Impact of Gurugram's Circle Rate Hike on Noida Real Estate
What is the impact Of Gurugram's Circle Rate Hike On The Real Estate Of Noida
Recently, the Gurugram Authority decided to increase their circle rate upto 30 percent starting from December 1, 2024. The significant increase in prices has led to a surge in the cost of property in Gurugram, prompting buyers to shift to other developed regions with more affordable options, such as Noida, due to the increased cost of property acquisition.
Gurugram's new circle rate
Gurgaon will see a 10% to 30% increase in circle rates from December 1, 2024, to March 31, 2025. On Golf Course Road, the circle rate for luxury properties like DLF Aralias, DLF Magnolias, and DLF Camellias will rise by 30%, from Rs 27,500 to Rs 35,750 per square foot. Other upscale areas like Laburnum, La Lagune, and The Palm Springs will also have a 30% hike.
In areas like Farrukhnagar, the increase for agricultural, residential, and commercial properties will be 10% to 20%. Sohna Road will see a 10% to 15% increase for residential properties.
In places like Suncity, the gap between market prices and circle rates is large. For example, the market price is Rs 3.5 lakh per sq yard, while the circle rate is Rs 1.3 lakh per sq yard for residential plots. For apartments, the market rate is Rs 20,000 per sq ft, while the circle rate is Rs 12,870 per sq ft.
Commercial properties on Sohna Road and Golf Course Extension Road will have a 9% to 15% hike, while in Manesar and on the Dwarka Expressway, the increase for both residential and commercial properties will be between 10% and 20%.
You can also check the comprehensive article on Gurugram's New Circle Rate.
What will be its impact on Noida real estate?
The increased circle rate in Gurugram caused a significant spike in property prices. The sentiments of buyers and investors, therefore, will shift towards the equally developed but more affordable region, Noida.
Why will buyers shift towards Noida?
Gurugram has already hit its peak property prices. Property in Gurugram is now beyond the reach of both buyers and investors. Despite being one of the most developed regions in India, boasting multinational companies and modern infrastructure, the city still grapples with issues such as waterlogging, traffic jams, and poor air quality. Poor infrastructure management and lack of planning during development are to blame for all these problems.
Noida boasts a well-planned infrastructure, modern amenities, and exceptional connectivity both within and beyond the city. Noida serves as a hub for major multinational corporations, including Microsoft, Samsung, HCL, Google, Infosys, Paytm, PhonePe, and numerous others.
Amazing upcoming developments in Noida
Not only is Noida the most affordable option, but it also boasts superior infrastructure compared to Gurugram. Imagine living near Film City, Asia's largest international airport, and an international cricket stadium. Indeed, it's a veritable utopia. But Noida has all these:
• Jewar Airport
• Noida Film City is on the Yamuna Expressway.
• And Noida International Cricket Stadium
• Buddha International Circuit (F1 Racing Track)
• Rapid Rail Corridor
• The only city with six expressways
• Rapid Rail Corridor
Owing to these well-known developments, Noida has significantly outperformed Gurugram in terms of physical infrastructure. The only advantage Gurugram has is its as a cyber city, while Noida is poised to become the largest hub of MNCs due to ongoing developments.
Price in Noida and Gurugram
Gurugram
Average Property Prices: Prices in Gurugram vary significantly depending on the locality. For instance, premium areas like Golf Course Road can see prices as high as 24,900 per sq. ft. Other areas, like Sector 63A and Sector 76, have prices ranging from 18,900 to 13,900 per square foot.
Recent changes: Due to high demand, circle rates in Gurugram have recently increased by 10% to 30%. We expect this hike to impact property registrations and overall costs.
Noida
Average Property Prices: In Noida, property prices also vary by locality. For example, areas like Sector 137 and Sector 150 have average prices around 6,000 to 7,000 per sq. ft.
Recent Trends: Noida has seen a steady rise in property prices due to ongoing infrastructure development and increasing demand.
Source: Hindustan Times and 99 Acres
Buyers' sentiments are shifting towards Noida due to its impressive development plans, excellent connectivity, outstanding projects, lush greenery, reduced traffic congestion, and significantly more affordable units compared to Gurugram.
However, Gurugram is also better, but only if you want to spend crores; Noida gives you all these features, even additional amenities, at a significantly lower cost than Gurugram.
The future is here in Noida. The development plans and affordable property show that Noida will surpass Gurugram real estate soon.
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