Rs 60-90 lakh property clocking maximum sales in Noida: Magicbricks Brokers Connect

Delhi NCR

Remain active in the Noida residential real estate market and seek the best deals. Markets are slow but likely to become buoyant in another six to eight months. It is possible to negotiate the best deals so make the most of the slowdown in the real estate markets. These were some of the responses of experts at the Brokers Connect organised by Magicbricks.com. The meet was organised at the Times Centre, Noida. The panel included Vikas Mallan, MD, FMG Real Estate; Vikas Sahni, CMD, Property Guru; Sanjay Sangwan, director, Kartik Real Estate; Deepak Batra, CEO, Propworld and AK Jain, director, Affinity Solutions. Speaking on the topic – ‘What is a good time to buy?, Batra said, “The Noida property market is good at any time for the investor and the end-user. As there is connectivity and property available at reasonable prices, there is demand for sale and lease.” Locations such as Sectors 75-78, Sectors 137, 143 and 168 around Noida and Noida Expressway are offering a wide range of properties for investors as well as end users, said experts. Sangwan said, “After the elections, prices may go up in the medium to long term. Also, once the proposed Metro Rail is functional, the prices are likely to increase by Rs 1,000 per sq ft per unit,” he informed. So, what sells best in Noida? Currently, the Rs 60-90 lakh budget segment is clocking the maximum sales. These are mostly 2 and 3BHK apartments,” said Mallan. “There is a high demand for properties within the Rs 15-25 lakh budget category. However, developers are not offering anything within this range. Developers avoid constructing 1BHK units because of density norms,” Sahni added. While sharing insights on the luxury market in Noida, experts feel that there are very few takers for high-end luxury apartments in the city. “Only 10-20 per cent of the total demand contributes to the luxury market in Noida,” said Sangwan. Experts say that commercial real estate market in Noida has not taken off well and is impacting the occupancy rate in Noida. They say commercial space is sold on super area, whereas industrial space is sold at carpet area. “Commercial space comes with 40-45 per cent loading space at a rent of Rs 150 per sq ft, whereas the industrial property is available at a rent of Rs 20-30 per sq ft,” said Sangwan. “Plus, with low Floor Area Ratio in Noida, developers are not able to build huge commercial spaces demanded by IT companies,” he added. “Also, out of one lakh units, 56,000 units are expected to be delivered in 2014, making a positive impact on the demand in the city,” he added. So, will there be correction in prices in Noida? Experts say that with the construction costs going up, property prices are not likely to drop in the city. However, in the current scenario buyers can negotiate up to 5-10 per cent and can expect freebies and offers.

Source: Magicbricks.com Bureau

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Posted on November 6, 2013, in Real Estate and tagged , , , , . Bookmark the permalink. Comments Off on Rs 60-90 lakh property clocking maximum sales in Noida: Magicbricks Brokers Connect.

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