Policy uncertainty is looming
large over Noida's property market in light of the coming elections. With the
change in political faces, the existing policies are expected to experience a
sea change. As it happens every time at the time of elections, the existing
government refrains from taking any change in current policies or
implementation of new ones. Noida's realty scenario is undergoing the same
scenario currently. This has resulted in almost stagnant prices of properties
in the city. From last 6-7 months, the prices have not seemed any significant
appreciation.
Investors who intended to carry
our Noida property deals are now keen on keeping their plans on hold. Those
with large deals are playing it safe and have no plans to execute their plans
anytime soon. The developers and builders too do not want to take any risk. So,
many of them have not launched any realty projects. Until the elections are
over, this stagnant phase will continue.
The properties in Noida are
already facing tight liquidity issues. Like other metropolitan cities, Noida
too has a heap of unsold inventories. The recent measures taken by Reserve Bank
of India (RBI) have further added to the woes of sellers. This is another
reason why corporate investors are turning backs from large deals.
At present, property in Noida is
relatively affordable if compared to other Delhi NCR regions. Noida Extension
and Yamuna Expressway are particular heeded as affordable localities. It is the
cheap ticket rates that is the biggest draw for buyers who intend to buy
properties in these two localities. Yamuna Expressway, shall be completed in
several phases: while in the first phase, Greater Noida shall be connected to
Taj International Aviation Hub, in the second, the expressway would be further
extended to Agra. This six-lane, high speed stretch is expected to improve the
connectivity and reduce the time taken to commute between Greater Noida and
Agra.
Let's have a glimpse on the price
rates of residential properties in prime localities. Let's consider a 2 BHK
flat for sale. Over Noida Extension and Yamuna Expressway, such an apartment
carries the starting price in 10-15 lakh bracket. Budget apartments can also be
expected in sector 76, 77, and 34: a two bedroom flat is available with
starting prices centered around 25-40 lakh segments. The higher rates are
prevalent in sector 82, 61, and 93; expect the rate to be 50 lakh onwards
across these areas.