Greater Noida West best for affordable houses

Delhi/NCR
Greater Noida West, earlier known as Noida Extension, is the hub of affordable housing in the real estate market of the Delhi NCR. With the kind of development taking place here, property prices have appreciated by more than 15% in the past one year.

Why Greater Noida West

According to experts, the future of this area is bright and buyers have already started reaping benefits in terms of appreciation in property prices. The development authorities are swiftly laying out the basic infrastructure like water, roads, and electricity. A green belt has been set aside for peaceful and healthy living and connectivity is going to be smoother once Metro rolls out in a couple of years. The area is already well connected to Delhi through Noida.

Compared to other places of the NCR like Gurgaon, Faridabad, etc, the fast developing Greater Noida West is well planned in terms of wide roads, basic infrastructure like hospitals, schools, and educational institutions, and commercial sectors. And, in terms of price, this area is much more affordable than any other real estate destination of the Delhi NCR.

Greater Noida West is spread over nearly 3,635 hectares (8,980 acres) and is around 4-5km from Sector 121, Noida. The road from Sector 121 will pass over Hindon river and reach Sectors 1, 2, 3, 4, 16B, 16C, 10, 12, Techzone, Knowledge Park 5, etc.

The area is buzzing with activity with almost 75 developers ready with a slew of projects offering 1-, 2-, and 3BHK flats, villas, and floors at affordable rates. One estimate says that the developing area would potentially cater to a population of over 10 lakh in the future with an estimated 2.5 lakh built-up houses set to be delivered in the next two-three years.

Price segment

Despite problems like the recent land row over compensation in the land acquisitions by the development authority, Greater Noida West has seen a remarkable price appreciation and prices are expected to double in the next three-five years when the entire development starts taking proper shape. Customers have already seen an increase of 100% in rates.

Buyers and end users who can’t afford to purchase a house or are looking for 2or 3BHK flats in Noida can certainly come to this newly developing area. Here the prevailing rates of property are between Rs 2,600 and Rs 3,500 per sq ft and realtors dealing in this area are registering a large number of transactions.

Manoj Gaur, the MD of Gaursons India Ltd, says: “The housing demand in Greater Noida West is definitely very high as the region offers prime housing solutions that range from affordable to luxurious options. Prices are fast picking up and some of the projects in this area achieved an appreciation of 25% over their start-of-year values.“

Deepak Kapoor, director of Gulshan Homz, says: “There is a blend of investors as well as end users in the buyers of property in Greater Noida West. However, the working class of the Delhi NCR comprises the majority of the buyers. We receive a huge clientele from the Delhi NCR due to the affordable prices here.“

Metro connectivity

The existing Sector 32 Metro line will be extended up to Greater Noida West through Sector 72. The 7km-long stretch would cost around Rs 1,400 crore of which Rs 1,100 crore would be shared by the Noida and Greater Noida authorities, depending on the territory falling under their jurisdiction.
At least two stations have been proposed to be built on this line.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/greater-noida-west-best-for-affordable-houses/75946.html