People of Delhi-NCR are giving priority to buying houses here. In such a situation, we tried to know from real estate experts what is the reason behind this.
Noida and Greater Noida If you want to build a home, then you will have to spend more than before. The reason for this is the high cost of land and houses in Greater Noida and Yamuna Authority area. While Yamuna Authority has increased the property price by 10% to 110%, the property rates have increased by five percent.
However, despite this, people of Delhi-NCR are giving priority to buying houses here. In such a situation, we tried to know from real estate experts what is the reason behind this.
Why Noida-Greater Noida is preferred
In this regard, Himanshu Garg, Director of RG Group, says, “Due to the development of infrastructure in the district and global investment, locations like Noida have become a luxury destination option in the country, which can provide better budget homes than other cities of the country. Due to the sale of selected plots at high rates, theme based and ultra luxury high rise societies are being built by the promoters here, where the average price of the unit is going above 3 crores. Therefore, high net worth income and NRI buyers are also entering Noida, where projects of their choice are being developed. Due to this, other classes of home buyers may move towards other locations or resale.”
Attraction towards premium properties
However, in this regard, Dinesh Gupta, Secretary of CREDAI, Western UP, says, Noida has entered the luxury segment due to its location and connectivity, where now only premium properties are being launched by the country’s renowned promoters. Be it Central Noida or Noida Expressway, due to limited land and prime location, the unit sizes here are bigger and available at their highest rates.
He further said that but there is a certain class of home buyers in Noida who would not want to compromise on their choice and class. In such a situation, a large section of home buyers can move towards other options including Greater Noida, Yamuna Expressway and Ghaziabad where property is within their budget.