Delhi region NCR has become the preferred choice of developers and property buyers for more than ten years. Delhi's saturation in terms of real estate and the subsequent rise in real estate prices in Delhi has moved to the peripheral areas of the capital.
Almost two decades ago, Gurgaon witnessed a real estate boom. Now it seems that Noida, Big Noida and Ghaziabad are undergoing a similar transformation. Numerous real estate companies are investing in these places to tap into the huge potential of this market.
According to reports, the Greater Noida Industrial Development Office (GNIDA) plans to connect Great Noida and Indira Gandhi International Airport via the subway line. There are also widespread reports that the Delhi Metrology Corporation plans to extend the Blue Line from the city center of Noida to cover parts of the Big Noida. These are clear signals that Noida and Greater Noida should become the most popular destinations for people who are looking for dream homes and lavish lifestyles at affordable prices. The quality factor is a precious stone in the crown.
Feeling that residential and commercial opportunities, such as Noida, Big Noida and Ghaziabad, are abundant, large and small real estate companies are expanding or launching their projects in these areas to attract customers from different walks of life. Such projects include scattered mansions scattered over waters of lush green lawns, luxury residential clubs, swimming pools and gyms, modest residential complexes with 2 and 3 BHKs or entire villages equipped with all world-class amenities. Many well-known construction companies based in Noida and Ghaziabad are diversified in all types of real estate. While many of these condominiums and apartments are already built and even occupied by their respective owners, dozens more are under construction and estimates are still at the planning stage.
Noida and Greater Noida have particularly witnessed an increase in the demand and supply of luxury condominiums and residential units, therefore their relatively affordable prices compared to apartments equipped with the same amenities in downtown Delhi. Several major names in the NCR Delhi real estate industry are investing in similar projects, hoping to capitalize on their growing popularity.
2013 was a bit disappointing in terms of investment for the real estate market in India. Nonetheless, the emergence of an industry-friendly government this year, combined with a slowdown in economic growth in the recent past, will spark the hope that the government will wake up the real estate industry from its current dormant state. There is also the hope that the gloom will be followed by a glut in the market. Indeed, the hopes and moods of real estate companies are justified, since the future of this industry looks bright and optimistic.
