Greater Noida West realty update
Greater Noida West, formerly known as Noida Extension, is located on the eastern part of the national capital Delhi. The area is a planned development providing various residential options to the people of all classes. The region includes planned IT Parks, many residential projects, group housing projects and institutional projects.
Location and Connectivity
Greater Noida West is strategically located with Noida and Delhi towards its West, Ghaziabad in the North, Greater Noida in the South and the national highway 91 (connecting Ghaziabad to Kanpur, UP) on its eastern part.
Delhi is located at around 30 km from this place while Noida sectors 123, 121 and 119 are located at less than 5 km from Greater Noida West. Ghaziabad is located at around 9 km and Faridabad is at around 37 km.
Greater Noida West can be easily accessed from Delhi either by the Delhi-Noida Expressway through the Noida-Greater Noida Link road or by the National highway-24 through Dundahera. It has good connectivity to other NCR regions through major roads like Noida-Greater Noida Link road, DND Expressway, Yamuna Expressway, NH-24, NH-91 and Dadri Road. The Link road between NH-24 and Greater Noida will boost the connectivity of this region.
Metro Connectivity
As of now, the existing metro station close to Greater Noida West is Noida City Center, located at around 10-15 km. The existing metro line till Noida City Center will get two extensions, one to Sector 62 near National Highway 24 and the other till the Knowledge Park IV in Greater Noida.
Though there is no metro line proposed in Greater Noida West currently, the residents will get better access with the proposed metro stations at Knowledge Park 4, Pari Chowk and Sector 62 among others.
Location segregation
Spreading across 3,635 hectares, the region is divided into sectors including Sectors 1, 2, 3, 4, 10, 12, 16B, 16C, Knowledge Park 5, Techzone, etc. There is about 22 percent green area in Greater Noida West. Greater Noida West is comprised of 16 villages including Bisrakh Jalalpur, Patwari, Haibatpur, Ithaira, Roza Yakubpur, Aimnabad, Vaidpura, Bhanauta, Jalpura, Tusyana, among others.
Around 2,200 acres of land was allotted to developers by the government which was acquired by farmers at cheap rates and some part of the land was sold to various builders for development.
What triggered realty growth?
During 2009-2010, Greater Noida West was offering residential units at around Rs 2,200 to Rs 3,000 per sq ft, while properties in Noida, Gurgaon and Dwarka were priced around Rs 4,000 to Rs 4,500 per sq ft. This affordability factor attracted many buyers and investors to this part of the NCR and many projects were launched at that time.
Another advantage of this location is the proximity to many developed sectors of Noida like Sectors 121, 62 and 63. They are important as they are prime commercial hubs and also since they lie along the proposed metro connectivity link.
Farmers’ allegation in Greater Noida West
The region, which was witnessing huge real estate demand, had come under litigation in May 2011, when Allahabad High Court had directed to stop all construction activities due to allegations from farmers, who were the original land owners. Around 50 residential projects worth Rs 37,500 crore were halted following the court order. In August 2011, Patwari villagers agreed to an additional compensation of Rs 550 per square metre (earlier, in 2008, the farmers sold the land at Rs 850 per sq m). But other villagers did not agree to this rate and had demanded for market value for their land chunks. Land price per sq m during that time in Noida was about Rs 70,000 per sq m while the farmers in nearby Noida Extension had only got Rs 850 per sq m.
The farmers further moved the case to Supreme Court, which directed to pay 64.7 percent additional amount and 10 percent of the developed plot to the landowners as compensation for their land. After this, the Greater Noida Industrial Development Authority (GNIDA) ordered the developers to resume construction work in Greater Noida West.
The real estate in Greater Noida West picked up speed after the Supreme Court judgement. The projects in Greater Noida West witnessed over 30 percent appreciation in the last two quarters of 2012.
Key projects and Developers
Some of the renowned developers developing projects in Greater Noida West include Amrapali, Ajnara, Gaur, Supertech, Mahagun, Antriksh Group, etc. To name some of the important projects, there are- Gaur City, Mahagun Mywoods, Amrapali Dream Valley, Amrapali Golf Homes, Panchsheel Greens, etc.
