By virtue of being the immediate neighbour of the nation’s capital, Noida has been for around last three decades the undisputed preference of home buyers and has been catering to the residential requirements of every stratum of society. Overtime, to meet the ever growing demand for a living space/housing sector within affordable price range, Noida went on an expansion spree to include adjacent areas in its ambit. This trend continued and soon led to the appearance of more new areas like Noida Extension(though adjacent to Noida, yet administrative control lies with Greater Noida Authority) Greater Noida, Yamuna Expressway. The respective authorities acquired lands to meet the growing demand of housing and commercial sector.
Home buyers gave into the lure of affordable price range, more living space, features of integrated township in some projects, presence of commercial opportunities alongside industrial activity, state of art infrastructure and not to mention the latest addition to the infrastructural set up that is the metro link. Buyers have been flocking to this area, primarily because Noida offers them what Delhi can’t in terms of more living space that too within an affordable price range.
However, acquiring a home in NOIDA has of late become a nightmare of sorts for home buyers as this NCR belt has been repeatedly hitting the headlines for one wrong reason or the other. While some of them were inevitable and unforeseen as well, many of them were created by the stakeholders themselves for their private gains. (Read the blatant flouting of rules resulting in ruling of Allahabad High Court to demolish Supertech’s twin tower in Sec 93A, Noida Extension and upholding of the same by the Supreme Court) This has dealt a severe blow to lakhs of customers who have booked a flat here. And developers are reported to have flouted rules to make more gains which is matter of grave concern. Investors fear that they too will meet similar fate as those pertaining to Sec 93A. Another major cause of concern is faulty acquisition of land by authorities here. This has been challenged in the court and the decision of the court has gone in favour of the agitating farmers. The sufferers are yet again the poor home buyers, unsuspecting investors. Also late delivery of inventory has been an issue which buyers are grappling with but to no avail. Last but not the least, National Green Tribunal has restricted construction activity in and around areas in the vicinity of Okhla Bird Sanctuary and grant of completion certificate on the premise that there should not have been any construction works within 10 KM radius of the sanctuary as per the laid down norms. In the present day context, as far as newly launched projects are concerned, Noida seems to be a big -no for the first timers – particularly those who living in rental accommodation and simultaneously incurring loan EMIs too and therefore better serves those who are looking for a second home.
However, things are not that bad as is being perceived by the environment. A few setbacks here and there cannot rob Noida of its most favoured residential destination status in North India. Noida still shines because of its unique location, unparallel infrastructural development, multidimensional features of offers launched here. It has an edge over its famous sibling Gurgaon with regard to presence of underground water and next door neighbor like location to capital city of Delhi. Besides, there is little risk in going for 05 to 10 year old properties up for re-sale.
Before signing off, it is pertinent to remind the would be investors/home buyers willing to try their luck in Noida and adjoining areas, that in the aftermath of all that has taken place till date, they are better placed and informed as never before. Therefore before taking the plunge, they can do all that is needful at their end to ensure that their hard earned money is safe.