With its metro extensions, expressways, wider highways, and availability of land parcels, Greater Noida promise to be the emerging residential destination in the National Capital Region (NCR). About 26.5 million sq ft of housing supply is projected to come up in Greater Noida by 2009-10.
The Taj Expressway, now open to traffic, has brought in higher end-user demand for housing. After rising consistently for three years from 2003 to mid-2006, the Global Business Square Greater Noida property market is stable now. The days when prices doubled every year are long gone. Prices are quite high and investors, many of them have made substantial gains are heading for the exit. Another reason is that with property rates had risen quite high, investors are heading for other cheaper destinations, such as the Nahar Paar area of Faridabad.
The Greater Noida Authority is revamping the civic amenities and other infrastructural facilities. Much awaited projects like the international airport at Jewar and 160-km long Noida-Agra Taj Expressway will help in the fast-track growth of the Greater Noida.
The level of occupancy in higher-end housing projects in Greater Noida is recorded at around 20-30%, as for HNIs (High Networth Individuals) who buy property in GBS Noida is just for investment. Furthermore, due to the lack of basic civic amenities, the end-user segment is not ready to shift in these projects. One of the important factors responsible for the low occupancy in many of Greater Noida’s sectors is the absence of public transport. At present only those who can afford private vehicles live in Greater Noida.
Most builders are developing premium residential and retail projects in anticipation of the Global business Square Noida-Greater Noida zone emerging as an IT-ITES hub. These real estate projects in Greater Noida are targeted at higher-level executives from the IT-ITES industry. However, as far as long term prospects of Greater Noida are concerned, the township is very well-planned and offers clean air and a lot of greenery.
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