Noida-Greater Noida markets witness rising demand
Noida-Greater Noida region seems to be very promising in the current real estate investment scenario. Owing to lower availability of developable land in Delhi, the peripheral areas like Gurgaon, Noida, Greater Noida, etc. have been seeing more growth.
Noida-Greater Noida
Noida’s main growth aspect compared to that of Gurgaon is its planned development and urban infrastructure, with clear demarcations of different residential and commercial sectors. The planned extensions of Noida region have been witnessing rising number of activities in the residential realty segment in the last two to five years.
The micro-markets witnessing rapid growth in terms of real estate are Noida-Greater Noida Expressway, Yamuna Expressway and Greater Noida West (formerly known as Noida Extension).
Noida-Greater Noida Expressway
Sectors 124 to 144 are present in the Noida-Greater Noida Expressway stretch. Infrastructure and connectivity have been the driving factors for the growth of realty segment in Noida-Greater Noida Expressway.
Noida-Greater Noida Expressway has a good mix of all kind of projects including residential, commercial, retail, healthcare, institutional, etc. However, the stretch has been seeing improved demand for office spaces, mainly because of the less travel time involved in commuting from Delhi.
The residential segment has witnessed over 50 percent hike in the capital values of properties in the last three-four years. Many reputed developers like Ajnara, Supertech, Unitech, etc have been developing residential projects in this part, which include a wide range from affordable to luxury.
As per the new master plan, it is proposed to extend the Metro network and connect Noida and Greater Noida with the developments on the expressway. Moreover, 70 percent of the total development on Noida-Yamuna Expressway is earmarked for green space. With several good initiatives taken in the new plan, it is sure that the micro-market would witness a better and rapid growth in the coming years.
Yamuna Expressway
Yamuna Expressway is emerging as the next big reality hotspot for large scale developments. It has been recording increasing demand from mid-income property buyers.
The proposed Export Promotion Zones, which include Taj Economic Zone along the Yamuna Expressway, will boost up the economic development of this part. The upcoming facilities like Formula One race track, Jaypee Sports City, Night Safari, etc, are likely to bring in faster development.
Yamuna Expressway registered more than 100 percent hike in average residential capital values in the last four-five years. Marking the demand for residential units, in the last four years, around 20,000 residential units have been launched in this area. Also it is estimated that, at least another 12,000 residential units will be coming up in the next five years.
Greater Noida West (Noida Extension)
Greater Noida West is a favourable destination for affordable segment. Five years ago, the properties in Greater Noida West were available at around Rs 1,800-2,000 per sq ft while other regions of Delhi-NCR had been quoting far high rates.
But owing to land issues related to compensation to farmers (earlier landowners), there was a drop in demand for properties in this part in the last few years. However, with the Allahabad high court’s order in October 2011, to get the Greater Noida Master Plan 2021 approved before further construction work is taken up, the micro-market has been seeing major recovery. Buyers and developers have felt much relief with the court order.
Many commercial projects have also been launched which include Imperia, Amrapali Techno Park, Earth Commercial Park, etc. Mixed development projects have also been coming up in this micro-market.
Metro network is also being extended to this part in the next few years, with at least two stations in this part. The Metro line will be extended up to Greater Noida West via Sector 72 to provide direct connectivity to the Sector 32. A 100-metre wide commercial belt has also been planned on one side of the 130-meter road as per Master Plan-2021. Many more developments are coming up which will simultaneously enhance the real estate market as well.
