Infra development driving NCR’s greenest locality

Conceptualised as an industrial town, Sector 150 falls in the peripheral area of New Okhla Industrial Development Authority (NOIDA).

During the mid-2000s, Sector 150 evolved as an Information Technology (IT) hub and subsequently attracted real estate developments primarily due to effectively-planned layouts.

Situated at the confluence of Yamuna and Hindon rivers along the bustling Noida- Greater Noida Expressway, Sector 150 is now one of the preferred residential destinations of Noida. The key factor which differentiates Sector 150 from other regions is the presence of massive green spaces.

The land use planning of Sector 150 has been undertaken in a pattern that ensures 80 per cent of the 600acre land parcel remains under greenery, and only the remaining 20 per cent is allocated for construction activities. Nearly 42 acres of land is dedicated specifically for parks and recreational facilities.

This micro-market is equipped with good social infrastructure including reputed educational institutions, hospitals and shopping complexes. Sector 150 is currently flourishing with real estate activity, and there is a visible rise in residential developments, integrated townships, commercial spaces and mixed-use developments.

Over the last five years, Sector 150 has registered residential new launches of around 14,800 units. Around 44 per cent of the supply was added in the year 2015.

The significant amount of unsold inventory (8,700 units as of 2017) has led to the decline in the supply in 2016 and 2017, compelling developers to keep a check on the new launches and focus primarily on project execution.

Less than 10 per cent units are ready for possession in Sector 150, indicating limited choices available to homebuyers. Around 13,300 units are expected to take more than one year for completion. Amidst the strict Real Estate (Regulation and Development) Act or RERA regime, developers are now likely to focus more on execution. The property prices in Noida Sector 150 witnessed an upward trend since 2015. The average price as of fourth quarter of 2017 is Rs 4,900.

Despite the low new launches during the past two years, prices have appreciated by around 10 per cent during the same period. With significant infrastructure developments in the region, prices are likely to creep upwards in the future too.

The writer is head – research, ANAROCK Property Consultants