Oh, for a home on the beach
Brokers in the Yamuna Expressway area say it’s primarily a second homes market
HINDUSTAN TIMES, NEW DELHI, SATURDAY AUGUST 03, 2013
Wondering who all have been bitten by the Yamuna Expressway bug? These are primarily investors wanting to make a fast buck and those wishing to have a second home not far from the Capital. This includes people not only from Delhi but also from nearby towns such as Aligarh, Mathura etc.
According to Karishma Handa of 3A World, it is the best elevated expressway linking NCR and other parts of UP. Most businessmen in areas such as Aligarh and Mathura have links with NCR and Yamuna Expressway area is a central point for them. It is a futuristic investment destination with a three to five-time potential for appreciation in the years to come. Those who cannot afford to buy property along the Noida-Greater Noida Expressway can think of investing here as prices are still within reach, Handa adds.
Satyendra of Realty Mart says that those who bought apartments for R1800 per sq ft in the area a few years ago are today sitting on a price band of R3500 per sq ft. Plots that were available for R18,000 per sq ft earlier are now selling at R350,00 per sq ft.
The advice from Vipul Gupta of Neobrix is that if you are willing to stay invested for long, Yamuna Expressway is the right place to invest. Prices in the area too are reasonale and start at R22 lakh for a 2BHK apartment. Those investing in the area are doing so for second homes. Many who have invested are from towns in western and eastern UP who may have put in money hoping their children will study in the NCR some day.
If one were to compare Greater Noida with Yamuna Expressway, one should remember that both are different. Units in Greater Noida were always planned to be big – 1600 sq ft and above while in Noida Extension and Yamuna Expressway, all variants are available. Also, the problem with Greater Noida - planned as an education hub - was that both Noida Extension and Noida Expressway were developed at a time when Greater Noida was coming up. Yamuna Expressway has, on the other hand, developed at a time when these markets have been exhausted.
K K Setia of InTown, however, points out that Yamuna Expressway is a premature baby and a long-term investment. Currently prices of projects coming up along the NH24 and Yamuna Expressway are almost similar. Since NH24 is a much-developed belt and a short-term investment destination, it may make sense for those wanting to move in immediately or in a few months.
Pawan Jasuja of Finlace says that the area is a deadly combination of world-class infrastructure, a Night Safari, an Education City and prices are perhaps the lowest in the NCR. “Projects in Bhiwadi today are trading at R3000 per sq ft.”