Tag: Vijay Verma

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report
Business, News

Sales share of Noida and Greater Noida in NCR was 49% in H1 2021: Report

Jul 20, 2021 by Rekha Nair 0 Comments #CEO, #Harvinder Singh Sikka, #MD, #Migsun Group, #Sikka Group, #Sunworld Group, #Vijay Verma, #Yash Miglani

According to Knight Frank’s latest report in residential real estate, “Since the pandemic, homebuyer preference for bigger homes in peripheral markets has worked in favour of Noida and enquiries for gated communities have been on the rise. Fence-sitters, who were earlier reluctant to live far away from the city, are showing interest in purchasing homes in far-flung sectors closer to the Yamuna Expressway, such as Sector 142, Sector 143 and Sector 150. Demand for residential homes remained strong for Sector 43, Sector 50 and Sector 75 too.”

On the other hand, the average property prices did not show any rise; however, the report says that “some sectors in Greater Noida have seen a marginal softening of prices in the range of 1-2% YoY”. In the review era, new launches changed, but the sector still has a long way to go to regain its pre-COVID-19 momentum. Noida’s percentage of the total launches in the NCR fell to 28 per cent in H1 2021. There has been a scarcity of new projects in this sector, with few places on developers’ radar as potential development corridors. Homebuyers continue to be drawn to areas like Noida Extension and the Noida-Greater Noida Expressway, skewing the supply of new residential inventory in these areas.

Greater Noida’s share in the overall sales remained steady at 34% in H1 2021. Greater Noida has witnessed traction in the past few months for ready-to-move-in homes. With a gradual return to normalcy, optimism is returning in this market for ready to move in inventory with a price tag of more than INR 5 million, says the report. “Because nothing is more important than one’s well-being, and people are more aware of this than ever before, there is a tendency toward migrating to larger spaces. The figures show that the emergence is taking place. Noida’s well-developed road network allows for speedier commuting, resulting in increasing interest in the real estate market,” says Vijay Verma, CEO, Sunworld Group.

Looking at the residential sales landscape of NCR, the percentage share of micro-market absorption has largely remained unwavering as compared to H1 2020 with Noida and Greater Noida combine ruling the sales graph; the sales share of Noida and Greater Noida was 49% in H1 2021 compared to 53% in H1 2020. Yash Miglani, MD, Migsun Group says, “The region is popular among end-users, particularly among the working class, and sales have been fantastic. Greater Noida West has experienced a lot of people and sales activity since the 2020 lockdown. Infrastructural upgrades, such as extended subway, road connectivity, and announcements like Jewar Airport, are also supporting the development.”

According to the report, the downward trend of unsold inventory witnessed since 2016, continued in H1 2021. With a 12% YoY decline in the latest period in Noida and 16% decline in Greater Noida, the two regions have emerged as buyers’ choice in NCR. “The success of Noida can be attributed to its image among the middle class; during the pandemic, the working class learned the importance of a real estate asset and began hunting for one in this city. In the following months, we expect a big response in the residential market, as the momentum is unlikely to subside due to the continued availability of low home loan rates,” says Harvinder Singh Sikka, MD, Sikka Group.

Offers galore at PropTiger's 'Right to Home' expo across all top real estate markets of India
Business, News

Realty market remain stable in Noida

Jun 28, 2021 by Rekha Nair 0 Comments #Ajnara India Ltd., #Ashok Gupta, #CEO, #CMD, #Dhiraj Jain, #Director, #Mahagun Group., #MD, #Migsun Group, #Sunworld Group, #Vijay Verma, #Yash Miglani

The market in Noida has been doing extremely well since Unlock 1.0, and it picked up pace in January-March 2021. However, the second wave brought a halt in activities for a shorter duration but the sales figures are encouraging as there is an increase in sales compared to the same period last year.

“The good thing is that the second wave has further cemented the people’s resolution to look for real estate assets. People are now seeking long-term financial security in real estate, which bodes well for the sales season. We expect that the real estate sector will pick up in two or three weeks from where it left after the first wave effects,” says Yash Miglani, MD, Migsun Group.

According to real estate experts, Greater Noida West, Sector 150, and Sector 43 in Noida, both near the commercial hub of Sector 137, remained popular for 2 BHK and 3 BHK flats. One of the key drivers in Greater Noida West was the availability of home units priced between Rs 35 and Rs 50 lakh. In Noida’s Sector 150 and 43, direct connection to the projected Jewar Airport and projects by well-known builders are seen as demand stimulators.

