Noida & Greater Noida to Get another Facelift!

The twin cities of Noida and Greater Noida are two prominent real estate markets in Delhi NCR. While proximity to Delhi helped these markets to score positive on the realty graph, the pace at which the infrastructure has developed is nothing short of remarkable.

Thus, keeping the growth and returns aspect in mind, the Uttar Pradesh government which has already been doing a great deal for the regions came up with another booster shot. Mammoth budget of Rs 7,000 crore has been announced for the infra-projects in the two cities. This budget is likely to be used for metro line from Noida to Greater Noida, underpasses, flyovers, elevated roads and also affordable housing schemes. Interestingly, the list does not end here! The chief minister of UP is likely to inaugurate more projects in these region in the near future.

The efforts of the state government and realty sector have greatly impacted the buyers. Recently, commonfloor conducted a survey titled, “Delhi-NCR: Investing in Current Scenario”, in which consumers were asked to pick a city that they would like to invest in. Interestingly, for a whopping 41 per cent, Noida was their first choice, while Greater Noida evolved as the third most preferred city out of the seven given options.

So, what’s available in these two markets?

In the below infographic, all the data has been considered from December 2014 to February 2015. 

Expert Opinion

Rajesh Goyal, MD, RG Group

“It has been historically proven that transport infrastructure has had a positive impact on the real estate sector; Delhi has undergone phenomenal transformation owing to the sound infrastructure development that the city saw in past one decade. We are exuberant that now the same focus has been given to Noida and Greater Noida too- with a new housing scheme, better metro connectivity, new underpass and flyovers in the pipeline, Noida and Greater Noida promise huge scope for growth.”

Ashok Gupta, CMD, Ajnara India Ltd.

“The plan is very well laid down with good allocation of funds for infrastructure. As Noida was becoming congested, underpasses and flyovers were becoming need of the hour. Connecting Greater Noida with metro was again very essential to increase the customer footfall for the region which will boost the real estate market as well. The twin cities are ready for a makeover which was extremely important for real estate revival of NCR as well.”

Mahipal Singh Raghav, CMD, MMR Group

“After DDA and HUDA, it is good to hear that UP government is also planning for affordable housing schemes and 2,000 units planned for EWS and LIG, this shows the government is well in sync with Housing for all plan as well. The infrastructure plan looks as well.”

The Road Ahead…

• The UP CM will inaugurate projects costing Rs. 1,200 crores for Noida region, which will include 2,000 EWS and LIG flats across sectors 116, 117 and 118. The projected cost will be somewhere around Rs. 200 crores.
• Apart from metro line extension and housing scheme; which are expected to be the highlights of this project, 3 underpasses in Noida including one near NTPC and Uflex are planned along with flyovers on Noida – Greater Noida expressway near sector 142.
• An elevated road from Rajnigandha to Sector 56 in Noida is also on the list of to dos.
• Moving to Greater Noida, apart from the metro project which itself is estimated to cost Rs. 5,000 crores, a heliport and a solar power plant is also on the objective lists.