The Delhi NCR region has been the preferred choice of real estate developers and buyers for more than a decade. The saturation of Delhi in terms of real estate and subsequent spiraling property prices in Delhi made many move to the capital’s peripheral areas.
Nearly two decades ago Gurgaon witnessed a real estate boom. Now, it seems that Noida, Greater Noida and Ghaziabad are undergoing a similar transformation. Numerous real estate companies are investing in these places with an aim to tap the huge potential of this market.
According to reports, the Greater Noida Industrial Development Authority (GNIDA) plans to connect Greater Noida and the Indira Gandhi International Airport via a metro link. There are also widespread reports of the Delhi Metro Rail Corporation planning to extend the Blue Line from Noida City Centre to cover parts of Greater Noida. These are clear signals that Noida and Greater Noida are all set to become the most popular destinations for people looking for dream homes and lavish lifestyles at affordable prices. The well-connectivity factor makes up the jewel in the crown.
Having sensed the residential and commercial opportunities that places like Noida, Greater Noida and Ghaziabad are teeming with, major and minor real estate companies are expanding or launching their projects in these areas to attract customers from varying strata of society. Such projects include sprawling mansions spread over acres of lush green lawns, luxury condominiums housing clubs, swimming pools and gyms, modest housing complexes with 2 and 3 BHKs or entire townships provided with all the amenities of a world-class city. The many well-known construction companies based in Noida and Ghaziabad are diversifying into all kinds of real estate ventures. While many of such condominiums and apartments have already been constructed and even occupied by respective owners, dozens more are under construction and scores still in the planning stage.
Noida and Greater Noida have especially witnessed an increase in the supply and demand of luxury condominiums and housing units, the reason being their relatively affordable prices as compared to apartments provided with the same amenities in the heart of Delhi. Several big names in the Delhi NCR real estate industry are investing in projects like these, hoping to cash in on their surging popularity.
The year 2013 has been somewhat disappointing in terms of investment for the real estate market in India. All the same, the coming of an industry-friendly government at the centre this year coupled with an economic slowdown in the recent past ignite hope that the government will rouse the real estate industry from its current dormant state. There is also the hope of the inevitable that a gloom shall be followed by a glut in the market. Indeed, the hopes and spirits of real estate companies are justifiably high as the future of this industry looks bright and sanguine.