When I was in the 12th standard, now more than 20 years ago, I lived with my family in South Delhi. Often while waiting for the school bus in the morning I would overhear the conversation between parents who came to drop their young children to the bus stand. Invariably they would speak about buying a new home somewhere else in the city or the surrounding areas. The word “Noida” popped up the most often with many speaking of it as though it were the answer to all their prayers. Now I am nearly as old as those men were then and the name has lost none of its potency for those who want to own property in the NCR.
Property in Noida is still as great an investment as it was more than 2 decades ago. Although Gurgaon may have stolen some of Noida’s sheen over the past 10 to 15 years, the fact remains that property in Noida, bought, either as an investment or a permanent abode for you and your loved ones still makes perfect sense. Many market experts who devote nearly all their time analyzing real estate believe that in 2016 we will see a sudden and sharp increase in property prices. If these experts are right, there is no better time to buy property in Noida than now.
Prices of residential property in Noida have hit bottom concur market pundits. Now they have nowhere to go but up. With well over 200 new upcoming residential projects in Greater Noida west, Greater Noida and Yamuna expressway by top builders such as Supertech, Exotica and Jaypee the city is witnessing a renaissance after a slumber lasting half a decade.
Although many of these upcoming projects in Noida and Noida Extension have seen their prices fall since being launched, some upcoming projects in Greater Noida West have appreciated by more than 10% during that period.
What was once thought to be a panacea to solve most of the city’s problems is now Noida’s Achilles heel. I speak of course of Greater Noida which was once the planned destination for no less than an international airport. Had things gone according to plan, Noida would have easily come to rival the likes of Bangalore as an IT hub. Things however did not turn out that way and Greater Noida, once filled with a flurry of construction activity had only 1 new residential property launched this year with a mere 80 more under construction. Prices of property in Greater Noida are still more than 1.5 percent below what they were in 2013 and the city has not lived up to what was expected of it a mere 10 years ago.
If Greater Noida is Noida’s Achilles Heel, than Noida Expressway may be the city’s saving grace. Property on Noida Expressway has appreciated almost 3 percent over the last three years, and although there have been a few bumps now and then, the growth trajectory is largely positive.
One upcoming Noida expressway project includes 2, 3 and 4 BHK apartments being built by Jaypee Greens in sector 134. Those who prefer functionality over living space have the option to purchase a 1 BHK flat in Noida Extension at Sector 129 under construction by Jaypee Greens.
As I implied at the start of the discussion, 20 years ago Noida was the Promised Land for upper middle class residents of Delhi. Owning property in Noida offered the chance to own a home where there were open spaces and where those even one income group below you did not feel like they were packed in a pigeon hole, never mind the “market price” of the pigeon hole, a pigeon hole is still a pigeon hole.
Now however living conditions in New Delhi have improved and other parts of NCR offer attractive opportunities to live and invest as well. My gut however says the best for Noida is yet to come.