HomeCURRENT AFFAIRSBUSINESSAffordable Housing: Shift in Real Estate Trends: Decline in Availability of Affordable...

Affordable Housing: Shift in Real Estate Trends: Decline in Availability of Affordable Flats in Noida-Greater Noida

The decreasing interest in one and two-bedroom flats signifies that the dream of owning a flat in the high-rise complexes of Noida and Greater Noida now surpasses the financial means of the middle class.

Affordable Housing: In recent years, the real estate landscape of Noida-Greater Noida has witnessed a significant reduction in the availability of one and two-bedroom flats, once popular choices in the market. Notably, among various new projects and plans approved by the Noida Authority in the last four years, none have sought approval for one-bedroom flats, eliminating this affordable segment. Additionally, only a few builders have sought approval for high-rise two-bedroom flats, indicating a decline in demand for smaller residences. This trend poses challenges for middle-class individuals aspiring to own a home, as affordability diminishes.

Shift in Real Estate Trends

The decreasing interest in one and two-bedroom flats signifies that the dream of owning a flat in the high-rise complexes of Noida and Greater Noida now surpasses the financial means of the middle class. Residents are increasingly choosing compact flats for resale due to the surge in property rates. Over the past four years, all 12 housing projects approved by the Noida Authority predominantly feature layouts for larger flats, including 3, 4, and 5 BHK options, while the count of approved 2 BHK flats barely surpasses 300.

Decline in Availability of Affordable Flats in Noida-Greater Noida

Several factors contribute to the declining demand for smaller flats. Builders find profit margins considerably lower for small flats, leading them to shift focus towards luxury housing options. Moreover, the rising trend of remote work has increased the demand for larger residences, accommodating both professional and personal activities. The diminishing availability of affordable one and two-bedroom flats reflects broader shifts in the real estate landscape, posing challenges for middle-class homebuyers and highlighting evolving preferences influenced by economic and societal factors.

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