have suddenly started firing all cylinders with marketing overdrives. It seems the airport is the marketing mantra of survival amidst a prolong spell of slowdown and sales drought.