Realtors in Noida and Greater Noida are seeing a revival in customer traction. The reason for this cheer amid signs of slowdown in the realty sector is being attributed to two major developments – the Government extending Metro connectivity to Noida and Greater Noida and the revised Master Plan getting approval from the Uttar Pradesh Government.
Property developers claim that prices in the area are moving up by Rs 250-300 per sq feet.
The Greater Noida Authority, on Monday, approved the revised Master Plan 2021, setting the stage for development work to resume in the area, also referred to as Noida Extension.
The Master Plan 2012 will now be sent to the NCR Planning Board for final approval and is likely to get a green signal later this month, official sources said.
Mr Rama Raman, CEO, Greater Noida Authority, said projects stuck due to land-related issues will be resumed once the NCR Planning Board gives its consent.
Mr Navin Raheja, President, NAREDCO, said, “The approval of three Development authority’s of Noida, Greater Noida and Yamuna Express way to extend Metro connectivity to Noida extension and other locations shall go a long way to strengthen transport linkage, thereby attracting further investment in housing. This, in turn, shall also lead to increase in valuation of properties in this region.”
The Allahabad High Court in October last year asked the Authority to get the plan cleared by the NCRPB before starting construction work.
Another real estate developer, Imperia Structures, said new buyers may have to pay more as rates were likely to rise following development. Prices in Noida, Greater Noida and Noida Extension range anywhere between Rs 2,800-4,500.
“This decision has come as a great relief to developers. But, new buyers might have to shell out excess due to increased property prices while the price for old buyers remains the same. The developers are hoping to start construction of new projects soon,” Mr Harpreet Singh Batra, MD, Imperia Structures, said.