Noida is no more affordable

By Accommodation Times Bureau

Earlier Noida was understood as the destination for affordable housing but it is not the case anymore. This region has witnessed price appreciation of around 50%.  Noida is slowly transforming into a hub of luxury and high-end projects to give a stiff competition to the neighbouring city of Gurgaon in Haryana. The Noida and Greater Noida authorities have decided to brand the twin cities in the luxury segment with various developers coming up with high class residential and commercial towers in the region.

The chairman of the three authorities of Noida, Greater Noida and Yamuna Expressway, Rakesh Bahadur, said that till now Gurgaon was considered the costliest in Delhi-NCR despite the township lacking in terms of necessary infrastructure and facilities. “Now, Gurgaon will have only one USP, which is close proximity to the airport. As builders are coming up with projects developed by world class agencies, in the next five years, Noida will beat Gurgaon in all respects,” Bahadur said.

High-end buyers are shifting their base from Gurgaon to Noida. World renowned Italian couturier Giorgio Armani is likely to design an exclusive flat in the Supernova project.The cost of one designer flat with an area of 4,000-5,000 sq feet will be around Rs 10 crore. For starters, Raj Kundra has decided to purchase a flat for his wife, Shilpa Shetty, in Supernova. Supertech has also tied up with Leela hotels group to open the first 7-star hotel in Noida.

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