Noida Back With A Bang As New Launches Go Up In June

While India's real estate sector is back on its feet, data also indicate a complete recovery for the property market in Noida is imminent. Noida was among the key victims of a slowdown that plagued the country's property markets in the past couple of years.

According to a report by the PropTiger Datalabs, new launches in India's northern and eastern property markets --- Gurgaon, Kolkata and Noida --- saw a monthly increase of 58 per cent in June, with Noida making a “strong comeback”. A majority of these units were launched in Noida Extension and Greater Noida, according to the report.

Among the developers who launched projects in Noida include SKA, Horizon Concept, E3 Inftatech and Nitya. 'Millennium City' Gurgaon, on the other hand, did not see any new launches in June. While this could be attributed to a large inventory pile-up in the city, the lacklustre demand for luxury housing has also curbed new launches in the city. According to another report by PropTiger DataLabs, 40 per cent of the total inventory in the first quarter of the financial year 2016-17 in Gurgaon was in the luxury-housing segment. It is to be noted that the Gurgaon administration had slashed circle rates by 15 per cent across categories to boost demand and the move may yield the results in the coming months.

Property prices in the two cities, however, remained range-bound. While prime localities in Gurgaon did not see any appreciation during the month, prices of key localities in Noida saw an annual decline in the range of one to five per cent.

Property markets in Kolkata, however, did not see any bump in their upwards ride. While the Salk Lake City locality of the city witnessed an annual price rise of 12 per cent, another prime locality Ballygunge saw a price increase of 10 per cent in the same period. On average, localities across the city saw an annual price increase in the range of three to eight per cent in June.