New Okhla Industrial Development Authority, better known as Noida is the region which has witnessed rapid urbanization over the last decade. In the present day, this city has emerged to host major media houses, leading IT and ITeS corporations and expansive residential pockets. Along with catering options of rewarding occupation and habitation to migrant population, Noida and Greater Noida have been a respite to ever increasing pressure on limited Floor Space Index in Delhi and its peripheries.
As witnessed, Noida and Greater Noida primarily flourished owing to the dire need of cheaper residential, commercial and institutional assets in Delhi NCR. This is the region which tops the list of home aspirers and India Inc. looking to establish their base in North India. Subsequently, in tandem to substantial absorption rate of assets here and need to enhance the infrastructure support, now the Noida development authority has decided to revise the circle rate properties with a hike of 10 percent, beginning August 1st 2014.
The latest decree to revise property circle rates in Noida and Greater Noida has come to cheer the investors who made the right choice and speculated an appreciation in the future. Not just the investors, buyers looking out for investing over the next few months can also hope for a natural price correction and stable market with enhanced social and civic infrastructure in the coming years. Increased circle rates will eventually lead to more investments in developing regions like Greater Noida and Yamuna Expressway.
Most importantly, the buyers can now benefit from a rational evaluation method for properties which will no longer bear fixed circle rates. Unlike the current procedure, now the circle rate of assets in residential flat category will be computed against services provided by developers in respective projects. Furthermore, the cap of 25% has been fixed for services which include club, gym, security, power backup and swimming pool. Earlier, 25 percent was levied irrespective of the number of services available in a residential project. However, this will now change to attract 5 percent for each service wherein the maximum charge for all services would go up to 25 percent only.
As discussed above, Noida and Greater Noida are the regions which have witnessed massive urbanization and absorbed migrating exodus from across the country. Growing commerce and residential sectors have been the drivers of growth for this region. Moving forth, with the revised property rates of residential properties, the real estate market in this area is expected to advance and prove more lucrative for buyers and investors in the near future.