The property market in Noida was showing signs of recovery as nearly 4,000 new units launched in Noida as compared to Gurgaon. In the last quarter, 16 per cent of the new launches in India were from Noida signaling a revival in Noida’s property market. Furthermore, if the testimony of real estate insiders was believed then with 7 per cent of the total percent of new launches in India, Gurgaon’s share in India may be shrinking.
A study, which took place over the past three months in Bangalore, Chennai, Pune, Mumbai, Noida, and Gurgaon shows that nearly 25,000 new units were launch over this period. Of the total share of launches, Mumbai had the largest share at 28 percent between the six cities, Pune’s share was 23 percent, Bangalore stood at 17 percent, and Noida came a close fourth with a 16 percent share in the number of new launches over the three months. While Chennai’s share stood at a distant 9 percent, and Gurgaon with 8 percent of the share of new launches among the cities gauged stood last.
How Noida Compares With Gurgaon
According to a reputed real estate firm, the total number of new launches in Gurgaon and Sohna in the first and second quarter of this year stood at only 3,000 units whereas the study found that the number of new launches stood at 2,000 units in Noida. Nearly 4,000 units have been launched in Noida in the most recent quarter, the real estate in Noida is indicative of a new and optimistic trend in the region’s real estate market.
A New Business Cycle Powering Noida
An insider has revealed that the real estate market today seems to be successfully emerging from a low confidence and things will gradually gain traction. According to an industry expert, real estate in India may be approaching a more favorable period as both the public and private sector are working together to solve problems in the real estate sector. Experts believe that residential real estate in most cities will gradually begin to show signs of revival. The affordable and mid-segment projects will be the change.
Is Noida a Cheaper realty market?
The real estate market may be signaling that good times are ahead for homes buyers looking for properties in the affordable segment. A recently released report indicates that Noida Expressway projects constitute a large number of new projects in Noida. Even though most of the demand over the past three months was for apartments priced for the mid-segment homebuyer, the demand for luxury apartments in Noida too may be witnessing revival. Thus, there is ample reason to mention however that many builders in Noida may simply prefer Noida as the price of land is lower in the suburb than in other regions of the NCR.