Which NCR area should home­buy­ers choose?

Take your pick from Gur­gaon, with its prom­ise of in­cre­men­tal of­fice sup­ply, Noida with its af­ford­abil­ity quo­tient or Farid­abad with its re­cent Metro con­nec­tiv­ity

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Ghazi­abad, like the NCT of Delhi, is land locked, which leaves lim­ited scope for ex­pan­sion. As most of the res­i­den­tial devel­op­ments are com­ing up along Na­tional High­way(NH)-24, this area is in dire need of good con­nec­tiv­ity. That’s why widen­ing of NH-24 as­sumes such im­por­tance. There is not much like­li­hood of in­cre­men­tal em­ploy­ment or res­i­den­tial de­mand in Ghazi­abad in the next few years. Ready-to-move-in units in Vaishali, Indi­ra­pu­ram and Kaushambi may con­tinue to see trac­tion this year De­spite good con­nec­tiv­ity with Delhi and the Gur­gaon res­i­den­tial mar­ket, Farid­abad is de­vel­op­ing slowly be­cause of its in­dus­trial tag be­cause of the per­cep­tion that jobs in the in­dus­trial and man­u­fac­tur­ing sec­tors are un­able to sus­tain res­i­den­tial de­vel­op­ment due to lim­ited af­ford­abil­ity. Also, as price ap­pre­ci­a­tion due to in­fra­struc­ture devel­op­ments, such as the re­cently-op­er­a­tional Metro, has al­ready been fac­tored in, price growth in Farid­abad is likely to be muted. Till the time the city gen­er­ates an in­her­ent ser­vice base to cre­ate and sus­tain de­mand, it won’t be a very at­trac­tive realty des­ti­na­tion. Noida Ex­ten­sion (now Greater Noida West) has emerged as an af­ford­able res­i­den­tial des­ti­na­tion in NCR. How­ever, fac­tors such as lit­i­ga­tions, project de­lays and lack of con­nec­tiv­ity have ham­pered growth in this area. To­day, be­cause of prob­lems like the land ac­qui­si­tion row, project de­liv­er­ies have been de­layed due to in­ter­mit­tent, stalled con­struc­tion. This, in turn, has also im­pacted the com­ple­tion of so­cial and phys­i­cal in­fra­struc­ture in that area. Since ap­pre­ci­a­tion due to the ini­tial low base in Greater Noida West has al­ready been taken into ac­count, prices in the cor­ri­dor are ex­pected to not change much till project de­liv­er­ies be­gin and vis­i­ble in­fra­struc­ture is in place Real es­tate projects launched along the Noida-Greater Noida Ex­press­way will only pick up steam once this ur­ban cen­tre has de­vel­oped al­ter­na­tive modes of con­nec­tiv­ity with Greater Noida other than the ex­ist­ing Noida-Greater Noida Ex­press­way. The NoidaGreater Noida Metro link is thus likely to at­tract com­pa­nies look­ing to set up base in this belt, since it will pro­vide an al­ter­na­tive com­mute op­tion for the work­force. How­ever, noth­ing can be es­ti­mated un­til some ground­work is done.

Prices re­main in the range of ₹ 3,900 to ₹ 5,900 per sq ft across Noida and the NoidaGreater Noida Ex­press­way. How­ever, ur­ban cen­tres in the prox­im­ity, such as Greater Noida and Ghazi­abad, which have low prices, will keep the pres­sure on Noida’s price ap­pre­ci­a­tion and could limit the up­side po­ten­tial of prices. Cer­tain pock­ets in Ghazi­abad and Greater Noida are offering dis­counted op­tions to home­buy­ers work­ing in Noida within a com­mutable dis­tance of 20-30 min­utes. In­cre­men­tal of­fice sup­ply in Noida in the com­ing years has not been seen to ben­e­fit any par­tic­u­lar res­i­den­tial cor­ri­dor or area, as it is scat­tered across var­i­ous sec­tors. Thus, ap­pre­ci­a­tion in Noida’s res­i­den­tial mar­ket due to the em­ploy­ment pull fac­tor will be dis­trib­uted un­evenly.

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