Demand outstrips supply
Though all projects launched in the affordable category have been sold out, the good news is that you can tap the secondary market units, which come at affordable prices — starting from lakh to lakh
Is it possible to buy something decent in the R40 lakh price range in Delhi? Not very likely, but Noida’s real estate market will not disappoint you. You may not get wide-ranging residential options, but a small decent unit is certainly within your reach if you are ready to shell out R35 lakh to 40 lakh.
Some such options are available in the 1 to 2BHK category in 3C’s Lotus Zing and Paras Seasons in Sector 168; Jaypee Greens’ Aman in Sector 151 and Kosmos, Kingston Boulevard, Kasa Isles, Klassic in sectors 128 to 134. Logix’s Blossom Zest in Sector 143 and Unitech’s Unihomes phase 1 in Sector 117 also have some great options.
“These projects are spread in various upcoming Noida sectors. The demand for studio flats and smaller units is so high that almost all such apartments have been sold. Just a few are available in the
Rsecondary market. For instance, a 1 BHK flat in 470 sq ft area in Logix’s Blossom Zest in Sector 143 costs R22 lakh in a secondary sale. Similarly, in Lotus Zing located in Sector 168, a 1BHK in 575 sq ft area costs around R29 lakh in the resale market,” says Gaurav Tiwari from Reliable Homz.
These projects were launched just a couple of years ago and their launch price were within R15 lakh to R20 lakh. They were all sold out within a few weeks of their launch because they were in the affordable range.
Even 2BHK flats in 750 sq ft to 850 sq ft area are in great demand because they are in the affordable range of below R40 lakh. For instance, a 2BHK in Jaypee Aman in Sector 154 is available in the secondary market for R28 lakh to R30 lakh, Tiwari adds.
Property experts say that since these upcoming projects offer excellent amenities and services such as green surroundings, power backup, great locations, latest security systems and designated parking space, among other things, they are selling like hot cakes.
“Noida in the past few years has been emerging as a planned, integrated and a modern industrial city that is well-connected to Delhi. It is also one of the largest planned townships of Asia. That’s the main reason why buyers from all price categories are attracted to this city,” says Raj Sharma from Best Property Deal, a real estate consultancy firm.
“For those interested in investing in real estate as well as end-users, private developers’ projects offer several good features, out- standing facilities and locations. Nothing, however, is available in the R40 lakh price range in the ready-to-movein-category as they all are under construction. Possession will take two to three years and the apartments are likely to give very handsome returns when completed and handed over,” Sharma adds.
Many real estate experts are of the view that in another few years the real estate market in Noida will witness a huge number of ready-tomove-in flats and due to this “the possibility of steep price rise is quite dim. The market will appreciate quite slowly and steadily. For example, for the last six months, there hasn’t been any significant movement in the property prices. So one can wait and take time to take a decision on investing here,” says real estate broker.
In the ready-to-move-in category, Noida Authority’s 1 BHK LIG flats measuring 550 to 750 square feet in sectors such as 55, 71, 73, 82, 99 and 135 are available in the secondary market for R5200 to R7000 per sq ft.
“If we calculate the purchase cost, including registration and transfer, these flats will cost anywhere between R34 lakh to R40 lakh, depending on the number of floors and their location. This is the best you will get for a small budget,” says S C Malik, a local broker from Radhey Krishna Real Estate and Developers.
He adds, “One good thing about these LIG flats is that in many sectors they are located in the same complex as other high-end properties such as HIG flats and duplex houses. Thus, they share many facilities such as shopping complexes, parks etc. Besides, they are quite wellventilated as there are balconies on both sides. Many home owners have covered the balcony area and converted it into another room.”
Local brokers say that these LIG flats have witnessed a good price escalation in last few years.
Jaypee’s Kosmos, 3C’s Lotus Zing and Paras Seasons in Sector 168 offer 1 to 2BHK options within the range of lakh to