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Greater Noida Authority’s focus on infrastructure good for realty market

At the last board meeting, the Greater Noida Authority made a series of decisions for infrastructure development in the region. The Authority has set a whopping 2,200 million rupees as part of Greater Noida for the Jewar airport project; Rs 460 million has been allocated to urban and health services for Swachh Survekshan.

Authored by: Mr. Harvinder Singh Sikka, MD – Sikka Group

Mr. Harvinder Singh Sikka-MD-Sikka-Group
Mr. Harvinder Singh Sikka, MD – Sikka Group

At the last board meeting, the Greater Noida Authority made a series of decisions for infrastructure development in the region. The Authority has set a whopping 2,200 million rupees as part of Greater Noida for the Jewar airport project; Rs 460 million has been allocated to urban and health services for Swachh Survekshan.

Clearly the goal is to improve Greater Noida’s livability index. Cleaner Greater Noida would be a lucrative option for real estate seekers and add feathers to the rising popularity following the Jewar Airport and Film City related announcements. The Authority said that the budget will be used to process construction and demolition waste, remediation of generated waste, mechanical and manual sweeping, and a centralized and decentralized waste management system.

The city’s general 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 project, Rs 100 crore for stadiums and sports facilities and Rs 25 crore for community centers and development of multipurpose facilities.

Also read: Real Estate market remain stable in Noida

The Noida Greater Authority board meeting has been fruitful for the real estate sector as many issues will be solved. The decision was made to reduce transfer fees that will boost the resale market. Transfer costs were reduced from 5 to 2.5 percent for residential land, urbanized housing, shops / kiosks; charges have been set at a maximum of one percent to 2.5 percent for home buyers. The decision will give a boost to the resale market in the region. The sector needs the constant support of the authorities, especially in the current difficult conditions.

The latest decision of the Authority will boost the real estate market in this region. The reason Greater Noida is doing well is the image it has built 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 therefore began to look for the same in this area. In the coming months, we expect a massive response in the residential segment here, as momentum is unlikely to diminish due to the continuation of the low-interest rate regime on home loans.

The market in the region is phenomenal, and after the pandemic situation, sales in the commercial and residential segment have witnessed a marked change here. There are offerings on the market that are being expanded to ease the burden on buyers in these tough times; The news of further improvement in Greater Noida’s infrastructure bodes well for the housing market.

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