The Noida-Greater Noida region of National Capital Region [NCR] has been a talk of the town for various reasons. From the sudden rise in the property prices to huge dip in the property cost, the formation of RERA Act and demonetization are the things that played a crucial role in making Noida-Greater Noida area popular in the Indian property market. But, now the situation is better and both the buyers as well as the sellers are doing well in the property market according to their requirements. Interestingly, the main reason behind the positive response from both parties is the RERA Act that extends a helping hand to both the aspiring home buyers and the sellers.
So, here are the things that helped Noida-Greater Noida in being the hotspot for the realtors and home buyers too.
- Inception of RERA Act
The Central Government led by Narendra Modi decided to frame guidelines that will help both the sellers and the home buyers to protect their rights equally. Finally, on 1st May 2016, the RERA Act, [Real Estate Regulation and Development] Act, came into existence and offered a huge relief to the property buyers across the country particularly those who seek buying of residential units in Noida-Greater Noida location.
- Effect of RERA on the Property Market
The RERA Act is applicable across the country but its legal guideline work state-wise. Each state has its own RERA website, where the developers/builders/realtors has to get their residential projects registered as the non-registration of these projects will declare them illegal and thus it can hamper selling of these projects. You can visit the RERA website according to the State while buying property. For example, a home buyer of Noida location is required to visit www.up-rera.in where the list of registered residential projects is available. The RERA has a positive impact on the real estate sector as the seller can’t make an untimely demand for money and has to offer possession in a timely manner.
- Connectivity that Attracts Home Buyers in Noida-Greater Noida
- Firstly, the expansion of National Highway-24 as Delhi-Meerut expressway and the connectivity between Uttar Pradesh and the Haryana States via Eastern Peripheral Expressway is going to offer congestion-free drive from Delhi NCR’s one corner to another.
- Secondly, the expansion of Metro corridor from City Center to Sector 71 is going to make commutation easier like never before in Noida-Greater Noida area.
- Thirdly, the Noida-Greater Noida Expressway that connects directly with NH24 paves way for thousands of home buyers.
All connecting roads are going to cut short the distance between Noida-Greater Noida with the capital city Delhi and other NCR areas. Thus, people take a keen interest in buying residential property in these two localities.
- Prime Locations that Seek Positive Future for Real Estate Sector:
There are various sectors and areas of Noida-Greater Noida that are booming in the property market. But, out of so many flourishing residential areas, here we are listing the top two locations that make Noida-Greater Noida a hotspot for both developers/builders and future homeowners.
Yamuna Expressway: This is a 6-lane and 205 km long highway that connects Greater Noida area with the city of Taj Mahal, Agra, in Uttar Pradesh. The smart connectivity between these two cities along with the congestion-free drive for the people commuting between Ghaziabad-Noida is the best thing about this Expressway. Other things that make people buy home in this location are the world-class healthcare, education, retail and entertainment facilities in and around the area. Also, the upcoming international airport at Jewar is one thing that many aspiring homebuyers are heading to buy property here.
Greater Noida West: Commonly known as Noida Extension. This location is right next to many important areas of Noida and helps people commute to various sectors in the least time possible. The location is near to the proposed Faridabad-Noida-Ghaziabad [FNG] Expressway and also offers metro connectivity at a walking distance from various housing projects. The extended connectivity of Delhi Metro via Magenta Line is playing a pivotal role to attract a large number of home buyers in these two areas which result in a positive boost for the real estate sector.
The Noida-Greater Noida location is a positive push for the real estate sector as the timely possession and smart connectivity to various schools, colleges, hospitals, commercial hubs and entertainment arena make this place popular among the aspiring home buyers.