Luxury Project Leading the stack in Noida Market
- 18th, Oct 2021
In the last few years, Noida has
emerged as the next destination for luxury homebuyers. Noida has some
advantages over other parts of NCR. Recent studies have also corroborated this.
Despite the pandemic, luxury housing (priced more than INR 1.5 Cr) in Delhi-NCR
performed reasonably well in 2020. Of the total housing sales of 23,220 units
that NCR saw last year, luxury housing comprised over 4 per cent share –
increasing marginally over 2019, when it was 3 per cent (of 46,910 units).
Demand
supply dynamics
Talking about the luxury segment in Noida, Bani S Anand, director of a local
realty group, says, “One major attraction of Noida is that it is better
accessible from Central Delhi. With saturation in Gurgaon, people are moving to
Noida. It is better connected. There has been lot of development in Noida.
People want to buy a home closer to office. Affordable nature of Noida market
is yet another takeaway. People are keen to buy larger home at the same price.
Here one can buy larger homes in more affordable price. Best areas in Noida is
better priced with the same prices what they will get in Gurgaon.
Infrastructure in Noida is far better than Gurugram. Lot of MNCs have their
offices here in Noida.”
Best
performing asset
Anand, further says, “One of
the most reliable investments in the world today is luxury real estate as it is
the best performing asset which is continuously gaining value and also offers
significant returns in the future. The luxury real estate is always on the rise
and keeps on gaining value even in the age of the pandemic.”
Young
buyers' choice
The growing preference of the
younger generation for luxury homes has been an ongoing phenomenon since last
few years. Their preferences have always shaped trends in the real estate
business, for them it’s a perfect blend of both functionality and convenience.
The younger generation is a major technology consumer - for them everything is
best when available at the click of a button. It is because of these choices
that we have witnessed a spike in the demand for luxury homes, especially from
first time buyers. While location plays an integral role, connectivity to
workplace, schools, hospitals, restaurants, malls and markets, amenities like
recreational areas, a world-class gym, sports facilities, project the second
most important set of factors.
When we talk about young
buyers, future-ready homes are something one needs to be careful of; ones that
are suitable for their modern requirements. It is to cater to such demands that
developers have planned and created infrastructure that suit their aspirational
lifestyle, fulfils the status factor and their need for modern designs,
tech-enabled solutions, and a thriving community living.
A dream
location
Talking about why Noida is fast
emerging as a popular destination for affordable luxury homes, Ajay Chaudhary,
a local developer, avers, “A dream location for both the end-users and the
investors, Noida has been the first choice of the home buyers looking for
affordable properties and it’s equally popular among the seekers of affordable
luxury homes due to the availability of a wide-range of options. With several
multinational companies and IT giants setting up their bases in Noida over the
last few years, there has been a significant rise in demand coming from the
employees of these companies for the projects under affordable luxury category.
All these projects offer better lifestyle with modern facilities and amenities
like spas, Jacuzzis and infinity pools hence the apartments in these have been
picked up by the upwardly mobile service sector employees looking for a better
lifestyle. Considering that the salaries of these employees working either in
IT sector or the multinational companies in the city are comparable to the best
in the world, the real estate developers have come up with such projects. In
other words, high disposable income of the service sector in Noida has led to
tremendous spurt in demand for affordable luxury apartments as well as villas
in the city.”
Anshuman Magazine, CEO and
chairman, CBRE India, says, “Noida is one of the most systematically planned
cities in the National Capital Region with superior infrastructure.
Availability of quality malls and social infrastructure, interest from
corporate occupiers and easy access to Delhi has led to strong residential
interest. Due to relative affordability of real estate, young homebuyers are
able to buy into residential communities that offer many luxury amenities at
economical prices.”
Social and public infrastructure around the property can significantly impact
the quality of luxurious living. Connectivity to the area, security, future
development plans around the property etc. are all important considerations.
Amit Modi, director of a real
estate group, says, “The luxury segment came back to its old glory once the
lockdown was over as demand for luxury saw a spike. Noida with variety of
projects has been emerging as the luxury destination owing to competitive
prices in comparison to other NCR markets, and latest developments that are
attracting big corporates and HNIs to invest here. Developments such as Film
City and Jewar Airport are reasons enough to provide better lifestyle to these
HNIs."
In 2021, the movement will be a
little faster as HNIs and NRIs have expedited their search and will finalize
the deals in the first half of 2021. The deals for homes ranging up to Rs 1.5
crore are likely to be closed in first quarter itself.
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