Located in the National capital region of India, the city of Noida has the highest per capita income in the NCR. This locality came into existence during the emergency period between 1975 and 1977 as part of Uttar Pradesh’s Industrial Area Development Act. It acts as an IT hub for the region and considered to be a favorite hotspot by several IT, ITeS and BPO companies. It has the advantage of being located near New Delhi, which helped its rapid development over the years. Good power supply, cheap land rates and skilled man power aided the growth of companies in Noida. Real estate market in the region has thrived very well owing to the increased employment opportunities and construction of new companies.
A lot of young talent around the country move into Noida looking for new opportunities. This helped property market flourish, with builders making good revenues. Most of the customers prefer 2BHK apartments as they are large enough to sustain in the long term. Considering the space required for families with children, 2BHK flats are the most preferred ones. 2BHK apartments are not just preferred in Noida but also in cities all around the country. 1BHK and 3BHK apartments have a mixed demand depending upon their location. However, 3BHK and individual houses are too expensive to buy in the city. As there is always a growing demand for property in Noida, a lot of builders are ready to invest on new property. Improved transportation and infrastructure help builders increase property prices.
The recent trends show an increased sale of 1BHK studio apartments as opposed to 2BHK. Change in customer mindset and buying capacity are the basic reasons for this. The growth of IT parks in the area has resulted in providing high income for young professionals. In order to work in the metro cities, a studio apartment would suffice this young workforce. Theses studio apartments come well within the budget and form a suitable investment considering the increase in property prices. Even companies start buying such studio apartments to provide accommodation to their employees. It also provides shared space for professionals looking for a cheap place to live. A lot of buyers have started investing on studio apartments and use it as a source of rental income. Startup companies can also utilize such apartments to avoid paying high rental for commercial spaces.
The increased demand for studio apartments has resulted in a shortage of supply and increase in prices. The 23km long corridor stretching between Noida and Greater Noida has attracted a lot of property investors to Noida. This is expected to create new property that will meet the current demand. In such conditions, the appreciation value for the properties is expected to rise over the next few years. There are already reports showing an increase in house rent near Greater Noida and Noida. With all the benefits including revenue from rental and lease, cheap living space and office space for startups, it is no wonder that the demand for studio apartments are rising in Noida.
No comments:
Post a Comment