Must-Know Facts About Properties in Noida

A slowdown in the realty sector across the country has had a negative impact on an otherwise-healthy National Capital Region (NCR). In the region, Noida accounts for the largest number of inventory. This may look like an ideal situation from a buyer's perspective. However, before you decide to buy a property in Noida thinking it may come cheap, here are some fact that you need to know:

Touching base

Noida is a well-known premium locality. Luxury homes in Noida attracts international buyers and Non-Resident Indian (NRI) home seekers. Last year, however, most of the demand was dominated by buyers looking for homes in Rs 25-50 lakh range. This section accounted for 68 per cent of the total realty demand in the city. The demand for homes over Rs 1 crore in Noida was as low as four per cent. It shows middle-class home buyers are now eyeing Noida.
In the near future, the number of affordable homes in Noida may go further up, as the Industrial Development Authority has launched as many as 2,800 units. These homes are currently under-construction.

Trouble in the castle

Noida's real estate has been in the news for some time now, and mostly for wrong reasons. Home buyers here have been on tenterhooks for years due to a number of legal battles and other controversies.
In 2011, some farmers moved the Allahabd High court, alleging their lands were being forcibility taken by the state government, without paying fair compensation. The Supreme Court recently closed ordered the Noida authorities to compensate the farmers, allowing home owners to heave a sigh of relief.

In another case, construction around the Okhla Bird Sanctuary saw a major hit when the National Green Tribunal's directed the Noida authorities to stop issuing completion certificates to buildings in 10-kms radius of the sanctuary. However, the Central government later reviewed this decision and allowed construction beyond a 100-metre radius.

There have been many cases of buyers suffering due to delay in projects or legal disputes associated with a specific projects.

Cleaner & Greener

When it comes to the cleanliness and green quotient, Noida is far ahead of its closest competitor, Gurgaon. In a list of clean cities prepared by the Ministry of Urban Development recently, Noida stood at the 17th position, while Gurgaon came 87th.

City residents are also working towards improving the area, with the Federation of Residents Welfare Association of Noida undertaking weekly cleanliness drives. With a record number of waste water treatment plants, sewage-treatment plants, organised garbage collection systems, and rainwater-harvesting projects, the city is committed to keep it clean and green.

Vegging out

Noida may be known for its high-rises but the city also provides space for gardening. Being placed at the banks of the river Yamuna, this area into a fertile zone and has a lot of scope for farming. It is a common practice among home owners turning their backyards into kitchen gardens in the area. You see brinjals, onions, tomatoes, cabbage and broccoli all grow here, upping the town's green quotient.

(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities.)