Real Estate
All you need to know about ‘New Agra’ along Yamuna Expressway
Noida: The Uttar Pradesh government is planning to develop a new city near the historic city of Agra along the Yamuna Expressway, to be known as “New Agra”. It will be developed as a tourism and commercial urban centre under Agra district.
The Uttar Pradesh government is planning to develop a new city near the historic city of Agra along the Yamuna Expressway, to be known as “New Agra”. It will be developed as a tourism and commercial urban centre under Agra district.
The Yamuna Expressway Industrial Development Authority (YEIDA) has been entrusted with the task of developing “New Agra” on around 10,500 hectares of land along Yamuna Expressway, that connects Greater Noida with heritage city of Agra.
The Authority has already prepared a blueprint of the project and is likely to begin physical survey of the land and other geographical factors soon before sending a final plan to the state government for final approval.
According to officials, Noida International Airport is scheduled to open in April 2025 and is likely to trigger an increase in tourist footfall to Agra so ‘New Agra’ will not only cater to the needs in future but also capitalise on growing tourism demand.
Real estate experts say that ‘New Agra’ will significantly reshape the real estate landscape in the region and the property prices would further go up. Experts add that industries that will be established around the new city could further stimulate demand for commercial real estate, including office spaces, retail, and hospitality.
Here is all you need to know about New Agra:
The Proposal
According to YEIDA officials, the vision of the project is to capitalise on the growing tourism and commercial sector demand in the region.
“Agra is world famous for the Taj Mahal and lakhs of tourists come every year to visit the Taj. The project aims to leverage Agra’s global appeal with attractions inspired by historical sites. The New Agra project is intended to become a major destination for tourism, cashing in on Agra’s global appeal as home to the Taj Mahal and Fatehpur Sikri”
The Yamuna Expressway Authority has prepared a draft master plan with the help of a consultant that conducted a socio-economic survey and also mapped structural framework in the region.
The YEIDA will now conduct an on-site land verification to assess factors such as encroachments and connectivity options among others and submit a final proposal to the Uttar Pradesh government for approval and its inclusion in the Master Plan 2041, the official said.
According to the proposal, New Agra will be developed on the lines of other historical cities across the globe and offer visitors a glimpse into global and Indian history. The ‘New Agra Urban Center’ will be planned as a vibrant, green, and modern city.
The ‘New Agra’ project has four major segments —industrial & commercial, environment, heritage, and transport. The project aims to balance modern urban development with the preservation of Agra’s historical legacy.
Focus on environmental sustainability
YEIDA officials said that special emphasis will be placed on developing pollution free zones, predominantly in the Taj Trapezium Zone (TTZ), so that the beauty and integrity of the Taj Mahal is protected.
“Only green industrial units such as information technology (IT), soft toys and textiles will be permitted in the industrial zone. New Agra will also have theme parks, ample recreational spaces and large green belts to promote environmental sustainability,” a YEIDA official said.
The project plan will have strict regulations on emissions to prevent any damage to the Taj.
He added that the commercial segment of the New Agra Urban Centre will also include start rated hotels, food and beverages hubs.
New routes, parking facilities, and public transport systems will be created to alleviate pressure on existing highways and solve traffic and transport issues in the region.
Where will the land come from?
‘New Agra’ will come up along Yamuna Expressway and will be located roughly 190 km from Noida and around 140 km from the upcoming Noida Airport in Jewar. The land for New Agra will be procured from 60 villages.
These villages, where the land has been identified for the new city, fall in Etmadpur tehsil of the city of Agra. The New Agra Urban Centre will spread on 10,500 hectares. The project will help urbanise agricultural land into a new hub of tourism, heritage and industrial clusters.
Real Estate
Property will become expensive in Noida: Proposal to increase circle rate by 30%, if approved, burden on investors will increase by 3%
Noida: A proposal has been prepared to increase circle rates for Noida region by 25 to 30 percent in residential areas and 10 to 15 percent in other areas. If the circle rates increase by 30 percent after the stamp and registration department approves this proposal, then the cost of owning a house in Noida region will also increase by 3 percent.
Circle rates have not changed for 5 years
Assistant Inspector General Shashi Bhanu Mishra said that the Stamp and Registration Department has sent a proposal to the District Officer to revise the rates. Property prices in Noida and Greater Noida have increased continuously, but no change has been made in the circle rate since 2019. Due to which there has not been much increase in the revenue received by the department even after the purchase and sale of property. To increase the revenue, the circle rate should be changed.
