Why are Noida’s peripheral areas witnessing increased homebuyer interest?

Facilitated with multiple benefits, the real estate in Noida’s surrounding districts is growing rapidly.

Why are Noida’s peripheral areas witnessing increased homebuyer interest?
Noida has undergone significant transformation over the years, but even now, some areas are inaccessible and underdeveloped. However, the ongoing development of world-class projects has made it one of the top spots in the real estate market.

In the last few years, Noida’s peripheral areas have emerged as one of the largest residential estate markets in the country. A surge in new private businesses, enhanced logistical infrastructure, and affordable property rates are key factors driving the demand. In the first quarter of 2022, Noida witnessed almost a 60% rise in the sale of residential properties. In fact, the sales went up around 40% in Greater Noida during the same period. Facilitated with multiple benefits, the real estate in Noida’s surrounding districts is growing rapidly.

Metro Connectivity & Upcoming developments

When looking for a suitable property, connectivity and accessibility to schools, marketplaces, and hospitals are the primary considerations for most people. With Noida Metro connecting the Delhi NCR region to the capital, the demand for property in the Noida extension area has undoubtedly increased. The launch of the Noida-Greater Noida Metro Rail project (Aqua Line) has made the connectivity within the Noida extension much easier. Moreover, the ongoing favorable civil and infrastructural development, like the upcoming Jewar Airport, is another major driver that is up ticking real estate development in the area.

High scope of building well-planned societies

Noida has undergone significant transformation over the years, but even now, some areas are inaccessible and underdeveloped. However, the ongoing development of world-class projects has made it one of the top spots in the real estate market. Moreover, the remote areas near Noida have become suitable for setting up residential buildings. It has become a preferred location among realtors who don’t want to be involved in sporadic and disorganized construction.

Also Read: Institutional investments in real estate dip 28% to 2.3 bn in H1: Report

Affordable when compared to Delhi and Gurgaon

Compared to other major markets, such as Gurugram, Noida’s land price is relatively affordable. As a result, many businesses, companies, and enterprises have relocated to the city. Simultaneously, properties in the Noida extension are significantly cheaper than those along the Noida-Greater Noida Expressway. Additionally, new working spaces like Film City and other industrial hubs in Noida and its extension make it a far more suitable location for living, working, or even real estate investments.

Gradual increase in real estate investment in the Noida region

A real estate company reports a considerable increase in the number of real estate investors in Noida’s peripheral region. This increase is mostly driven by the rising demand for Noida real estate, which has been bolstered by an abundance of local investors. In fact, there was around a 200% increase in overall real estate transactions in Noida, which is so much more than the national average.

Also Read: Luxury homes garner 12% share in total housing supply in Q2 2022

To sum up

Areas around Noida are gradually witnessing interest from consumers, real estate developers, and investors. While having excellent connectivity to Delhi and NCR region through the metro and the Greater Noida Expressway, the affordable residential and business hubs have made it a favorable real estate market. It is set to further develop and flourish in the upcoming years.

(By Vishal Raheja, MD, InvestoXpert)

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