Land Rate Hike Affecting Housing Demand in Noida-Right Time to Invest in Purvanchal Royal City Phase II

Mar 22, 2023

Last year, the Noida Authority decided to increase the land rates in the city by 20-30?ross various categories. This news came after a hiatus of 3 years, bringing a wave of saddened moods for those planning to buy land or property in Noida and Greater Noida. 

Fast forward to today, the news has taken effect, making obtaining a piece of land in the city bank-breaking. Now, if you want to buy a piece of land anywhere in the city, you will need to pay 20-30% more than you would have to pay at the beginning of 2023. That is not to say that this has plummeted the demand for housing in the city. Instead, it has surged the demand for luxury accommodation among families. 

Land Price Hike and Housing Demand

In real estate, the price of land is a crucial factor that determines the value of properties within an area. As the price of land goes up, so does the value of properties. This is because the land is a finite resource, and as its value increases, the demand for property in that area also increases. 

A land rate hike also means that the area is in high demand among homeowners and investors. When the Noida Authority increased the land rates, Noida and Greater Noida became attractive to investors and developers, who are always on the lookout for such areas to invest in for high returns. 

A land rate hike also increases property prices. Developers and homeowners are forced to pay more for the land they wish to purchase. This, in turn, increases the cost of construction. As a result, homeowners are more likely to demand higher prices for their properties to cover the additional cost of construction. This creates a chain reaction of price hikes throughout the area, making properties less affordable for some but more desirable for those willing to pay a hefty amount. 

However, there are still some areas and communities that offer excellent properties for reasonable prices, helping homeowners make their dream of owning a home come true. One such community is Purvanchal Royal City Phase II. 

Purvanchal Royal City Phase II and Affordable yet Luxurious Living

Purvanchal Royal City Phase II is a recently developed residential community in Greater Noida that has gained immense popularity among investors and homeowners lately. Situated amidst the vast expanses of green patches, it offers luxury living without putting pressure on your budget. In under 1 Cr, you can buy a 2 or 3BHK, fully furnished apartment, and live your life king size. What’s more, the community is also home to a roof-top swimming pool, fitness center, meditation center, community center, senior center, kid zone, theater, and whatnot. Plus, it has top schools, universities, healthcare facilities, Jewar airport, and other public facilities in proximity, offering an easy and convenient life. You can also reach Noida and Delhi within minutes via the expressway. 

If you are looking for a home in Greater Noida, now is the right time to invest in Purvanchal Royal City Phase II and save yourself lakhs of rupees.