This is the circle rate
The circle rate is the minimum valuation rate at which any property can be sold. This is why it is often referred to as the guidance price for properties, so developers usually set their prices in accordance with the circle rate. The government uses the circle rate to determine the amount of various charges, fees and taxes associated with property transactions. These mainly include stamp duty. The stamp duty levied on the transfer of property is calculated on the basis of circle rate. At the same time, the fee charged for registering the property transaction is also determined by the circle rate. It is usually a percentage of the circle rate of the property. Apart from this, the fee charged for the transfer of ownership of the property is usually based on the circle rate. This fee is applicable only on re-sale properties.
Circle rate affects resale in this way
If a person buys a 500 sq m property in Noida as resale and the circle rate of this area in Noida is Rs 47,000 per sq m. If the transfer charge is 2 per cent of the circle rate, it comes to Rs 940 per sq m. In such a situation, a total of Rs 4,70,000 should be paid as transfer fee for this resale property. If a 30 per cent increase is implemented in the circle rate of the Noida area, then buying a pre-owned home may require paying about 3 per cent more.
Let's understand the complete math
In case of an increase in circle rate, the baseline rate of a property will increase and the stamp duty and registration fee will also increase. It can be understood like this that a 2 BHK house with 1,000 sq ft area somewhere in Noida is a resale property in Noida, where the price should be Rs 5,000 per sq ft. Therefore, the property will be worth Rs 50 lakh. If we assume that the circle rate is also Rs 5,000 per sq ft, stamp duty is 7 per cent, registration fee is 1 per cent and transfer fee is 2 per cent, then the calculation will be as follows. Stamp duty will be Rs 3.5 lakh, registration fee will be Rs 50,000 and transfer fee will be Rs 1 lakh. In such a situation, the total cost of transfer of resale property will be Rs 5 lakh If the circle rates increase by 30 per cent, then the stamp duty will be Rs 4.55 lakh, registration fee will be Rs 65,000 and transfer fee will be Rs 1.3 lakh. The total cost of transfer of property will be Rs 6.5 lakh. In such a situation, the transfer of re-sale property will increase by about Rs 1.5 lakh which is 3 percent more than the old value of the property of Rs 50 lakh.
Real Estate
Jaypee Infratech MD and CEO Aalok Champak Dave resigns
Noida: Jaypee Infratech Ltd’s Managing Director and Chief Executive Officer Aalok Champak Dave has resigned from the company citing personal reasons. The company has appointed Abhijit Gohil as the new Chief Executive Officer (CEO).
“We wish to inform you that that the Company has received intimation dated 13th November, 2024 from Mr. Aalok Champak Dave, Managing Director & Chief Executive Director of the company, conveying his resignation due to personal reasons from the position of: 1. Chief Executive Officer with effect from closing hours of 24th November 2024; and 2. Managing Director / Director with effect from close of business hours on 30th November 2024, due to personal reasons,” the company said in a regulatory filing.
Dave joined Suraksha Group in 2015 and has been involved in the process of acquiring Jaypee Infratech for the last six years.
Meanwhile, Jaypee Infratech Ltd has reported a consolidated net profit of ₹88.20 crore for the September quarter. The company had posted a net loss of ₹588.31 crore in the year-ago period. Total income declined to ₹222.86 crore in the second quarter of the 2024-25 fiscal year from ₹357.92 crore in the corresponding period of the previous year, according to a regulatory filing on November 15.
The back story
Mumbai-based Suraksha Group took control over the embattled real estate firm Jaypee Infratech in June this year by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, 2024, upholding Suraksha Group’s bid to acquire JIL. The date of the NCLAT order, May 24, has been treated as the ‘Approval Date’ as defined in the approved resolution plan.
The NCLAT had directed Suraksha Group to pay an additional ₹1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers. Many players, including YEIDA have filed petition in the Supreme Court against the NCLAT order and the matter is sub-judice.
After taking control of the JIL, Suraksha Group has been infusing funds as well as preparing for commencing the construction of stalled housing projects where around 20,000 homebuyers have invested.
Jaypee Infratech went into Corporate Insolvency Resolution Process (CIRP) on August 9, 2017 over an application by the IDBI Bank-led consortium. On March 7 last year, the NCLT approved the bid of the Suraksha group to buy JIL. However, many parties, including YEIDA, filed a petition in the NCLAT challenging the NCLT order.
