Major residential hub
New flyover coming near Sector 93-A,a part of road connecting Badarpur in Faridabad to Ghaziabad
Almost a year ago, Sectors 93-A and 93-B were getting ready to become a major residential hub at a prime location. Almost six developers were getting ready for the completion of their premium projects. People were moving into the apartments.
Today, an address in any of these apartments is a mark of prestige. Even though this place has connectivity and up-market specifications, the rates of residential apartments have not seen any big rise over a period of one year. Since early 2007 the rates have risen by 8 to 10 per cent.
At present, almost 5,000 apartments from the six developers are giving the buyers a lot of options. These builders are Supertech, ATS, Parsvnath, Eldeco, Omaxe, and Purvanchal. A 6-km from Amity Crossing brings you to the site of these projects.
Apart from these, other developers are also setting up luxury projects along the express Highway. Prominent are Jaypee at sector 128 and Unitech at sectors 96, 97, and 98.
Rajiv Mehrotra of Sunshine Properties says, "The reason why rates have not risen exponentially is the large number of high-end projects here. All these projects that started in late 2007, like Jaypee Greens and Unitech Grande, are now selling at higher rates. These rates are beyond the reach of a middle-segment buyer. This is one reason why all these projects have more investors than end-users." The rates here are in the range of Rs 6,200 per sq ft and Rs 7,600 per sq ft.
Coming back to Sector 93, the rates range between Rs 4,000 per sq ft and Rs 6,000 per sq ft. In recent times, Eldeco has built some more apartments near its project Utopia under the name Olympia. Except for these, almost everything else is sold out in this sector. So if one wishes to buy here, apartments are available only in the secondary market.
Good connectivity
Being situated on the expressway, Sectors 93-A and 93-B are well connected to Delhi, Noida, and Greater Noida. South Delhi and Connaught Place can be reached in about 25-30 minutes. Driving on the expressway is hassle-free and it has reduced the travel time to Greater Noida. Once the Taj Expressway becomes operational, Faridabad too will be barely 25-30 minutes away.
A new flyover is coming up near Sector 93-A, which is part of a road connecting Badarpur in Faridabad to Ghaziabad. Within Noida, the flyover connects Sector 132 to Sector 82 and also touches the allocated NEPZ land.
Facilities and social infrastructure
Most builder projects here offer a wide range of up-market facilities. ATS Greens Village has a central park with manicured lawns, jogging tracks, and children's play area. The clubhouses at ATS Greens and Eldeco Utopia are equipped with gymnasiums and recreational facilities. The projects also have a crèche and a play school. Various schools and colleges are already operating in the nearby areas of Noida and Greater Noida. So your kids do not have to move beyond a radius of 8 km to attend classes. Two schools are located nearby on the expressway--Mayoor and Lotus Valley International. Amity International in Sector 44 is about 5 km away. There are professional colleges of dentistry, business management, and engineering at the institutional area of Greater Noida. This place is few kilometres away from Sectors 93-A and 93-B.
All the projects here boast of luxurious specifications. Among the projects, rates of Omaxe, ATS, and Eldeco are the highest.
But the area needs something more. The sectors do not have a good-quality hospital. The residents depend on Vinayak and Metro Hospital near Sector 18 market. Apart from these, there are very limited shopping options. For their major shopping, residents depend on sector 18's Atta Market. But security is a concern in the late evening hours.
The market
One year earlier, the price of apartments at ATS in the secondary market was Rs 5,000-5,500 per sq ft. Now the rate is around Rs 5,800-6,000 per sq ft. Other projects that were selling around Rs 4,000 per sq ft one year back are now selling at Rs 4,500 or more. For example, Eldeco Utopia was selling at Rs 4,000-4,300 per sq ft then; it is now selling at Rs 5,000-5,500 per sq ft. The newly launched of Eldeco Olympia is trading at a price of Rs 4,000-4,500 per sq ft in the secondary market.
As many feel, prices are here are going to remain stable for now. Sanjeev Sood of Sood Properties says, "Rates are likely to increase only in the late 2008." He adds, "Rates increase when demand is high but the supply of condos is not there. So as of now the demand is there but it is being met by some of the nearby pockets of Ghaziabad."
Developers on the expressway have devised new ways to encash upon the opportunities of real estate industry.
Supply scenario
Unitech and Jaypee, plan to develop their township over a long period. So they are releasing the apartments in phases. Manu Goswami, DGM-sales and marketing, Jaypee Greens says, "At Jaypee Greens we have everything planned. What a buyer will see now, his children will see the similar things after 20 years from now." A time frame of 20 years is long if one is looking for short gains. These developers plan to build their entire townships over a period of seven to eight years.
Omaxe sold apartments on the first floor of its project, by clubbing them with personalised parking space at the ground floor. But this was made mandatory. So, those who have bought floors on the first floor, had to shell out extra amount for the personal parking space. Even Supertech is selling the apartments in phases.
A unique advantage of such a strategy is the price escalation over a certain period of time. Sood of Sood Properties says, "I expect that the rates will touch a new high of Rs 6,000 per sq ft by the end of next year." Though sales are not touching any magical figures, the projects at Sector 93-A and 93-B (which cater to the upper-middle segment) are almost sold out. Many of the projects like ATS Green, Parsvnath, and Eldeco Utopia are fully or partially occupied. Sood adds that premium projects like Jaypee Greens and Unitech Grande are making fewer sales in comparison to the projects at Sectors 93-A and 93-B. The driving factor here is availability of the ready-to-move-in apartments.
