Realty sector once again, has taken the centre stage and is been looked upon with renewed interest by all stakeholders. Among all the variants of real estate affordable housing has got the maximum emphasis. The changing attitude of people from living on rent towards owning their property has paved way for a huge demand for the residential segment. The continuous upward pressure on rents and house prices is leading to decline in the number of available affordable properties. These are the factors which have led to price hikes to impend all over. Vacant inventories should not be expected in this scenario. That too in a place like Noida- it’s a great no. Because of existence of more affordable housing in this area, people migrate in huge ratio here, which leads to absorption of such inventories and thus lesser supplies.
Following are the reasons for price slowdowns:
1.) Developers and buyers face a liquidity crisis
2.) Market’s preparing for a surge in the supply as builders are constructing more and more buildings till now also.
3.) After the slump in the market in the last year, market is preparing for betterment now.
Noida is the National Capital Terrain of Delhi, upper middle classes & middle classes throng the residential property bazaar. Consequently, top performers that recorded maximum price increase were housing complexes like Paschim Vihar, Vasant Kunj, Dwarka and Vikaspuri. In the middle of plotted expansions, South Delhi housing areas such as Hauz Khas, Safdarjung Enclave, Shivalik, Greater Kailash, Chitaranjan Park and Alaknanda, offers premium & very low priced properties. In many cases, this increase in value has been determined by redevelopment of old properties in plotted regions. The demands in these areas also have been for rebuilt or remodeled single floors.
As regarding rental values, locality easier to go back and forth have been charged with thumbs up by huge amount of users. As a product, Sarvapriya Vihar, Kailash Colony, Shivalik and Green Park areas have lingered covering the charts on the top. Areas under redevelopment like the Vasant Vihar locality have posted increase in rental values. The demand in the locality has remained high and persistent.
Noida’s rental values have stood high across the whole of Delhi NCR. Sectors 74-78 & Sector 51 have traced a higher growth. Sectors 93B, 168,110, & 128 have seen more than a 20% rise in prices. Most of them are in newly rising areas & similar rental value trend cannot be anticipated. Rental value trend would be visible in those places after custody of the properties. Although on the other hand, Sector 62 and 61 have seen a vigorous growth in the rental prices.
In Gurgaon, all recently developing sectors have seen a rise in the property values. By means of new master plan, that growth has been distributed to Sohna Road, Golf Course Extension, Pataudi Road & the Dwarka Expressway. All these regions have been giving a healthy expansion in capital values. Market is investor driven and last user activity is narrowed to long term users who look at a 5-yr horizon. Numerous projects along with Pataudi Road and Dwarka Expressway are expected to arrive at the handing- stage very soon.
After the vagueness over land concerns in Noida Extension, renewed interest is evident in the property market across the Ghaziabad properties. Lower rated properties are been sold well in this region. As a result, the nearby areas have posted a growth in both demand & value. Bhopura, on the edge of the city, have experienced a fall in prices. Localities where powerful property development is occurring are in demand. Indirapuram remains the most attractive locality with high demand & moderate rises in the values.
In both Gurgaon and Ghaziabad the metro cause is visible. Rental prices have risen in places that are easily reachable by the newly launched metro services. This impact can be viewed in established regions of Gurgaon like South City 1 and Sushant Lok 1. Newly developing metro project is likely to alter rental pattern in adjacent areas when the projects nears conclusion.
This year holds out optimism especially with the year ending with good growth witnessed along with huge demands. The land has been cordially organized in Noida Extension and the final decision insincere with the Delhi NCR Planning Board. Bookings have been opened again by many developers. Many projects are under row which would be opened this year by various developers carrying in a huge supply in the markets.
The property values in the Noida along with NCR markets are expected to grow with increasing demands. And bearing in mind that prices are quite stable, it is a good time to spend. The investors would be in profits from the price admiration.