Noida surpasses Gurgaon in apartment launches
The residential real estate market of Noida is on a speedy recovery. In a sharp contrast to the lull that the sector weathered last few years, the city has surpassed Gurgaon in the numbers of fresh launches in last three months.
In a Q3 report released by real estate researchers Colliers International, it shows that 4,000 fresh apartment units have been launched for construction till October 31, as compared to only 1,700 in Gurgaon.
The study has been conducted nationally for last three months for the cities Bengaluru, Chennai, Pune, Mumbai, Noida and Gurgaon.
As per Colliers’ estimates the cumulative launches in Gurgaon and Sohna region together for both Q1 and Q2 was 3,000 units.
“The residential market appears to coming out of the cycle of “low confidence, low investment. We are approaching a favourable period as the government and developers are working together to solve the prolonged issues of the sector. We expect the residential market to witness growth in most cities; mid-segment and affordable projects, with ready to move in options should remain the preferred asset class among home buyers,” Surabhi Arora, Senior Associate Director, Research at Colliers International India, said.