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Property prices in Greater Noida West likely to remain static at 4,000 per sq ft
One should take a call to move to Greater Noida West only if one wants the property for one’s use and not as an investment or something that will yield capital appreciation, say realty experts.
There is already excess supply in the area with more units expected to come up in the future. Prices in the area have already run up to the optimum level, they say, adding that prices in the area will at best languish at ₹ 4,000 per sq ft for at least 18 months.
“Rates will remain static at ₹ 4,000 per sq m for the next 18-month period, some projects may command a ₹ 100 per q ft to ₹ 200 per sq ft premium as and when they are completed. Projects with a great location or differentiated offering may command a ₹ 500 per sq ft premium, but overall the market has exhausted its potential,” says Anckur Srivasttava of GenReal Advisers.
Prices in the area will continue to hover at around ₹ 3,500 per sq ft and ₹ 4,000 per sq ft because of the demand-supply situation, says Pawan Jasuja of Finlace.
Most units in the area were sold at ₹ 1,800 per sq ft in 20092010 and the construction quality is just about basic. Bookings in the area were kept oh hold for nearly one-and-a-half-years after the land acquisition issue. When bookings reopened, the price band was ₹ 3,000 per sq ft. Currently, certain pockets and projects command a price of ₹ 3,500 per sq ft but not more. Breaching the ₹ 4,000 per sq ft mark will be difficult because of