Greater Noida Authority’s focus on infrastructure good for realty market
In the latest board meeting, the Greater Noida Authority took a slew of decisions for the infrastructural development in the region. The Authority has set a whopping Rs 2,200 crore as Greater Noida’s share for the Jewar airport project; Rs 460 crore has been allocated for health and urban services with an eye on Swachh Survekshan.
It is apparent that the focus is to improve the livability index of Greater Noida. The cleaner Greater Noida would be a lucrative option for the realty seekers and add feathers to the increasing popularity after the announcements related to Jewar Airport and Film City. The Authority said that the budget will be used to process construction and demolition waste, remediation of waste generated, mechanical and manual sweeping, and centralised and decentralised waste management system.
The city’s overall budget for this year includes Rs 900 crore for development and construction, Rs 210 crore for smart village development, Rs 75 crore for the metro rail project, Rs 100 crore for stadium and sports facilities, and Rs 25 crore for community centres and multipurpose facility development.
The Greater Noida Authority board meeting has been fruitful for the real estate sector as many issues will get solved. The decision was taken to reduce transfer charges that will provide a boost to the resale market. The transfer charges were reduced from 5 per cent to 2.5 per cent for residential land, built-up houses, shops/kiosks; the charges have been fixed at a maximum of one per cent to 2.5 per cent for flat buyers. The decision will give a boost to the resale market in the region. The sector needs constant support from the authorities, especially in the current challenging conditions.
The latest decision by the Authority will boost the real estate market in this region. The reason for Greater Noida doing well is the image it has earned among the middle class and upper middle class over the years; the same working-class realized the importance of a real estate asset during the pandemic, and hence they started looking for the same in this area. In the coming months, we expect a massive response in the residential segment here as the momentum is unlikely to die down due to the continuation of the low home loan interest rates regime.
The market in the region is phenomenal, and after the pandemic situation, the sales in the commercial and residential segment have witnessed a marked change here. There are offers in the market that are being extended to ease the burden on the buyers in these challenging times; the news of further improvement in Greater Noida’s infrastructure bodes well for the realty market.