Almost a year ago, Sectors 93-A and 93-B were getting ready to become a major residential hub at a prime location. Almost six developers were getting ready for the completion of their premium projects. People were moving into the apartments.
Today, an address in any of these apartments is a mark of prestige. Even though this place has connectivity and up-market specifications, the rates of residential apartments have not seen any big rise over a period of one year. Since early 2007 the rates have risen by 8 to 10 per cent.
At present, almost 5,000 apartments from the six developers are giving the buyers a lot of options. These builders are Supertech, ATS, Parsvnath, Eldeco, Omaxe, and Purvanchal. A 6-km from Amity Crossing brings you to the site of these projects.
Apart from these, other developers are also setting up luxury projects along the express Highway. Prominent are Jaypee at sector 128 and Unitech at sectors 96, 97, and 98.
Rajiv Mehrotra of Sunshine Properties says, "The reason why rates have not risen exponentially is the large number of high-end projects here. All these projects that started in late 2007, like Jaypee Greens and Unitech Grande, are now selling at higher rates. These rates are beyond the reach of a middle-segment buyer. This is one reason why all these projects have more investors than end-users." The rates here are in the range of Rs 6,200 per sq ft and Rs 7,600 per sq ft.
Coming back to Sector 93, the rates range between Rs 4,000 per sq ft and Rs 6,000 per sq ft. In recent times, Eldeco has built some more apartments near its project Utopia under the name Olympia. Except for these, almost everything else is sold out in this sector. So if one wishes to buy here, apartments are available only in the secondary market.
Good connectivity
Being situated on the expressway, Sectors 93-A and 93-B are well connected to Delhi, Noida, and Greater Noida. South Delhi and Connaught Place can be reached in about 25-30 minutes. Driving on the expressway is hassle-free and it has reduced the travel time to Greater Noida. Once the Taj Expressway becomes operational, Faridabad too will be barely 25-30 minutes away.
A new flyover is coming up near Sector 93-A, which is part of a road connecting Badarpur in Faridabad to Ghaziabad. Within Noida, the flyover connects Sector 132 to Sector 82 and also touches the allocated NEPZ land.
Facilities and social infrastructure
Most builder projects here offer a wide range of up-market facilities. ATS Greens Village has a central park with manicured lawns, jogging tracks, and children's play area. The clubhouses at ATS Greens and Eldeco Utopia are equipped with gymnasiums and recreational facilities. The projects also have a crèche and a play school. Various schools and colleges are already operating in the nearby areas of Noida and Greater Noida. So your kids do not have to move beyond a radius of 8 km to attend classes. Two schools are located nearby on the expressway--Mayoor and Lotus Valley International. Amity International in Sector 44 is about 5 km away. There are professional colleges of dentistry, business management, and engineering at the institutional area of Greater Noida. This place is few kilometres away from Sectors 93-A and 93-B.
All the projects here boast of luxurious specifications. Among the projects, rates of Omaxe, ATS, and Eldeco are the highest.
But the area needs something more. The sectors do not have a good-quality hospital. The residents depend on Vinayak and Metro Hospital near Sector 18 market. Apart from these, there are very limited shopping options. For their major shopping, residents depend on sector 18's Atta Market. But security is a concern in the late evening hours.
The market
One year earlier, the price of apartments at ATS in the secondary market was Rs 5,000-5,500 per sq ft. Now the rate is around Rs 5,800-6,000 per sq ft. Other projects that were selling around Rs 4,000 per sq ft one year back are now selling at Rs 4,500 or more. For example, Eldeco Utopia was selling at Rs 4,000-4,300 per sq ft then; it is now selling at Rs 5,000-5,500 per sq ft. The newly launched of Eldeco Olympia is trading at a price of Rs 4,000-4,500 per sq ft in the secondary market.
As many feel, prices are here are going to remain stable for now. Sanjeev Sood of Sood Properties says, "Rates are likely to increase only in the late 2008." He adds, "Rates increase when demand is high but the supply of condos is not there. So as of now the demand is there but it is being met by some of the nearby pockets of Ghaziabad."
Developers on the expressway have devised new ways to encash upon the opportunities of real estate industry.
Supply scenario
Unitech and Jaypee, plan to develop their township over a long period. So they are releasing the apartments in phases. Manu Goswami, DGM-sales and marketing, Jaypee Greens says, "At Jaypee Greens we have everything planned. What a buyer will see now, his children will see the similar things after 20 years from now." A time frame of 20 years is long if one is looking for short gains. These developers plan to build their entire townships over a period of seven to eight years.
Omaxe sold apartments on the first floor of its project, by clubbing them with personalised parking space at the ground floor. But this was made mandatory. So, those who have bought floors on the first floor, had to shell out extra amount for the personal parking space. Even Supertech is selling the apartments in phases.
A unique advantage of such a strategy is the price escalation over a certain period of time. Sood of Sood Properties says, "I expect that the rates will touch a new high of Rs 6,000 per sq ft by the end of next year." Though sales are not touching any magical figures, the projects at Sector 93-A and 93-B (which cater to the upper-middle segment) are almost sold out. Many of the projects like ATS Green, Parsvnath, and Eldeco Utopia are fully or partially occupied. Sood adds that premium projects like Jaypee Greens and Unitech Grande are making fewer sales in comparison to the projects at Sectors 93-A and 93-B. The driving factor here is availability of the ready-to-move-in apartments.