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The resale house property market in Noida
Asit Manohar, ET Bureau Jul 18, 2013, On account of metro extension and high-end projects, parts of Noida are witnessing a steep rise in its resale house property market, especially in sectors 74, 75, 76, 78 and 79. These locations have witnessed a rise of around 15 percent in resale property prices while its actual price is around 10-15 percent lesser than the house properties falling in the ongoing high-end projects.
Sanjeev Srivastava, MD, Assotech said, "In Noida, there are some specific sectors, especially Sector 74, 78 and 79 which is turning out as a hub for the resale real estate property. The reason behind this is the late completion of the ongoing projects and high priced high-end projects in the pipeline are giving impetus to the existing residential property's prices."
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Also Read: Resale property in Noida Extension
However, Srivastava said that Noida sector 75, 76, and 77 are also witnessing a rise of the resale property market of around 10 to 15 percent in the last six months because these sectors are situated in the proximity of the proposed metro link in Noida and also well connected to NH- 24 and Greater Noida West.
"Sector 74 to 79 is well connected with the Noida expressway which is less than 1.5 km away from sector 74. Apart from this, the high-end projects, which are near sector 79 are priced at around Rs 8,000 per square feet and the units available there are big. Hence, the end amount that a buyer needs to pay is around Rs 1 crore to Rs 1.5 crore.
However, in sectors 74 to 79, there is an availability of two BHK flats which would cost in the range of Rs 50 lakh to Rs 60 lakh, depending on its size." Zia said that the lack of two BHK flats in new projects is also a reason for the boost in the resale property market in Noida 74 to 79.
Saving Dhaka, MD, Realty Launch said, "Basically, the resale properties available in Noida Sector 74 to 79 are brand new. These are units which were launched two to three years back and now the projects are nearing completion."
Dhaka said that generally when a residential project is launched, around 30 percent to 35 percent of units are booked by investors. Basically, the resale units are being sold by the conservative investors (50 plus and less than 60 years of age group). "These investors are booking partial profits as they want to play safe and trying to relocate their investment in the sports city in Noida 79. Because sector 74 and 79 has witnessed around 25 percent boom in the resale property market," said Dhaka.
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