Property News: People are rapidly buying houses in Greater Noida. This has been revealed in a report released by Magicbricks Research. According to the report, residential property prices in the Greater Noida West area have increased by 21.6% year-on-year. The rent of houses here has also increased significantly. Let us know about it in detail.
Property prices have increased rapidly in Greater Noida adjacent to Delhi. According to a report released by Magicbricks Research, residential property prices in the Greater Noida West region have increased by 21.6% year-on-year. Good roads and many modern amenities including affordable housing options have made Greater Noida West a good choice for home buyers and investors. According to the data, with a year-on-year increase of 13.5 per cent, Greater Noida has seen the highest rent increase among all localities.
According to Magicbricks Research, properties in Greater Noida West are relatively more affordable compared to other parts of the National Capital Region (NCR). Furthermore, the region has witnessed significant infrastructure development including better roads, connectivity and public transport. It is well connected to major employment hubs in Noida, Greater Noida and even Delhi. Moreover, Greater Noida offers a variety of housing options. It consists of apartments, villas and plotted developments.
What are people buying in Greater Noida West?
According to the report, home buyers have given preference to apartments with area more than 1,250 square feet. It contributes 54.5% to the total demand. More than 50% of homebuyers are looking for properties in the budget segment of Rs 5,000-7,500 per square foot. Keeping in mind the demand, the supply of such properties has also increased by 40%. According to Magicbricks data, about 62% of home buyers have looked for 3-BHK and larger apartments in the region in the last five quarters.
There was a huge jump in 12 months
Demand from non-resident Indians (NRI) has surged significantly in the last 12 months, seeing a growth of 15% year-on-year. NRIs from the United States, Canada, United Kingdom and United Arab Emirates account for 85% of the international demand in Greater Noida West. According to Magicbricks data, the top 10 developers collectively account for 76% of the demand and contribute 55% of the total supply.
