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Business News/ Photos / The ghost societies of Greater Noida

The ghost societies of Greater Noida

With prices and rents in a slump, the real estate dream of the Delhi suburb has crashed. There are lessons here for other Indian suburbs as well

MU sector in Greater Noida. Photo: Pradeep Gaur/mint

1/10MU sector in Greater Noida. Photo: Pradeep Gaur/mint

While glossy brochures, full page newspaper ads, TV commercials and fancy model flats were used to pull in buyers, the reality today looks very different. Photo: Pradeep Gaur/Mint

2/10While glossy brochures, full page newspaper ads, TV commercials and fancy model flats were used to pull in buyers, the reality today looks very different. Photo: Pradeep Gaur/Mint

Empty houses, parks, roads, shopping malls all tell the Greater Noida ghost town story. Huge sums of money invested in a mall to recreate the waterways and gondolas of Venice now has some five desultory people walking about the huge mall. Photo: Pradeep Gaur/Mint

3/10Empty houses, parks, roads, shopping malls all tell the Greater Noida ghost town story. Huge sums of money invested in a mall to recreate the waterways and gondolas of Venice now has some five desultory people walking about the huge mall. Photo: Pradeep Gaur/Mint

Though basic infrastructures like roads, drainage system, parks, community center all are in place, few people are living in most of the societies of Greater Noida. Pradeep Gaur/Mint

4/10Though basic infrastructures like roads, drainage system, parks, community center all are in place, few people are living in most of the societies of Greater Noida. Pradeep Gaur/Mint

A mix of a lack of job opportunities, distance from Delhi and Gurgaon, lack of transport infrastructure, all add together to make this area a ghost town. Photo: Pradeep Gaur/Mint

5/10A mix of a lack of job opportunities, distance from Delhi and Gurgaon, lack of transport infrastructure, all add together to make this area a ghost town. Photo: Pradeep Gaur/Mint

The row houses and low floor buildings with small apartments build and allotted by government under various housing schemes during the last decade are still looking for first occupants. Photo: Pradeep Gaur/Mint

6/10The row houses and low floor buildings with small apartments build and allotted by government under various housing schemes during the last decade are still looking for first occupants. Photo: Pradeep Gaur/Mint

Many houses are already in such a dilapidated condition that they need to be rebuilt from scratch, before someone can live in it. Out of every five house in sector MU 1, four are vacant. In night you can see lights in very few houses. Photo: Pradeep Gaur/Mint

7/10Many houses are already in such a dilapidated condition that they need to be rebuilt from scratch, before someone can live in it. Out of every five house in sector MU 1, four are vacant. In night you can see lights in very few houses. Photo: Pradeep Gaur/Mint

Many houses are owned by investors and brokers, who don’t want to bring down prices. Photo: Pradeep Gaur/Mint

8/10Many houses are owned by investors and brokers, who don’t want to bring down prices. Photo: Pradeep Gaur/Mint

If you are stuck in such a project, you should cut your losses and sell. Photo: Pradeep Gaur/Mint

9/10If you are stuck in such a project, you should cut your losses and sell. Photo: Pradeep Gaur/Mint

A rough rule of thumb is this: if the rent from your property is less than 60% of your EMI, sell. If the rental yield (annual rent divided by property value) is less than 4%, sell. Photo: Pradeep Gaur/Mint

10/10A rough rule of thumb is this: if the rent from your property is less than 60% of your EMI, sell. If the rental yield (annual rent divided by property value) is less than 4%, sell. Photo: Pradeep Gaur/Mint

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