Real Estate
Bhutani bought Logix Mall for Rs 1000 crore, a five star hotel will be built
Noida: Bhutani Infra, a leading company in the real estate sector, has achieved a major milestone. The company has acquired Logix Mall located in Sector 32. After this important acquisition, this mall will now be known as Bhutani City Center 32. The location of the mall is very close to Delhi. It can be easily reached by metro and road. Its deal has been done for about Rs 1000 crore. Let us tell you that this new project of Bhutani Infra will not only change the retail landscape of Noida, but will also increase employment and business opportunities in the area.
Company's expansion plan: Ashish Bhutani
Bhutani Infra CEO Ashish Bhutani called this acquisition an important part of the company’s expansion plan. He said that in the last one year, there has been a 35 percent increase in the demand for premium mixed-use development in Noida. In such a situation, Bhutani City Center 32 will play an important role in giving a new direction to the future of urban life and investment in this area.
A five star hotel will also be established
Ashish Bhutani said that Bhutani Infra plans to make this mall one of the best shopping destinations in India. The company will set up a five star hotel along with giving space to luxury brands here. This step has been taken to meet the demand of the high-income group living in the nearby area.
Bhutani City Centre 32
Bhutani City Centre 32 currently has a number of leading brands. These include names like Shoppers Stop, Pantaloons, Haldiram’s, Cinnabon, Forest Essentials, Nykaa and Samsung. For fashionistas, brands like W, Soch, Bata, Adidas, Puma, Miniso and Biba are available. For entertainment, there is a PVR multiplex, while lifestyle brands like Fabindia, Hamleys, NewU and Looks are also present. The food court has restaurants like KFC, Domino’s, Biryani Blues and Burger King.
Real Estate
Noida, Greater Noida, and YEDIA resume work on unified land allocation policy
Noida: After more than 14 years, the three development authorities of Gautam Budh Nagar- Noida, Greater Noida, and Yamuna Expressway have resumed work on a unified policy on land allocations across various categories, be it industrial, group housing or commercial.
The plan was initiated in 2010, aiming to streamline eligibility criteria, lease terms, rent structures, and procedural formalities across the authorities. Last month, talks resumed on the unification of policies at a board meeting of Greater Noida Authority chaired by chief secretary Manoj Kumar Singh. A document – Unification of policies of Noida, G Noida & YEIDA was presented to him.
“If adopted, the proposal promises to create a standardised regulatory framework for industrial land allocations and facilitate a more consistent and transparent process for businesses and investors,” an official said.
The need for a unified approach was felt a decade and a half ago as the three authorities struggled to maintain clear and consistent policies for industrial land allotments. Over the years, the allotment criteria changed multiple times from that based on objectives to interviews and then e-tenders. Finally, they settled for objective-based criteria.
But this back and forth came at a cost industrial land allotments remained suspended for almost 10 months. Industries minister Nand Gopal Gupta (Nandi) raised objections on the authorities’ plan to adopt the objective criteria without a formal approval from the CM.
It was in 2010 that Greater Noida Authority hired Sarc & Associates- a chartered accountancy firm to draft a standardised approach involving land allotments.
This was after officials raised concerns that varied policies were causing inconsistencies and causing operational inefficiencies and confusion among businesses and investors. A formal contract was executed with Sarc in Oct 2010. The agency initiated work, but could not complete the project because of logistical reasons.
In Sept last year, Singh wrote to the authorities to renew the contract with Sarc for a uniform policy. Each Authority designated a nodal officer Soumya Srivastava (Greater Noida), Sanjay Kumar Khatri (Noida) and Kapil Singh (Yamuna Expressway).
Interestingly, Sarc agreed to resume work at the rate decided 14 years ago — Rs 36.5 lakh plus GST.
A meeting was convened in Dec last year among the nodal officers and finance controllers of all three authorities. The key agenda was to assess current policies, streamline procedures, and draft the new SOPs.
The Greater Noida Authority’s board approved a proposal to share the consultancy cost with its counterparts. A letter dated Feb 29 this year commissioned Sarc to carry out the task.
It included aligning the criteria for eligibility, lease terms, rent structures, and other procedural formalities to ensure a consistent regulatory framework for land allotments across the district.
The unified policy proposal is now awaiting approval from the boards of all three authorities.
Real Estate
People are moving towards luxury, know what the report tells
The reason behind the continuous launch of luxury projects in real estate is their rapidly increasing demand. In this quarter, compared to the previous quarter, the number of people wanting to go beyond luxury and buy ultra-luxury properties has almost doubled. Among these, the number of people who want to buy property worth more than Rs 1 crore is more than 25 percent.
