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Noida is fast shedding its image as Gurugram’s poor cousin, so much so that prices of recent luxury housing projects seem to be almost on par with new launches in the millennium city. The city’s premium offerings are being lapped up by people wanting to upgrade from ‘kothi’ living to a ‘condo’ lifestyle, investors, non-resident Indians, not to mention entrepreneurs who have made it big in the industrial town.

Improvement in the law and order situation and overall perception about Noida has been further enhanced by the government’s push for business and infrastructure development. Gautam Buddh Nagar is now home to several IT and consulting firms, not necessarily back-office companies.

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Infrastructure development, especially the upcoming Noida International Airport, an extensive network of roads, railways, and new metro corridors are likely to improve connectivity in the coming years and also impact property prices. This has led buyers to invest in new housing projects in Noida, most of them being in the ₹5 crore-plus range.

The increase in price of new launches is also a function of the cost of land. Since 2022, real estate developers who were earlier required to pay only a minimum 10 percent at the time of purchasing land and the rest over a period of five to seven years, now have to make the total payment within 90 days of the allotment. This has made land purchase not only expensive but also scarce, say real estate developers.

“The only option now is to launch ultra luxury housing units with a plethora of amenities to make the project economically viable,” they said.

Developers such as County Group, Gaurs Group and Max are offering ultra-luxurious apartments and since real estate prices in Noida have shot up, speculators and investors have entered the fray in the hope that they would make a profit, said real estate brokers active in the area.

Of late, established developers in Noida are launching projects in the more than ₹5 crore range. This is because land has become scarce in Noida.

“Supply of land parcels in Noida has dried up. Besides, developers have to now pay for the land upfront. Secondly, the Master Plan lays down that only 19 percent of the land can be utilized for residential projects. All these factors have led to prices of land shooting through the roof, which in turn has had a bearing on prices of new launches,” said chairman and managing director of Gaurs Group.

Amit Modi, Director, County Group, opines, “Land has become expensive and scarce in Noida. It therefore makes economic sense to construct large-sized apartments and load them with amenities.

“Noida is no longer a poor cousin of Gurugram. The company’s project in Sector 115 offers apartments in the range of ₹9 crore to ₹13 crore. The size of apartments vary from 4700 sq. ft. to 7000 sq. ft.,” he said.

source (https://www.hindustantimes.com/).