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New Gurgaon, Greater Noida emerge as realty hot spots

June 17, 2013 10:55 IST

New Gurgaon, Greater Noida emerge as real estate hot spots

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Mansi Taneja in New Delhi

For investors, New Gurgaon and many parts of Greater Noida are fast emerging as new real estate hot spots. 

In the past year, New Gurgaon has recorded property price appreciation of 66 per cent. 

While property prices have risen about 21 per cent in Greater Noida, the area isn't limited to being an end user market; investors were investing in residential units in Greater Noida, hoping for significant returns through the next few years, said experts.

However, real estate analysts make a distinction between the two regions, in terms of investment - while New Gurgaon is referred to as a high investor market, Greater Noida is termed a market for low-ticket investors.


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Image: The Primus, Gurgaon.
Photographs: Courtesy, DLF.

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New Gurgaon, Greater Noida emerge as real estate hot spots

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As of March-end, the average residential property price in New Gurgaon stood at Rs 7,068 a sq ft, against Rs 2,528 a sq ft at the end of March 2009, a rise of 180 per cent, according to data by real estate research firm PropEquity. 

In Noida Extension, part of Greater Noida, prices have risen 49 per cent through the last five years. In the last year, prices have appreciated 16 per cent, compared with Rs 2,818 a sq ft at the end of March 2012.

In Yamuna Expressway, part of Greater Noida, prices rose from Rs 3,500 a sq ft at the end of March 2009 to Rs 3,664 a sq ft at the end of March this year. In the last year, prices rose 21 per cent.

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Image: The Residences, Noida.
Photographs: Courtesy, Unitech

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New Gurgaon, Greater Noida emerge as real estate hot spots

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Sumit Jain, chief executive of commonfloor.com, said, "While the rest of the National Capital Region has seen muted growth, the markets of Greater Noida and New Gurgaon have seen significant appreciation. Investors have a limited risk appetite, due to a slow-moving economy, changing regulations and tight liquidity conditions. Both these markets provide low entry points, with a significant upside to investors."

Samir Jasuja, founder and chief executive, PropEquity, said Greater Noida saw a healthy price appreciation due to availability of affordable options, while New Gurgaon had emerged as the next best location because of good infrastructure, attractive pricing and good-quality projects. Besides, the profiles of developers had also aided growth in New Gurgaon.

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Image: DLF Skycourt, Gurgaon.
Photographs: Courtesy, DLF

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New Gurgaon, Greater Noida emerge as real estate hot spots

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"New Gurgaon is already attracting a lot of investor interest. And, looking at the trends, this active investor interest would only accentuate. The region is fast emerging as Gurgaon's luxury destination and we expect developers would continue to launch good premium projects," he added.

Apart from these two areas, Dwarka Expressway is also attracting investor interest. Other areas that have grown consistently are Golf Course Extension Road, Sohna Road and Noida Expressway, experts say.

Dwarka Expressway and Noida Expressway recorded price appreciation of 206 per cent and 158 per cent in the last five years, respectively. As of March-end, prices stood at Rs 7,121 a sq ft in Dwarka Expressway, while in Noida Expressway, they stood at Rs 9,435 a sq ft. In the last year, property prices in both the areas rose 45 per cent.

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Image: A labourer washes her face from a water tanker in front of residential apartments undergoing construction in Noida on the outskirts of New Delhi.


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New Gurgaon, Greater Noida emerge as real estate hot spots

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Last year, absorption of units in New Gurgaon stood at 3,058 in the mid-level (Rs 40 lakh-1 crore) segment, against 1,649 in 2011. So far this year, absorption stands at 854 units. Absorption in the luxury (above Rs 1 crore) segment so far this year stands at 57 units, against 227 in 2012 and 232 in 2011.

In the luxury segment, new launches picked up pace in New Gurgaon. A total of 509 units have been launched so far this year, against 3,610 in 2012 and 810 in 2011. In the mid-level segment, 169 units have been launched so far this year, against 3,886 in 2012 and 4,992 in 2011.

In Noida Extension and Dwarka Expressway, absorption, as well as new launches, was primarily recorded in the affordable segment (up to Rs 40 lakh).


Image: A labourer washes her face from a water tanker in front of residential apartments undergoing construction in Noida on the outskirts of New Delhi.


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