Noida Property Business Making Headlines!
The city of Noida is making headlines again. However these headlines are for all the right reasons. The demand for residential property has improved in the city in the year 2015 and it is expected to increase uniformly through the years to come. The reason for this is that Noida- like all the major property hubs- has undergone a major change where the property business is concerned. Therefore over the years, the city has been considered to be one of the most potent places for investment in residential property. However all that changed five years back when the economic growth slowed down and a severe recession gripped the nation and the property business. The recession led to high interest rates which in turn made home loans more expensive. This led to a decrease in property sales and the cities like Noida where the investment had been high witnessed a loss of share in the property business. But that phase has passed and Noida is witnessing a rise in the demand for property. There is a rise in availability of resale homes as well as new projects in Noida. However these new projects are distinctly different from the previous ones.
What has changed in the property markets of Noida?
There are a number of factors that have brought about a change in the real estate business in the city. Earlier, the residential property business was a seller’s market. The builders dictated the terms and the buyers had no choice but to agree to them. However, the recession hit market saw the builders changing tactics. A large number of them transformed into a corporate structure and started offering consumer help desks. They actively started approaching prospective buyers with their offerings. Most importantly, they started paying attention to the buyers’ demands.
Among the demands that emerged were the need for good quality houses at affordable prices. The buyers were ready to trade off some space of the house and the amenities along with the society are good. This spurred the demand for affordable housing in the peripheral parts of the city. The investors were sure that as soon as the market conditions would improve, there would be a large number of buyers interested in such properties. Earlier, it was not possible for anyone to purchase a flat or property in Noida. The high prices and low quality homes dissuaded the buyers from investing.
The changes in 2015
The year 2015 has changed the property business in favour of the property seekers. Now the builders are offering the kind of properties that buyers have been demanding across all territories. There is ample scope of development in Noida because of the initiation of new infrastructure projects in the city to connect Noida with Greater Noida and other cities in the NCR. Then of course there is the high demand and reduced interest rates that have brought the properties in Noida within the grasp of most of the buyers.
It is expected that this growth trend would continue for many years to come as the industrial growth notches positive figures. This is also the time when the demand as well as availability of new projects in Noida is on the rise. Property portal housing.com has also marked its presence in the city.