Expecting a delivery of 10,000 units in 2010, both Greater Noida and Ghaziabad are likely to become the NCR's hottest spots
In 2010, Ghaziabad and Greater Noida will see a supply of 10,000 units, making these the most sought-after real estate destinations in Delhi NCR. According to real estate consultant Knight Frank, Ghaziabad should expect a fresh inflow of about 7,590 units, equating to 10.83 million sq. ft of built-up area, while Greater Noida should see 2,343 new units, totalling 4.85 million sq. ft of built-up area.
Although it is not an applesto-apples comparison, Ghaziabad is all set to establish itself as a middle-class affordable realty destination, while Greater Noida will emerge as a premium housing area. Realty experts also point out that while Greater Noida means a good investment because of great infrastructure, Ghaziabad scores over Greater Noida because it is closer to the national Capital.
Both will flourish because of the connectivity solutions coming their way. "With the Metro reaching Noida and Ghaziabad, connectivity will improve and various companies will contemplate setting up operations here," says Gulam Zia, national director, research and advisory services, Knight Frank India.
The supply in Ghaziabad will be spread across locations like Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension. According to the Knight Frank report, 40 per cent of this supply will be in the three-BHK category and 46 per cent in the twoBHK category. Due to availability of cheap land parcels on NH 58, Raj Nagar Extension and NH 24, builders have explored these areas for developing affordable projects. The supply in Greater Noida will be located in sectors Alpha, Beta, Pi and Sigma.
According to Sameer Jasuja, CEO, PropEquity, the profiles of both areas differ. While Ghaziabad is an affordable housing market, Greater Noida offers relatively premium products.
Out of the units sold in both areas, Greater Noida saw a majority of the sales in 2007-2008, which are likely to be up for delivery next year.
Absorption of these units at that point in time was high because Noida was expensive and Greater Noida offered the next best option, he says.
Greater Noida is a good investment from the point of infrastructure and proximity to the Expressway. a realty portal, agrees. "In terms of proximity to Delhi, Ghaziabad has an advantage over Greater Noida. People who work both in Noida and Delhi have made Ghaziabad their home, whereas Greater Noida is inhabited only by those who work there -- or in Noida.
As for price appreciation, the next two to three years will see a sharper upward curve in Ghaziabad than Greater Noida as the former will strengthen its position as a middle class realty destination, especially in the Rs 20-50 lakh range. Greater Noida will feel the pinch of the Expressway development.
Real estate development along the Expressway is likely to push back markets in Greater Noida by at least five years. According to Chintan Patel, associate director, real estate practice, Ernst & Young, "Developers are expecting increased sales volume in 2011. The two-BHK format comprises the maximum supply, followed by three-BHK. In 2009, the micro-markets witnessed a correction of around 5-10 per cent as compared to 2008 prices. However, prices in 2010 are likely to be quoted at around 10 per cent premium over 2009 prices."
Looking ahead, both Ghaziabad and Greater Noida will see demand overstripping supply in the next five-six years. Prices are likely to remain stable but may move northwards in the next five years, adds Zia.
Overall, most of the projects launched in 2009 were in the price range of Rs 30-50 lakh. Unit sizes were mainly two and three BHK and almost none in the luxury segment. During 2006/07, most developers were focusing on highend projects. Vivek Dahiya, founder and CEO, GenReal Property Advisers Private Limited, says, "In many new launches in 2006/07, the starting unit price was around Rs 70 lakh, and going up to over Rs 5 crore. However, in India, `middle of the pyramid' in residential real estate starts at below Rs 50 lakh. Interestingly, one of the largest demand segments got almost completely ignored during the `boom time'."
Inputs from Vandana Ramnani
Courtesy:- HT Estate dt:- 02-01-2010
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