‘Noida will be prime property location in 2014’
Having an experience of over a decade in the construction industry, Paras Buildtech has made a name for itself in residential, retail and commercial markets. Standing forPerseverance Accuracy Result-oriented Adaptable Social Responsibility, the group has made its presence felt in areas such as Gurgaon, Noida and Zirakpur and Mohali in Punjab. The MD of the group, Harindar Nagar talks to Magicbricks.com’s Shradha Goyal about his opinions about the market performance in 2013 and expresses his anticipations for 2014. Here are the excerpts –
What are your expectations from the Noida real estate market in the year 2014?
Noida and Greater Noida will continue to be one of the prime property locations in 2014. The number of infrastructure projects lined up by the Uttar Pradesh government and NCR Planning Board, including extension of Metro lines, makes these locations favourable for both end-users and investors. Among the stretches, Noida Expressway continues to be one of the finest road projects in the country, attracting a large chunk of investment for real estate development.
Which areas are expected to see maximum development in 2014? Why?
Among the specific areas in Noida, few sectors on Noida Expressway such as 137, 168, Greater Noida West (formerly known as Noida Extension) and areas on Yamuna Expressway falling under Greater Noida are expected to see maximum real estate development and deliveries in 2014.
Where are your projects located and why did you choose these locations?
Our project Paras Tierea is located in Noida sector-137 and other project Paras Seasons is located in Noida sector-168. Both the projects are strategically located with carefully designed layout. We are all set to start giving possession very soon.
Which locations in the city witnessed maximum launches in year 2013? Why?
Greater Noida West, Greater Noida and Yamuna Expressway witnessed the maximum number of projects launches in 2013 as there was easy availability of land. Moreover, the government has chalked out development plans for these areas. Moreover to improve the basic infrastructure along the fast developing Noida – Yamuna Expressway, there are plans for a new 20 km road network for better connectivity.
What was the volume of sales and stock in the year 2013 vis-à-vis the last year?
2013 saw slower recovery of properties due to slowdown in economy, high interest rates and high inflation rates severely denting the savings of people. With new Reserve Bank of India’s policy on repo rate, we are looking forward for more stable market in 2014.
What will be the impact of the upcoming general elections on the real estate sector in Noida?
There are two factors that impact the real estate market of any particular area in country – local and national. Locally speaking, since the state government will remain the same before and after the general elections, so their policies, in all likelihood, will remain the same. However, for the national factors, such as interest rates, Real Estate Regulatory Bill, Land Acquisition Act etc, we expect some concrete steps from the next elected central government. The outcome of these steps will determine the direction of the real estate sector.
What are the developments expected in 2014?
We expect the concerned authorities and governments to act swiftly on the implementation part of infrastructure projects such as Noida City Centre – Noida Extension line and Greater Noida – Agra metro project.
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