A budget that fits one and all
According to real estate experts, more than 80% under-construction housing projects fall in this price range in Noida, giving a wide choice to homebuyers
The price band of R40 lakh to R60 lakh is the most important one for developers and home buyers in the mid-segment residential market in Noida. More than 80% readyto-move-in and under-construction projects of private developers come in this category. Real estate developers also launch the maximum number of units in this bracket because they know it fits the budget of a large number of buyers, both end-users and investors.
Says Honey Katiyal, CEO, Investors’ Clinic, “There are very few options in the ready-to-move in category in this price bracket. Lotus Boulevard on the NoidaGreater Noida Expressway, Amrapali Platinum and Gaur Grandeur in Sector 119 are some options where people can get 2BHK flats for around R60 lakh.”
Other options in the readyto-move-in category would be Noida Authority’s MIG flats in both the old and new sectors.
“My advice to home seekers would be to go in for MIG flats in Sector 100, measuring about 112 square metres, which costs somewhere near R60 lakh. The Noida Authority has given possession of these new units just four months back. Residential options are available in the old sectors as well, including 37, 19, 25 and 29, but I don’t advise buyers to go in for those as they are 20 to 25 years old and not worth the price they demand in the real estate market today,” says Ravi Mehta, director, A to Z properties, a real estate brokerage firm.
Despite the limited choice, a wide range of apartments with promising features and amenities are available in under-construction projects in several upcoming sectors. Some of these are Jaypee Wishtown, which has Kosmos (Sector 134), Kensington Boulevard (Sector 131), Kasa Isles (Sector 129); Amrapali’s Silicon City and Princely Estate (Sector 76), Zodiac (Sector 120), Platinum (Sector 119); 3C’s Lotus Boulevard and Lotus Panache; Paramount’s Floraville (Sector 137) and Unitech’s Unihomes, among others.
Suggests Katiyal, “The demand for this price bracket is huge for the simple reason that it hits the bottom line when it comes to property prices. A couple of years ago when these projects were launched, there were more investors and less end-users. Prices at that time ranged from R35 lakh to R40 lakh. Today the scenario is just the opposite. Investors have made their profits and moved out and so most of the buyers in this bracket are now endusers.”
Real estate experts say that the average price for mid-segment housing in Noida is around R4,000 to R6,000 per sq ft and for luxury homes prices vary between 12,000 to R15,000 per sq ft.
“A 2BHK in an area measuring 900 sq ft to 1150 sq ft is available in an under-construction project in the price
Rrange of R45 lakh to R60 lakh. These projects offer excellent amenities such as 24/7 water supply, proper parking, club, cosmmunity centre, easy connectivity to Delhi. These are premium and modern residential complexes and offer unique landscaping, architecture and open green spaces,” says Gaurav Tiwari from Reliable Homz.
Though Noida Authority apartments don’t have facilities at par with private developers, there’s no change in the size of the units. “In the Noida Authority flats you don’t have power back-up, roundthe-clock water supply, club and proper security,” says Rahul Chaudhary, director, Investor's Smile Realty. However, “If you buy a Noida Authority flat with an area of 112 sq mt area, your carpet area will be 6% to 8% less. Some developers sell 1050 sq ft area but when they offer possession the carpet area comes down to just 700 sq ft,” says Mehta.
Jaypee’s Kosmos, 3Cs Lotus Boulevard located near the Noida-Greater Noida Expressway and Amrapali Platinum and Gaur Grandeur in Sector 119 are some projects where one can get 2BHK flats in this budget