Greater Noida (West) and Crossings Republik have been at the center of real estate activities in Delhi NCR owing to their price competitiveness. 99acres does a comparative analysis between these two residential destinations to help prospective homebuyers to make an informed decision.
Situated next to each other, the key micro-markets of Noida, Greater Noida (West) or formerly known as Noida Extension and Crossings Republik have become established residential hubs that have gradually witnessed rise in buyer interest. Seamless connectivity, excess availability of ready-to-move inventory and cost-friendly housing options have kept the market sentiments afloat in both these localities. 99acres takes a look at how both these micro-markets have evolved over the years.
While both the regions enjoy sound connectivity, Greater Noida scores over Crossings Republik, as it is connected with NH 24, offering direct accessibility to Delhi. Further, the region benefits from strong connectivity with Noida Expressway, Greater Noida, Central Noida, South Delhi along with internal connectivity, shares Ashudeep Batra, Executive Director, Exotica Housing. After commencement of FNG Expressway and Metro rail, Greater Noida West would be a better option for property buyers. Although Crossings Republik offers good connectivity to areas located around Gr Noida, NH 58, Raj Nagar and Meerut, it is heavily dependent on National Highway (NH24). Further, the approach roads to the region are pretty narrow which cannot cater to high-volume traffic.
“As compared to Greater Noida (West), Crossings Republik is an old locality and more developed as it is one of the first planned townships in Delhi NCR developed in 2006. Hence, it has delivered many projects in addition to new launches,” shares Pawan Jasuja, Director, Finlace Consulting. Meanwhile, projects in Greater Noida West were launched from 2010, but due to land acquisition issues, many projects got stalled resulting in apartment possession getting delayed by four years.
While few projects started offering possession from 2014, around 70,000-80,000 flats are expected to be ready for possession soon. However, in the last five to six years, Greater Noida West has developed at very fast pace and there are many projects being developed. According to latest 99acres Insite Report (Jul-Sep 2016), the per sq ft capital values of the properties recorded one percent QoQ growth in Greater Noida (West), while they plummeted by six percent in Crossings Republik.
In terms of rental traction, Crossings Republik used to rule the roost owing to available inventory coupled with developed infrastructure. However, with growing times, Greater Noida West is emerging as the new location for working population employed in CBDs in Noida looking for rental properties because of ample availability of ready-to-move-in properties and proximity to Noida City Centre Metro station. Further, the large number of inventories have brought the rental price index from Rs 7000 per month onwards for a fully furnished 2BHK property as compared to Crossings Republik, where the “ask” rates are around Rs 10,000 per month.
In terms of social infrastructure, Crossings Republik is more developed and offers facilities such as commercial, medical, education and transport facilities. On the other hand, Greater Noida West lacks such facilities being a new area, but there is a provision of such facilities. Once these facilities are developed, Greater Noida West will be one of the best places in neighbouring areas.
Greater Noida West has an edge over Crossings Republik in terms of better return on investment (ROI) in the last five to six years due to vast development coupled with ample options. On the contrary, Crossings Republik, despite being an already developed micro-market does not offer better ROI owing to connectivity and traffic congestion issues.
Overall, experts feel that Greater Noida (West) has a slight edge over Crossings Republik in terms of connectivity, availability of affordable residential alternatives for investors and end-users alike and investing in the region will be a wise decision.