Introduction
Reduced GST rates of 5% on under-construction properties and 1% on affordable housing units, other budgetary recommendations that have bolstered the real estate industry, and the imminent completion of massive infrastructure projects all point to an improving real estate market in Noida. Luxury real estate in the city is booming due to this circumstance since demand is high and prices are low compared to neighboring Gurgaon, which is currently one of the most expensive cities in the Delhi-National Capital Region.
The widespread and detrimental effects of demonetization on the luxury real estate market may be seen throughout the country. The impact is starting to fade, and a surge of new buyers is returning to the high-end housing market. Numerous high-end developments are either already underway in Noida or are in the planning stages.
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Sixty-plus percent of buyers in these developments are either locals or alums of the city. Luxury flats here are priced at roughly Rs. 8,000 per sq. ft., which is the sweet spot for most customers and is close to double the price range for standard housing units, according to many real estate firms. Delhi residents make up the remaining 40% of buyers in these communities.
Why are Investors buying High-end Apartments?
Investors buying up high-end apartments in Noida is an interesting development. These individuals aim to improve their financial standing and standard of living via their investments. The scope of flats is being expanded to include penthouses and duplexes. Some real estate developers even include trees on each balcony, cabanas, outdoor Jacuzzis, infinity pools, squash courts, and spas.
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Developers of high-end real estate in Noida provide these and other amenities to buyers of their residences. Homes in the planned high-end complexes are selling for anywhere from Rs. 2 to 4 crore, and buyers come from all across the region, including south and east Delhi and Noida. In addition to luring purchasers outside of Noida, these projects also attract buyers from inside the city. Developer data indicates that the vast majority of purchasers are end users.
Many professionals in the field think the luxury real estate market has benefited greatly from RERA’s increased market transparency. Ultra-luxury complexes selling for more than 8,000 rupees per square foot in various parts of Noida have also received a lot of interest from would-be buyers. There are now a lot of buyers available who are selling their existing homes to invest in fashionable, high-end condos or flats in complexes that give all of the necessities. Even though mid-range pricing is no longer the norm, end-users still make up the bulk of the market in Noida. Even if several high-end developments are underway that are changing the cityscape and a rise in the number of wealthy individuals looking for opulent places to live that provide unforgettable experiences, this is still the case.
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Many Delhi residents are taking advantage of the fact that high-end housing in Noida can now be had for costs that are more reasonable than those in Gurgaon. The rates are often less than half of what one would spend in Gurgaon’s high-end market. The professionals all agree that high-end residences have distinguishing features that fall into distinct buckets.
Overall project density, vistas, number of apartments per level, amenities and facilities, and spacious apartment units are all factors to consider. In Noida, such flats may be acquired for 1–3 crore Indian rupees, whereas in Gurgaon, the starting rates can be anywhere from 5–10 crore Indian rupees. Investors looking to make a profit are the ones who drive the current market, while those who want to better their quality of life via homeownership are the ones choosing high-end apartments.
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How ambitious is Noida’s construction plan?
Noida also has several advantages in terms of its growing and improving infrastructure. The real estate market in Jewar is expected to get a big boost once the Jewar International Airport is completed or near completion. Several industry analysts have predicted that after the new airport and metro link are completed, the real estate markets in Noida and Greater Noida will undergo dramatic shifts. Property prices in all of Noida are expected to grow quickly due to the brisk pace at which work on the Jewar Airport is progressing, leading to increased demand across the board. There will be more building of infrastructure and more tourism and business.
Not only that, but the airport will tempt many businesses and organizations to set up shops in Noida, from international conglomerates to notable small businesses. japan holiday It is expected that the Yamuna Expressway will follow in the footsteps of the Noida Expressway and become a major hub for commercial and industrial development shortly. In India, the building is underway on both expressways.
Near the proposed airport in Jewar, on some of the 3,500 acres owned by Jaypee Infratech, the National Building Construction Corporation (NBCC) plans to develop an economic zone, according to published reports. An increasing number of IT-related offices and other facilities are planned for the area around the airport. Comparable to Mumbai’s BKC (Bandra-Kurla Complex) and Gurgaon’s Cyber City. Another historic step forward for Noida has been the approval of the second phase of the Aqua Line metro link between Sector 71 in Noida and Knowledge Park 5 in Greater Noida. With this connection, you may travel between Noida and Greater Noida. Gaur City Resale Flats Noida Extension, Metro service is coming to Noida and Greater Noida in the not-too-distant future, which will spur a building boom in the area.
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The world’s first company to merge digital technology, retail, and real estate has recently opened its doors in Noida’s Film City. The Digital Mall of Asia is the name of this project (DMA). Analysts predict that the many innovative new projects planned for Noida will significantly increase the local real estate market, especially in the luxury real estate sector.
