NOIDA / GREATER NOIDA, GHAZIABAD
Property enquires and sales witnessed an upsurge across Noida, Greater Noida and Ghaziabad in Jul-Sep 2020, as against Apr-Jun 2020. In addition to budget housing units priced within Rs 35-60 lakh, demand for low-rise apartments and independent houses went up as buyers sought privacy in the post-COVID-19 world.
Ready-to-move-in inventory garnered maximum interest from homebuyers as confidence in under construction projects continued to dwindle. Over 39 builders operating in Noida and Greater Noida applied for exemption under the zero-period amnesty scheme, of which 16 have been identified to receive a financial aid of Rs 263 crore from Noida Authority to complete pending projects. The move is expected to benefit over 22,000 homebuyers in the twin cities in the due course.
The expanding metro network to Greater Noida, Greater Noida West, Ghaziabad and Jewar continues to hold the baton of a healthy investment scenario in the long-term. The latest announcement of an ambitious Film City project is expected to benefit both capital and rental markets of Noida-Greater Noida, and establish the region into one of the biggest business hubs in North India. Coupled with the upcoming Jewar International Airport, the area might also attract NRI investments, eventually at par with Gurgaon.
Demand from the tenant community seemed to shift from residential apartments to builder floor units, thus propelling enquiries in the older sectors of Noida. Any impact on rental ‘asks’ was not reported due to muted demand and excess inventory as property owners remained resilient to short-term challenges posed by COVID-19.