Real Estate in India especially Delhi-NCR has been showing immense untapped growth potential in the suburbs in terms of financial viability and affordability for real-estate developers, investors as well as buyers. The Delhi-NCR region offers an extensive range of both residential and commercial projects for all categories of investors, but the inclination of investors is quite high in Gurgaon and Noida areas. On the one hand, there are Southern Peripheral Road, Dwarka Expressway, New Gurgaon and Sohna Master Plan under the umbrella of Gurgaon Corridor whereas on the other hand there are quite a number of existing and emerging corridors such as Noida Expressway, Noida Extension, Greater Noida Link Road, Noida Central, Proposed Eastern Periphery Expressway, NH24 etc. which are catching the keen eyes of investors.
An informative lookout at these realty corridors can be really helpful for realty stakeholders.
Noida Extension Residential Corridor
This Corridor has attracted quite a number of residential developers and has been a significant contributor to apartment unit supply in Delhi-NCR regions. The buyers having a budget of less than 20 lakhs can easily find their dream home here. The budget brackets range from Rs.20 Lakhs to Rs.60 Lakhs where over 50% of the total supply is for properties under Rs.20 Lakh and then, next for properties between Rs.20 -40 Lakhs. Properties costing over Rs.60 Lakhs contribute not more than 14% of total supply.
In coming years, Noida Extension is promising appealing features to the residential buyers and can thus attract their interest and investment. In addition to better connectivity and affordable prices, it is offering an easy approach to schools, hospitals, shopping Centers and other modern amenities. The inception of proposed metro line to connect people from Noida extension to NH24 is in progress and is going to bring positive changes in real estate segment. Potential home buyers who take an interest in Greater Noida west’s properties now also consider NH 24 properties, such as Wave City, because of the connectivity and shorter distance from this realty hub.
The graph shows that 83% secondary market supply in the city is in the budget range of Rs 3,000-3,500 per sq ft. Of these, 67% is concentrated in the range of Rs 3,000-3,250 per sq ft. A slight percentage of property is available in the higher budget segments.
It is this low budget range which positions Greater Noida as a relatively less expensive extension of Noida. This allows for very large scale residential development activity to attract demand in the lower budget segments.
Most of the development is located in the northern stretch of Greater Noida which lies east of Noida. This consists of Noida Extension under the western zone as well as localities in the North zone. Together these zones have 40% share of consumer preference and 67% share of secondary market supply.
The South zone has supply across the Rs 3,250-5,000 per sq ft and above range. The more expensive supply in the Rs 4,000–5,000 per sq ft range is available in and around city center areas like Pari Chowk, the core area of the city as well as an established prime residential locality.
The less expensive supply in this segment is found along the Yamuna Expressway further south of these localities, which is attracting buyers to invest here Price level in the East zone varies depending on their proximity to the city center in Pari Chowk . There is still development that needs to happen in order to boost investment in the locality.
With the hosting of Formula 1 event, the Noida Expressway has appealed the interest of renowned real estate developers, buyers and investors. The best part of this ideally-planned corridor is that it offers ample opportunities of development for all kinds of projects i.e. malls, multiplexes, offices, apartments, towers, schools, hospitals etc.