Buyers hope for conveniences in new sectors of Noida

After less than eight months of staying in their new house in Noida, Philip Cherian and family have moved back to Mayur Vihar where Cherian lived with his parents. Now, as his family expands from three to four, he has taken up a flat that cost him Rs 1.25 crore, for a strategically located 3BHK unit. His investment in Noida had cost him Rs 75 lakh. He did not mind paying extra. Here’s why people such as Cherian are moving away…

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The way Noida has come up is visionary. Good roads, homes that cater to every segment of buyers, corporate drivers in the vicinity, commercial areas for recreation and the promise of more to come. However, despite all this, buyers are looking for convenience. Like Cherian, there are many who are happy parking their money in Noida but find it unsuitable for end-use. Bhagat Agarwal, broker at NCR Property says, “At present, new sectors are good from an investor’s point of view. End-users find it difficult because of security issues and because you even have to walk a couple of kilometres for daily provision stores.”

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“Over time, this would change as you can see some sectors where the occupancy rates are going up. Even shop owners are willing to opt for home delivery to boost sales. For working couples, Noida would gradually adjust to their conveniences,” adds Agarwal.

Cherian, who was living in Sector-137 says, “I have a 4 year old daughter who has just started going to school. It was difficult to look for suitable schools in the vicinity and security was another issue. There is a lot of construction happening in the vicinity and although some buyers have got possession of their flats, there are very few people living here. We decided that for the time being, a Delhi pin code would be better for the family.”

If the Noida Master Plan materialises, Noida would be open for development, more housing demand and its closeness to Delhi. Take for example, Bhiwan Singh, a resident of Rajasthan with a sizeable business clientele based in Delhi. He has invested in Noida because he sees it as a good investment in times to come. “I do not mind holding the property for some time. I would want my daughter to graduate from one of the prestigious colleges of Delhi University. Noida is an extension of Delhi and today, most companies are coming up here. My budget wasn’t big but given the scope of development, I do not mind investing early on in the cycle.”

With the metro coming up, a lot of buyers would be benefitted in the long run. One reason could be the ease in connectivity. But the social fabric needs to be concentrated upon. As of now, there is significant construction in many upcoming sectors, but where are the conveniences? But that doesn’t deter home buyers like Cherian who have retained his Noida house as an investment, hoping for good rental yields!

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/buyers-hope-for-conveniences-in-new-sectors-of-noida/79451.html