Out of India’s key property markets, Delhi-NCR experienced the highest increase at 16% compared to the last year’s figures in residential property prices. Consequently, the Noida property market is at an all-time high with rising demands and equally elevated prices.
Besides housing prices, the demand for spacious and luxury homes continues to rise. Plus, there is a massive growth in residential sales even though the mortgage rates are high. According to CREDAI-Colliers-Liases Foras report, prices of residential properties increased by 8% from a year ago during the first quarter of 2023 ending March.
The rising material costs, coupled with increasing demand, led to notable increments in housing prices.
But rest assured that the prices of residential properties will keep rising since homebuyers have shown a clear intent to invest or buy luxurious and spacious apartments offering several amenities to lead a comfortable lifestyle.
Experts believe that residential real estate in India triumphed in the post-pandemic era because of the following reasons:
- Increased preference for home ownership among people
- Quality supply of houses and apartments
- The improved spending power of buyers
In an attempt to tap the increasing demand, top real estate builders in India, began launching and developing residential and commercial projects in the top eight cities of the country.
What are the factors driving the demand in Noida’s property market? Various development projects continue to attract more people looking for homes in Noida to settle in India’s upcoming economic hub.
Let’s talk about some of the planned development projects in Noida that will contribute to its progression in the real estate market.
World’s Longest Pod Taxi Service in Noida
The ongoing development projects confirm that Noida is on its way to becoming an economic hub. After beginning the construction of the Noida Film City and Jewar Airport, the authorities have plans to launch the world’s longest pod taxi service or driverless personal rapid transport (PRT).
If you’re wondering, the pod taxi service will facilitate connectivity between the Noida Film City and Jewar Airport. In addition to this, the inauguration of the service will prove beneficial for the Noida property market in the short and long run.
Source: Business Today
Here are a few important key points related to the planned pod taxi service in Noida:
- The pod taxi project is budgeted at Rs 810 crores
- The route between the two destinations, Noida film city and Jewar Airport will be 14.1 km
- The pod taxi will pass through Noida sectors 28, 29, 31, and 32
- Four to six passengers can easily fit in one car
What’s interesting to note here is that this is an incredible initiative to add convenience to the lives of Noida’s residents. Moreover, the pod taxi service will be eco-friendly, leaving no carbon footprint. Don’t forget that this could turn out to be significantly cost-effective for many passengers.
Before you ask, the work on turning this proposed commuting service into a reality is yet to begin.
Needless to say, people living in the nearby areas would find this pod taxi service exceedingly favourable. People employed in offices at ACE 153 and others living in the vicinity of sector 153 Noida could avail the taxi service to go home after work and vice versa.
It is safe to expect that the prices of residential and commercial properties in Noida will increase once the pod taxi service is launched; streamlining the daily commute of thousands of passengers.
YEIDA To Develop BRT System From Noida Airport
Adding to the list of modernised and costly development projects, YEIDA is planning to develop a BRT (bus rapid transit) system for a smooth commute from Noida Airport to the rest of the NCR.
Interestingly, the authorities have picked RITES Limited to study the system and help develop it successfully. The final report will be submitted in the next 2 months, after which the work on the BRT system is expected to start.
According to the Chief Executive Officer of YEIDA, the plan is to offer multimodal connectivity from Noida Airport to NCR. The BRT is aimed at improving transportation in Noida and the nearby areas of the Noida airport.
The BRT will bring a top-notch dedicated corridor for an efficient and speedy commute in the surrounding region of the airport. The authorities will also construct dedicated lanes for cyclists, motorcyclists, trams, pedestrians, and busways.
The BRT system will be built between the sector road and the Yamuna Expressway’s service road. Officials are confident that the BRT system will thrive in Noida, ultimately helping local commuters use bus/tram services without any difficulties.
Are you looking for a luxurious residential project near the Yamuna Expressway? Find your ultimate dream destination at ACE Divino. This residential project embodies a contemporary lifestyle with premium amenities and comfort that are expected from a luxurious residential project in Greater Noida West.
Did You Know?
The average flat size in Delhi-NCR increased from 1,250 sqft in 2018 to 1,700 sqft in the first quarter of 2023. Reports from property consultant Anarock confirm that the flat size in the Delhi-NCR region has increased significantly compared to other areas in the past few years.
While this trend is a clear indication of changing consumer needs in the real estate sector, it also shows that Indian real estate developers are responding well to the increased demand for bigger homes in the region.
For more details about ACE Divino, Contact ACE Group today.
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