Property prices in Greater Noida has remained stable despite land acquisition cases that were a cause of worry throughout last year. The property market saw stable to minimal appreciation during past one year, but no significant fall in values was observed.
According to Alok Tyagi, Noida based realtor (ATN Infratech – Deals in Greater Noida Projects), “the ongoing Noida Extension land controversy between farmers and Noida Authority have reduced the number of transactions in the upcoming and current pandding projects. However, there was no significant fall in values registered.” He also added that there have been considerable residential and commercial project launches during this time.
Greater Noida is witnessing real estate activities in both the commercial and residential segment these days, in Greater Noida we have seen a project of Newtech that is “La Galaxia“.
With the new master plan in action, the government has approved change in land use of around 2,500 hectares in Greater Noida. Once the NCRPB (National Capital Region Planning Board) approves the master plan, construction activities will resume in the upcoming residential projects in Noida Extension.
The metro expansion plan, the launch of new Expressways and availability of land are the prime factors catching the attention of buyers and investors. Greater Noida Industrial Development Authority (GNIDA) is also working to upgrade the civic amenities of the area in order to increase the residential occupancy rate.
As per the figures, Greater Noida land rates on an average shows an appreciation of 60 to 70% in the past couple of years, as told by Ravi Bajaj, from Cosmic Group. Legal residential allotment values have been revised by almost 100% in the past 4-5 years.
The expansion of social and physical infrastructure will result in increasing occupancy rate and investment. GNIDA is taking number of initiatives to enhance connectivity of the city with other places and to provide proper corridors for new development. With all the initiatives and rising demand Greater Noida is poised to become next realty destination.