Increased interest in the Rs 3.5 to Rs 5 crore segment
Many new and surprising things have come to light in the recent survey. After a survey conducted in 13 major cities, it has been revealed in the report that the number of buyers for luxury real estate has increased rapidly. The survey report states that 25.5 percent of potential buyers are looking for property worth more than Rs 1 crore and are planning to buy it. In this too, the highest interest is being seen in the segment of Rs 3.5 to Rs 5 crore.
The number of people wanting ultra luxury property has doubled
There has been a rapid increase in interest in luxury and ultra-luxury properties, especially flats and villas. About 35 percent of the people surveyed talked about buying ultra-luxury properties. This number has almost doubled from the 18 percent recorded in the previous quarter. Due to this growing desire among people, the real estate sector is currently launching projects of ultra-luxury flats and villas.
The demand for 3BHK is on peak
The survey also revealed that people have become more interested in bigger spaces and more open spaces. More than 45 percent of the people surveyed want their home to be larger than 2000 square feet and they are also looking for such a property.
Along with this, 56 percent of the people want to buy a 3BHK or bigger property. In such a situation, it is certain that the projects that will be launched in the real estate market will be large in size and will also be full of facilities.
Real Estate
Allahabad HC allows Experion Developers to take over 4.8 acre land in Noida
Allahabad HC has allowed Experion Developers Pvt Ltd to take possession of 4.8 acres in Sector 45 that was alloted to it for a group housing project more than a year ago.
This court dismissed a petition filed by residents of the adjacent Kanshiram Yojana EWS colony claiming that the land should be used for building civic amenities and an approach road for them. The residents who moved the petition against the land allotted to Experion live in a colony that was developed by the Authority in 2008 for widows, those physically challenged and people living below the poverty line under the Manyavar Shri Kashi Ram Ji Shahari Gareeb Awas Yojana.
In Dec 2022, the Authority invited e-bids for the allotment of this plot. Experion secured the land after paying a premium of Rs 200 crore. The possession letter was issued to the company in July 2023.
A group of residents, however, challenged the allotment, arguing that the land should have been reserved for a community centre and an access road to the EWS colony.
A few residents allegedly broke through the wire fencing surrounding the project site, trespassed on the land, staging protests, and halting construction work. Some even attempted to construct temporary structures on the site illegally, the Authority informed the court.
While the residents moved three petitions against the land allotment, Experion moved one in response. During the course of the hearing, the court underscored that Noida-Authority was well within its rights to allot the land to Experion because it was never considered a part of the EWS colony.
“Nothing has been brought on record to show that this land has ever been earmarked for future development or could be used as a road”, the court observed.
The HC also noted that the Authority had tried to reach a compromise with the residents, offering to widen a 9m road to 12m by utilising land from the compound of a nearby water tank. The residents, the court observed, had agreed to the arrangement. However, during the hearing, one petitioner retracted from the settlement.
The Authority argued that this single objection had stalled the entire project. It also argued that the petitioners, who were allotted houses free of cost, were “trying to extract additional concession”.
The court backed the Authority decision to reach a compromise. This court considers it to be a very positive gesture on the part of Noida Authority to allow or give benefit to the allottees of EWS colony, which was not earlier granted, read the Oct 25 order by Justices Mahesh Chandra Tripathi and Prashant Kumar.
The court asked the Authority to ensure Experion was handed the land peacefully and could proceed with construction without any interference. The bench also ordered the Authority to complete the widening of the 9m road within two months.
Real Estate
Noida International Airport To Begin Operations With 30 Flights In April 2025
The highly anticipated Noida International Airport (NIA) in Jewar is slated to commence operations on April 17, 2025, with plans to connect 25 domestic cities and three international destinations, including Zurich, Dubai, and Singapore. This strategic airport is designed to ease congestion in the Delhi-NCR region, marking a significant development in India’s aviation sector.
Capacity Expansion Due to High Demand
With airlines expressing keen interest, the NIA has decided to increase its aircraft parking bays from the initial 25 to 34 by April 2025. This expansion is aimed at accommodating the growing demand, especially for night parking facilities, which has been a critical issue in the region. The airport expects to handle approximately 50 lakh passengers in its first year, reaching nearly half of its initial capacity.
