Reasons Behind Real Estate Boom in NoidaNoida or New Okhla Industrial Development Authority has always remained a dreamland for real estate developers in India. The reason behind is are numerous. From its proximity to national capital Delhi to better infrastructure and 24x7 power supply all acts in its favor. Noida has developed in such a fast pace in the recent years, that it is considered as an alternate option of living compared to Delhi. Come lets have a glance to various factors that has let to real estate boom in Noida.
Cheap Land Rates in NoidaThe main reason that attracted so much real estate ventures to Noida is availability of lands at nominal prices. These rates are considered low as compared to those high-priced rates of Delhi. In the past few years, land prices in Delhi have risen up and have become a kind of unaffordable for the real estate companies and consequently Noida became the most preferred location after that. So, the real estate companies starting buying land for various residential and commercial projects. Well known Real Estate Companies like, Griha Pravesh, Supertech, 3C Company, Prateek Group, Lotus Greens and Wave Infratech and many others have their posh and luxurious residential plots built in Noida. In 2014, the majority of areas in Noida have their prices ranging from INR 5000 to 6000 per square feet and the first-rate area of Noida, sector 44 has its land prices of INR 10,000 to 12,000 per square feet, thus this fascinated the property enterprises. So, the low-priced land factor of Noida has immensely attracted a large real estate crowd to it and as a result, deserves the initial credit of such a real estate boom in Noida.
Availability of Cheap Labour in Noida
Another important factor that resulted in the expansion of real estate projects in Noida is the easy availability of cheap labor in Noida. As we all know, a large number of unemployed populace flock to urban cities like, Delhi NCR, Noida, Gurgaon, etc. thus making it easier for the builders to get labor at cheap rates. Also, the construction of more and more buildings and apartments results in the need of more and working force and in this way the unemployed and unskilled population too gets work to earn their livelihood. But sometimes the labors also have to face the consequence of getting a lower wage and doing a lot of work. Noida Authority is proposing some of the schemes to decide a solution over this problem and hopefully will be solved in the upcoming few years.
Hassle Free Approval from AuthoritiesThe third thing that stimulated more real estate ventures in Noida is simplified approval system by competent authorities. This hassle-free approval system in Noida has made it easy for property enterprises to enter the real estate markets of Noida. Initially, the system was quite time consuming but now the Noida authorities have accepted the single window clearance system to reduce the lengthy procedures for real estate ventures going to invest in Noida. The Noida authority is always there to resolve any approval related issue and every needed help is provided to the companies. Also, the system is made simple with minimum time required by real estate investors asking permissions, licenses, and other property related approvals by the concerned authority.
Sanction of Loans from Financial Institutions
The next chief aspect of the real estate boom in Noida is the easy availability of loans from banks and other financial institutions. The Government also assists the investors to put their money in real estate by providing incentives. These incentives come in the form of tax benefits that are made available to the investors and thus help them to know the current market situation and to invest according to that. Also the government provides 100% foreign equity to their foreign investors specifically. Thus, the easy availability of the incentives and loans in Noida attract more and more investors to invest in the real estate developers and thus result in the boost of real estate sector in Noida. Also, some real estate companies too have tied up with the financial institutions in order to ensure the presence of funding in their property constructions and easy availability of loan for their clients too.
Presence of Professional Real Estate CompaniesThe another key factor that has played a main role in the real estate boom of Noida is the existence of the big real estate enterprises like DLF, TATA Housing, Ansal etc., which has created a sort of competition in Noida, and consequently is the big reason behind the best infrastructural housing apartments options available in Noida. These giants are competing against each other in providing the best options to their clients and this has resulted in the construction of more and more better real estate development in Noida. Not only, these big real estate companies provide the best designed home for one’s family, but also with the first class facilities like, proper security, availabilities of all the essential facilities and world class interiors etc. This has increased the demand of this type of housing properties in Noida. Apart from these, property developers like, DLF invest in the constructions of various shopping malls and complex in Noida, and in this way help in the infrastructural development of the town as well. Thus, presence of these big property developers in Noida has a positive impact on the real estate sector of this town.
When a city experiences a huge development in the field of real estate, it goes through some list of important infrastructural development also. So, when the phase of real estate boom hit Noida, the major factors that resulted in such a boost in this city are thus completely explained above. All these important aspects played a dynamic role the growth of real estate in Noida, and consequently made it a heaven for all the big real estate ventures.
Also Read: Property Dealers in Noida
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