The city realtors are positive about the coming year as sales have picked up pace and likely to reach pre-COVID levels soon. A major shift in demand towards reputable builders with impeccable record of executing projects on time was seen in 2021. The strong momentum in the residential markets will continue through the 2022 calendar year with sales numbers likely to reach pre-COVID levels and perhaps even surpass 2019 numbers.
The city has grown into a region of numerous prospects, and the demand for Noida properties is going up. “As infrastructural development along the Yamuna Expressway, including Noida International Airport and Film City, accelerates, demand for residential property in Noida is expected to go up soon. Noida has already gained a competitive advantage over other NCR areas as a result of improved infrastructure,” says Manoj Gaur, CMD, Gaurs Group & Vice President – North, CREDAI National.
To woo MNCs, the Uttar Pradesh government has taken a number of actions, including drafting a policy for hiring foreign employees and relaxing labour rules, among other things. While these initiatives will benefit the entire state, due to their superior infrastructure, the Noida, Greater Noida, and Yamuna Expressway regions will benefit the most.
According to real estate experts, Sector 150, 143 and 98 located near the commercial hub of Sector 137, and Greater Noida West remain popular for 2 BHK and 3 BHK properties. “The well-developed road network in Noida allows for faster commuting, which has raised interest in the real estate sector. Depending on their location and demand in the neighbourhood, many homes will appreciate by 10% to 15%. The Noida Expressway will gain further popularity than other part of Noida once the Jewar airport is operational,” says Harvinder Singh Sikka, MD, Sikka Group.
“Some of the sectors on the periphery of the expressway, like Sector 143 B and adjoining sectors, have great prospects as the prices are still reasonable for homebuyers. Sector 143 B offers a high quality of life, making it one of the most sought-after locations. The area around Sector 143 B is called Silicon Valley of Noida; as there are number of functional IT parks, multiplex, shopping centres, schools & hospitals present in the near by area. There are high chances of appreciation in Prices in the region as rates are very reasonable as compare to other sectors of noida,” said Sanjay Sharma, Director, SKA Group.
Residential sales increased QoQ, according to realtors, due to low home loan interest rates, new housing supply, and people’s ongoing desire to buy a home. Dhiraj Jain, Director, Mahagun Group, says, “The image that Noida has built among the middle class is the reason for its success. We anticipate a strong response in the residential market in the next months since the momentum is unlikely to wane.”
Among the infrastructural projects slated to be completed this year are multi-level parking lots in Sector 3 and Sector 16A Filmcity, Shaheed Bhagat Singh Park, Biodiversity Park, a shooting range, and an indoor stadium in Sector 21A. Then work on underpasses is ongoing in various Noida sectors to improve traffic flow.
Noida is gaining attention from young IT/ITeS workers, notably BPOs. “The situation is improving as more IT, and BPO companies choose Noida as their preferred location to start or expand their operations. Commercial lease rentals in Noida are roughly 25% to 30% lower than those in Gurgaon. With commercial activity in sectors 62 and 63, Noida has grown as a well-developed micro-market with significant office and commercial space,” says Gurcharan Singh, Director, Maasters Infra.