Domestic and International Services
NIA will feature 30 flights daily, including 25 domestic and three international services, along with two dedicated cargo routes. Domestic routes will connect key Indian cities such as Mumbai, Bengaluru, Lucknow, Hyderabad, and Dehradun. The Directorate General of Civil Aviation (DGCA) has already approved the domestic services, while international approvals from IATA are in place, pending final government clearance.
Phased Development and Future Growth
The airport is scheduled to start operations in April 2025 with an initial capacity of 1.2 crore passengers annually. Given the rapid growth of Indian aviation, NIA anticipates reaching 50 lakh passengers in its first year alone. The second phase of development is expected to begin well before the end of this decade, as the airport aims to meet the increasing demand for air travel.
Infrastructure and Development
The first phase of NIA developed over 1,334 hectares, includes a runway and a terminal capable of handling 12 million passengers annually. The project also features a maintenance, repair, and overhaul (MRO) hub and a multi-modal cargo facility to enhance logistics capabilities. With its strategic location, modern facilities, and commitment to efficient operations, NIA is poised to become a major hub for air travel in India.
Real Estate
UP RERA Mandates 10% Collection At Sale Agreement Signing For Developers
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a directive to real estate developers, requiring them to sign an agreement for sale with buyers before collecting more than 10 per cent of the total property value. This move aims to address complaints raised by allottees regarding developers collecting a significantly higher percentage of the total amount without executing a formal sale agreement.
Strict Adherence to Model Agreement
UP RERA has emphasised the importance of using the specified model agreement for sale transactions. Any agreements drafted in other formats will not be accepted by the authority. This standardisation aims to ensure transparency and protect the interests of buyers.
Action Against Non-Compliance
The authority has made it clear that any developer who collects more than 10 per cent of the total amount from a buyer before signing the sale agreement will be considered in violation of Section 13 of the UP RERA Act. This implies that such actions could lead to penalties or other legal consequences.
Model Agreement to be Made Publicly Available
To facilitate compliance, UP RERA has instructed its authorised officials to promptly release the model sale agreement on its official website. This will enable developers and buyers to access and utilise the standardised format for their transactions.
Protecting Buyers’ Rights
The UP RERA’s directive is a significant step towards safeguarding the rights of real estate buyers in Uttar Pradesh. By mandating the signing of a sale agreement before collecting substantial amounts, the authority aims to prevent potential financial losses and disputes between buyers and developers.
Promoting Transparency and Accountability
The requirement for developers to use the specified model agreement also promotes transparency and accountability in the real estate sector. By standardising the terms and conditions of sale agreements, UP RERA aims to reduce confusion and protect buyers from unfair practices.
Conclusion
The UP RERA’s decision to enforce stricter regulations for real estate transactions is a positive development for buyers in the state. By implementing measures to protect buyers’ interests and ensure transparency, the authority is contributing to a more reliable and trustworthy real estate market in Uttar Pradesh.
Real Estate
Why real estate developers are launching a flurry of ₹5 crore-plus luxury apartments in Noida
Noida is fast shedding its image as Gurugram’s poor cousin, so much so that prices of recent luxury housing projects seem to be almost on par with new launches in the millennium city. The city’s premium offerings are being lapped up by people wanting to upgrade from ‘kothi’ living to a ‘condo’ lifestyle, investors, non-resident Indians, not to mention entrepreneurs who have made it big in the industrial town.
Improvement in the law and order situation and overall perception about Noida has been further enhanced by the government’s push for business and infrastructure development. Gautam Buddh Nagar is now home to several IT and consulting firms, not necessarily back-office companies.
Infrastructure development, especially the upcoming Noida International Airport, an extensive network of roads, railways, and new metro corridors are likely to improve connectivity in the coming years and also impact property prices. This has led buyers to invest in new housing projects in Noida, most of them being in the ₹5 crore-plus range.
The increase in price of new launches is also a function of the cost of land. Since 2022, real estate developers who were earlier required to pay only a minimum 10 percent at the time of purchasing land and the rest over a period of five to seven years, now have to make the total payment within 90 days of the allotment. This has made land purchase not only expensive but also scarce, say real estate developers.
“The only option now is to launch ultra luxury housing units with a plethora of amenities to make the project economically viable,” they said.
Developers such as Experion, M3M, Godrej, County Group, Gaurs Group and Max are offering ultra-luxurious apartments and since real estate prices in Noida have shot up, speculators and investors have entered the fray in the hope that they would make a profit, said real estate brokers active in the area.
