Over the last decade, the demand for residential apartments in Noida has witnessed a consistent increment. Given that the city is in close proximity to Delhi, it happens to be one of the most strategic locations to buy a property. It has become one of the most attractive markets and incubators for startups due to its robust business infrastructure. Presently, property buyers and investors are looking for apartments for sale in Noida. Here’s why people are flocking in droves to invest their hard-earned money in buying properties in Noida.
Unsold Inventory To Lower Prices
Due to the demonetization move and of security measures like RERA and GST, real estate in Noida had witnessed a slowdown. The unsold inventory in the city shot up as people were still trying to understand the new real estate policies. Nearly 2 lakh housing units remain unsold in NCR and a majority of them are in Noida and its surrounding regions. With developers now under pressure, they are planning to clear out the unsold inventory first before taking up any new project. Hence, they have slashed sown their property prices to clear out their unsold inventory.
RERA to safeguard Noida property buyers’ interests
The government implemented Real Estate Regulations Act to protect the home buyers from unscrupulous builders and developers. The UP Real Estate Regulatory Authority (RERA) implemented this law to protect the home buyers as well as boost the investment in Noida real estate. It creates a more equitable and fair transaction between the builder or developer and the buyer of properties, especially in the primary market. Moreover, it is also allowing the investors to file any complaint against their agent or promoter through some quick and simple steps.
The presence of robust infrastructure is another reason to invest in Noida real estate. Whether it is the metro network, road connectivity by world class highways, the infrastructure in Noida is growing fast. These infrastructure development projects is likely to lead to increased demand for housing in this city which would appreciate the value in coming times.
Registration made easy
With Real Estate Regulations Act (RERA) implemented in the entire country, Noida Real Estate Regulatory Authority has also decided to simplify the registration process of properties. While earlier, registering a property in Noida is a difficult task, the authorities of the city have made provisions for registering property online in Noida which is easy and hassle-free. For the property registration in Noida, the State government levies one percent of the market value of the property or the transaction value, whichever is higher. Those planning to buy property in Noida can easily upload the required documents online and get their property registered in a short time.
A business hub
Noida is likely to witness tremendous job creation, which will lead to demand for economically-priced housing. Prime minister Narendra Modi and Korean President Moon Jae-In jointly inaugurated Samsung's 35-acre plant in Noida, some time back. This has forced a large number of labour forces to move in to the Noida city. Also, office spaces with larger floor plate for corporates and smaller floor plate options for IT and other occupier categories are coming at relatively cheaper rentals in Noida compared to Gurgaon.