Luxury Project Leading the stack in Noida Market

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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