The property market of Delhi-NCR i.e. National Capital Region is currently at the peak of fast. Especially after the Kovid epidemic, home and land prices have reached record levels in major cities – Noida, Gurugram, Faridabad, Ghaziabad and Greater Noida. In the last six years, as fast as real estate has risen, it has never been seen before.
Experts say that this trend may continue in the coming years as governments are continuously investing in infrastructure and connectivity. Due to this, the demand for property is also increasing rapidly, and the rise in prices is bound.
Which cities of Delhi-NCR have become the most expensive?
Buying a house is becoming a dream for a middle -class family in Delhi and adjacent cities. Property prices inside Delhi were already touching the sky, but now land and flats are also being sold for crores in suburbs like Ghaziabad, Noida, Greater Noida, Gurugram, Faridabad and Sonipat.
The prices of 3BHK flats at the premium location in Gurugram and Noida have reached Rs 1.5 to 2 crore. At the same time, it was not easy to buy land at a good location in Faridabad and Sonepat. The dream of living in these cities is now limited to investors and high income groups.
Noida: Property getting expensive due to UP government policies
Noida, which is the fastest developing city in Uttar Pradesh, will see a clear increase in property prices in the coming days. The UP government is preparing to amend the land prices in Noida to further strengthen infrastructure, provide facilities like smart cities and attract investors.
The state government presents a “Union Budget of UP” every year, in which Noida is getting special priority. The city has become real estate hotspot with projects such as metro expansion, jewelry airport, industrial corridor, and high-tech connectivity in Noida.
Budget increase: Noida will get infrastructure boost
The budget of Noida Authority can reach Rs 7,000 to 8,000 crore this year, which will be about 10% more than the previous year. A large part of this budget will be spent on basic facilities like road construction, traffic management, water-electricity. This will directly affect the prices of the property, as better facilities and rising demands take the prices up further.
The budget also includes a proposal to increase the prices of residential, industrial and institutional plots. As soon as this proposal is passed, the real estate sector in Noida is ready to take a more jump.
Estimates of increase in flats and plots rates by 5-7%
This time the rates of flats, residential plots, and industrial plots may increase in Noida. According to the information:
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Residential plots rates can increase by 4-5%
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The rates of industrial and institutional plots are expected to increase by up to 7%
This change will not only affect the builders, but will also be challenging for middle class buyers planning to buy flats.
Prices of 100 yards land above 83 lakhs
The prices of land in Noida are increasing day-to-day, night-fourth speed due to Jewar Airport, Noida International Airport, Yamuna Expressway, and many big projects. Currently, the price of a 100 yards of land in Noida has reached around ₹ 83,50,000. Real estate experts believe that as the work of the airport and corridor will be completed, prices will increase further.
All these factors can be said that property investment in Noida and other cities of NCR can prove to be very expensive, but a beneficial deal in long -term.
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