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Relief for Noida realty: Report says shows signs of a recovery

This news is like a ray of hope for builders, buyers and investors. A Q3 report released by real estate consultancy Colliers International states that 4,000 housing units were launched in the city in the last three months compared with only 1,700 in Gurgaon. This indicates that the Noida real estate market is showing signs of a recovery.
• Of the total chunk of fresh launches across the country in the last quarter, 16% were in Noida alone. The Gurgaon real estate market seems to be shrinking according to the report, with only 7% of the pie of fresh launches reported here.
• The study has been conducted nationally for the last three months for the cities of Bengaluru, Chennai, Pune, Mumbai, Noida and Gurgaon.
• In all, 25,000 apartment units were launched across these six cities in the last three months alone. Comparatively, of the total share of launches, Mumbai hosted 28%, Pune 23%, Bengaluru 17%, Noida 16%, Chennai 9% and Gurgaon 7%.
• With 4,000 unit launches in Q3 alone, Noida’s launches in the last three months have effectively doubled as compared to the past two quarters’ performance.
• According to the report, most of Noida’s projects were launched in newly developing sectors along the Noida-Greater Noida expressway and Greater Noida.
• Despite the fact that most of the demand is in the mid-end segment, the city also saw the launch of a luxury project in Sector 124 at Rs 13,000 sq ft, making it the most expensive residential project launch of 2016.
Amit Modi, vice-president, Credai, Western UP, said the reason for Noida witnessing more launches than in the rest of the NCR was quite simply the lower land price. “So we do see more residential projects taking off in Noida in the times to come as both for the builder and the buyer, it is an end-users’ market, a residential hub,” Modi said.
Source: ET

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