First-time homebuyers who invested in Noida Extension, now called Greater Noida West, way back in 2009 -2010 at affordable price points of Rs 1,800 per sq ft to Rs 2,200 per sq ft have been a brave lot. For many of them who moved into their new homes later, it has been a test of patience because of delays of almost one-and-a-half years due to land acquisition issues and other problems. However, all’s well that ends well.
Today, over 3,000 families have moved into projects located in the area that is well connected to both NH24 and Noida, and as many as 50,000 are expected to come in by the end of this year as possessions come through. By the end of 2018, the area will have some three lakh apartments. Interestingly, while new launches have almost dwindled, some reputed developers this year are likely to launch new projects in the mid -segment, with some going in for larger unit sizes and better specifications to rope in buyers.
Cherry County by ABA Corp has 1,793 units in the area, of which 1,240 will be delivered for possession next month. “We expect to get the completion certificate within a week’s time,” says Amit Modi, director, ABA Corp and vice president, Credai western UP. “We will be launching another project called Coco County in August this year. It will have 900 apartments spread over five acres. The location is Sector 10, Greater Noida West, and the price point will be about Rs 3,500 per sq ft.”
Gaursons has also launched 5,000 new apartments in the area. “Even in a dull market, 800 units have been booked,” says Manoj Gaur, managing director, Gaursons.
Another established builder is planning to launch 500 apartments this year. “We will have 3BHK and 4BHK units of over 1,600 sq ft. The location is good and is more or less stabilised,” he says.
As for why buyers should invest in this market, real estate experts say that compared to Yamuna Expressway, Noida Extension is a much superior market. The sales are largely end-user driven and it is a great micro market from the livability aspect considering the fact that prices are affordable (upwards of Rs 3,200 per sq ft) compared to sectors 78 or 150 where prices start at Rs 4,500 per sq ft.
Greater Noida West caters to people who cannot afford to invest in Noida or Indirapuram, where prices are upwards of Rs 5,000 per sq ft. It is also an affordable option for people wanting to graduate to bigger apartments from Indirapuram, says Shveta Jain of Cushman and Wakefield, India.