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.