Increase in the cost of land has led to developers launching luxury projects in Noida
Of late, established developers in Noida are launching projects in the more than ₹5 crore range. This is because land has become scarce in Noida.
“Supply of land parcels in Noida has dried up. Besides, developers have to now pay for the land upfront. Secondly, the Master Plan lays down that only 19 percent of the land can be utilized for residential projects. All these factors have led to prices of land shooting through the roof, which in turn has had a bearing on prices of new launches,” said Manoj Gaur, chairman and managing director of Gaurs Group.
Amit Modi, Director, County Group, opines, “Land has become expensive and scarce in Noida. It therefore makes economic sense to construct large-sized apartments and load them with amenities.
“Noida is no longer a poor cousin of Gurugram. The company’s project in Sector 115 offers apartments in the range of ₹9 crore to ₹13 crore. The size of apartments vary from 4700 sq ft to 7000 sq ft,” he said.
“Improvement in Noida’s profile coupled with large-scale infrastructure projects, not to mention an increase in leasing of A Grade office spaces has changed the way an investor looks at Noida today,” said Mudassir Zaidi, Executive Director at Knight Frank India.
Earlier, two-third office leasing would take place in Gurugram, and only one-third in Noida. This has changed over the years and several corporates are considering Noida as an important market. This has had an impact on the housing market as well. New projects now offer a lifestyle not seen in the city before, he said.
“Several developers are eyeing the ultra-luxury housing opportunity and buyers are responding to it. Cost of land is a major factor and so is the cost of construction. It has gone up from ₹4500 per sq ft before Covid to 7000 per sq ft now. It therefore makes sense for developers to up the game and make a higher end product rather than work with low margins,” he said, adding “the city is still working on its image of being a poor cousin of Gurugram. It is still a work in progress but having said that a huge gap has already been plugged.”
“Noida is now a prime spot for both residential and commercial investments. In the past few quarters, Noida has picked up pace in terms of pricing and luxury project launches. This city has mostly been an end-user market with more gradual price increases as compared to Gurugram. However, the trend has seen a slight shift in the past few quarters with growing investor interest,” said Dhruv Agarwala, Group CEO, Housing.com and Proptiger.com
Noida International airport and property prices
The recent escalation in demand and pricing in Noida is largely due to substantial infrastructure upgrades across the city. A significant factor that may be driving this growth is the Jewar airport, which is set to become a major catalyst for further development and investment in the region, he said.
Saurabh Garg, co-founder and chief business officer at NoBroker points out that Noida and Greater Noida have become the focal points for luxury real estate development. The demand for uber-premium apartments in these regions is booming, and several factors contribute to this trend.
The region’s infrastructure is more developed than many other areas in Uttar Pradesh and even Delhi, making it a highly desirable destination for homebuyers. Another factor is the upcoming Jewar Airport, which is poised to transform the area into a major commercial hub, attracting even more residents and businesses. For buyers from Faridabad, Ghaziabad and Delhi looking to upgrade, Noida stands out as an appealing option, he adds.
Who are the buyers?
Those buying into these luxury projects are primarily those wanting to upgrade to condo living. Most of them are investing proceeds from the sale of their bungalows in Delhi or Noida into these luxury projects. This is not to say that there are no end-users. Developers point out that several Noida-based entrepreneurs, contractors, service consultants, not to mention NRIs are also investing in these projects.
Some local brokers point out that the Noida market has outpriced itself, especially when it comes to new luxury launches. “Prices of new launches have touched rates in Gurugram,” said Pradeep Dwivedi of Empire Realty Solutions, adding there are very few first time homebuyers buying into these projects.
For the middle class wanting to buy an apartment in Noida with a budget of ₹1 crore, resale/secondary market is the only option. “These buyers may get a few options in Greater Noida West in this budget,” he said.
Is there a bubble in the offing?
Real estate experts don’t see a bubble yet.
According to Zaidi, property prices have not increased manifold since COVID. In terms of compound annual growth rate, prices may have increased by around 7%. It should also be noted here that the ₹5 crore segment did not exist in Noida before the pandemic. This is not a bubble-like situation as there’s not too much stock in the market.
Agreed Gaur, “this will not lead to a bubble. Across Noida, Greater Noida and Ghaziabad, the total inventory of ultra luxury homes is not more than 5000 units. The supply is still limited. Besides, developers are not racing to launch many projects. The pace has slowed down over the years. Developers are launching fewer projects than in the past. The focus is more on delivering quality projects on time,” he added.