“Noida’s well-developed road network allows for speedier commuting, resulting in increased interest in the real estate market. Many homes will appreciate by 10% to 15% depending on their location and demand in that area. Once the Jewar airport is operational, the Yamuna Expressway will be a more popular destination than Noida,” says Ashok Gupta, CMD, Ajnara India Ltd.

The residential market in Noida and Greater Noida is continuing to grow. According to the realtors, Residential sales grew QoQ as a result of low home loan interest rates, new housing supply, and people’s persistent desire to purchase a home. Dhiraj Jain, Director, Mahagun Group, says, “Because nothing is more important than one’s well-being, and people are more aware of this than ever before, there is a tendency toward migrating to larger spaces. Noida’s prosperity is due to the image it has developed among the middle class. In the following months, we expect a tremendous response in the residential market since the momentum is unlikely to wane.”

The upcoming infrastructural developments are expected to stimulate the real estate market even further. Multi-level parking lots in Sector 3 and Sector 16A Filmcity, Shaheed Bhagat Singh Park, Biodiversity Park, a shooting range, and an indoor stadium in Sector 21A are among the infrastructure projects set to be completed this year. Then work on underpasses is underway on the combat front in various Noida sectors to improve traffic flow. The projects aim to improve inhabitants’ living conditions, which will directly influence the real estate market.

Buyers are increasingly lured to plots along the Noida-Greater Noida Expressway and the Yamuna Expressway, with the latter gaining traction due to the planned Film City and Furniture Park. The price of residential plots along the Yamuna Expressway has jumped by 10-15%. Vijay Verma, CEO, Sunworld Group says, “The regions are popular among end-users, particularly among the working class, and sales have been fantastic. Infrastructural upgrades, such as metro, road connectivity, and announcements like Jewar Airport, are also supporting the development.”

lands in Noida
Business World

Microsoft, Adani buying lands in Noida, good news for realty market

May 3, 2021 by Neel Achary 0 Comments #CEO, #Sunworld Group, #Vijay Verma

Noida has transformed and is now competing with the neighbouring NCR towns. Following the announcements of Jewar Airport and Film City, the city is now prepared to welcome companies such as Adani Enterprises and Microsoft. To encourage private investment, the Greater Noida, Yamuna, and Noida Authority has been coming up with schemes to allot industrial and institutional plots to companies.

Recently, the Noida Authority allocated industrial land to 13 firms, including Adani Enterprises; these companies have been given land plots in Sectors 80, 145, 140A, and 151. Adani Enterprises has been given 39,146 square meters of land in Sector 80 for a planned data center. The Noida authority has also given a 60,000 square meter institutional plot to Microsoft India (R&D) pvt ltd.

“Investment by these giants in Noida would aid the development of the NCR as a tech center. It will also generate employment and attract other businesses to invest in the region. The market earns some brownie points due to the excitement that surrounds a major corporate announcement,” says Harvinder Singh Sikka, MD, Sikka Group.

Realtors say that the positive impact will not be limited to the Noida real estate market. “If a large corporation purchases a property, a commercial establishment may emerge, resulting in the creation of jobs and other benefits. Such developments also lead to more real estate projects in the surrounding areas,” says Dhiraj Jain, Director, Mahagun Group.

“Historically speaking, infrastructural developments in Noida have been having a positive impact on Ghaziabad too. For example, dividends from NH 24 are being enjoyed by both cities, Noida’s commercial sectors lead to people buying properties across the road in Ghaziabad, etc. The movement of Big corporate bring along many benefits, and one such is the capital appreciation in the properties that fall within few kilometres of it,” says Ashok Gupta, CMD, Ajnara India Ltd.

Nearby residential sectors will also witness a huge appreciation in the short term; the demand for quality residences around Sectors 80, 145, 140A, and 151 will go up manifold. “The new developments would have a direct impact on the surrounding areas. Investors in the residential and industrial sectors would be pleased. In reality, in the not-too-distant future, the area will see the growth of the hospitality segment to meet the needs of visitors,” says Vijay Verma, CEO, Sunworld Group.

Investors who profit from property appreciation over time are more likely to dominate the market around these sectors. “People who have a preference for second/third homes would invest in residential. With the completion of infrastructure and the movement of employment-generating vehicles, the residential sector will soon hit its apex. Many businesses could relocate to Noida to take advantage of lower-cost space and improved connectivity. The Yamuna Expressway is developing, and it will eventually become a sub-city with townships and corporate hubs,” adds Dhiraj Bora, Head Marketing & Communication, Paramount Group.