Infrastructure and Connectivity boosts Greater Noida real estate

Greater Noida is developed by the Greater Noida Industrial Development Authority (GNIDA). It is an extension of Noida, and are together referred to as twin cities. According to GNIDA’s plan, Greater Noida is supposed to offer better infrastructure and excellent growth across industrial, residential, commercial and educational sectors.

The planning of GNIDA for the development of Greater Noida is worth appreciable. The twin cities Noida and Greater Noida are luring investors from many regions.

Greater Noida is witnessing unprecedented growth in terms of various sectors. Besides seeing extensive growth in the industrial sector, it is a home to many Indian and foreign MNCs besides several industry players.

Location

Greater Noida is situated on the South western part of the national capital region (NCR). Delhi, located at 40 km from Greater Noida, can be easily reached through the Noida-Greater Noida expressway.

Greater Noida is adjacent to Noida which is one among the largest industrial townships in Asia. GNIDA’s Action Plan and execution is at par with the global standards and aims towards speedy growth of industrial, institutional and IT sectors in the country.

Connectivity

As mentioned earlier, Greater Noida is just next to Noida and is well-connected to Delhi. The Yamuna Expressway connects it to Agra and provides easy access to many other cities in UP. Ghaziabad is at 29 km from Greater Noida, Faridabad is at 45 km and Gurgaon is located 67 km.

The region is well-connected to various parts of NCR through the Delhi-Noida Expressway, Noida-Greater Expressway, Yamuna Expressway and Dadri Road. The connectivity of Greater Noida is further getting elevated with a new connectivity project. A 22 km-long link road has been planned between Greater Noida and Ghaziabad which connects the active Zeta sector in Greater Noida with the Vijay Nagar Bypass on NH-24.

A proposal for fast Metro train project has been proposed between IGI airport to Greater Noida via Bodaki, Pari Chowk, Expressway’s Sector 93 to Badarpur and Chhatarpur has recently been approved and is expected to be completed by 2021. The construction of the much-awaited Noida-Greater Noida Metro line will shortly be started by the newly formed Noida Metro Rail Corporation (NMRC). The ambitious Eastern Peripheral Expressway will highly boost the connectivity of Greater Noida.

Infrastructure development

Many world-class projects including the 1,483 km-long Delhi Mumbai Industrial Corridor (DMIC), a night safari, industrial and investment zones, expressways, a transportation hub, plans to decongest traffic, a mega rail terminal, etc, are in the pipeline for Greater Noida.

Noida and Greater Noida currently have development projects worth Rs 3,337 crore. Other key projects coming up in Noida and Greater Noida include- two new affordable housing projects, a government inter college for girls, a medical university, a 200-bed district hospital along with a trauma center and a state-of-the-art sewerage treatment plant (STP).

With two state-of-the-art medical institutions including a pediatric institute in Noida and a medical university in Greater Noida likely to start functioning this year, the twin cities are expected to flourish as a medical hub too.

To overcome the power shortage issues in Noida and Greater Noida, power sub-stations have also been planned in many sectors. Construction of underpasses at some of the busiest intersections is also in the pipeline.

Extension of Greater Noida

With the draft plan for the extension of Greater Noida up to 94,000 hectares being approved, Greater Noida will become one of the largest townships in the Delhi NCR. This will further boost the city’s development and lure more and more investors and developers to this region.

Currently, Greater Noida is sprawling across 36,000 hectares and as per the draft plan, another 58,000 hectares will be added to it. As per the Master Plan-2021, there were 124 villages while there are 188 villages getting added in the Master Plan-2031.

Real estate growth

Greater Noida real estate driven by investors has been witnessing significant growth. The demand is mostly observed by low-ticket investors. However it is not limited to investors alone as end-users have also been buying properties.

Greater Noida has observed a healthy price hike mainly due to the availability of affordable investment options. The prices of properties in Greater Noida have hiked by around 16 percent in the past one year. The average price per sq ft for properties in Greater Noida ranges between Rs 4,200 to Rs 4,700.

Many leading developers including DLF, Jaypee, Gaur, Omaxe, Parsvnath, Supertech, Eldeco, Ansal, Unitech, etc are developing projects in Greater Noida. Some of the residential projects include- Parsvnath Panorama, Jaypee Greens Spa Court, Czar Villas, Golf Country, Galaxy Royal, Dream Valley, Eldeco Mystic Greens, Green Avenue, etc.

Greater Noida Authority is also developing 7,200 affordable’ residential units in ground+ 3 formats with each flat having over 29.76 square metres. Another project comprising 4,425 affordable homes in Sector 18, each of which will be priced at Rs 7.75 lakh has also been proposed.

The link road connecting Greater Noida and Ghaziabad is likely to boost the realty market in Greater Noida with improved connectivity. Already many commercial and residential projects by developers have been started in these areas. Mainly, in Greater Noida, already there is a large number of 2BHK and 3BHK economy apartments under construction.

Many real estate experts opine that the Greater Noida realty market is expected to boom in the next few years while some others say that the market would remain slow until the development projects like the DMIC, Metro, etc start progressing. About 25 to 30 percent growth is estimated annually, but the city has not been meeting this expectation. The property market of Greater Noida has witnessed around 1.50 lakh housing units since 2007, of which only 90,000 units have been absorbed while 40 percent of it is remaining unsold. The developments happening in Greater Noida are likely to increase the cost of properties in this region and therefore, it is now the right time for people to invest in the area and reap the initial benefits.