DELHI: In the last four to five months residential values in Sector 76, Noida have shown an upward graph. The capital values in the locality have moved up from approximately Rs 4,700-4,900 per sq ft in the Oct-Dec 2012 to Rs 5,900 per sq ft in the Jan-Mar 2013, the data further revealed.
Several factors have led to this surge in property prices. For instance, the announcement of the Metro from City Centre to Sector 78 initiated the price hike as Sector 76 is just half a kilometre away. Further, several projects are nearing possession. This has also pushed prices in the locality.
“A large number of home buyers looking for ready-to-move-in properties are opting for this sector as multiple projects are nearing possession within the next 6-8 months,” informs Vikas Chand Jain, Director Aadinath Infratech, a city based realty firm. Some of the developers offering possession in this time frame are Amrapali Group, JM Group, Sikka Group, Aditya Builders, Skytech Group etc among others.
Giving an insight into the movement of real estate values in Sector 76, Vikas Sahani, Director, Property Guru states, “Noida Authority gave the allotment of plots in Sector 76 in 2010 and capital values during the 2010-11 period ranged from Rs 2,800-3,200 per sq ft. It moved up during the 2011-12 period and settled at Rs 3,800-4,200 per sq ft. At present capital values in the sector hover around Rs 4,800-5,200 per sq ft.”
Citing another possible explanation for this trend Sahani adds “The sector was also affected in the Noida Extension land row and work was stopped for nearly eight to nine months. Due to the slight delay caused in construction, developers suffered a loss of roughly Rs 400-500 per sq ft. Further, no new allotments have been done since 2010 and thus land is limited. So, land scarcity and the attempt to recover losses have led the developers to hike prices in the sector. As demand is high, developers feel buyers would still buy here.”
Maximum demand in the locality is witnessed for 2BHK units having a size of
1000-1150 sq ft. The most sought after budget range in the locality is Rs 50-55 lakh.