Now Noida and Ghaziabad is booming in real estate market because of many upcoming project like Wave City and all. But before investing you should definitely pay a visit to the project sites in which you are willing to invest.
Choosing area depends on your budget. But then Noida is a good bet. Go for projects in Sector 77 etc and Sector 18 and Sector 32. Check the developers background first.
According to me, such major decisions have to be taken by paying a personal visit to project locations of your choice. It is good to enter in the residential flats adjoining the Yamuna expressway and in Greater Noida but beware of the builders who have credit crunch. If you want to invest then opt for ready to use flats. If you invest in a ready possession property, returns over 3 years period would be about half of what you get in case you invest in an under construction project. Invest in an under construction project, which has huge chance that possession would be offered in time. Now Faridabad and Ghaziabad is also booming in real estate sector.
Noida Extension has lower prices with a lot of potential for appreciation. Even Faridabad looks interesting due to its proximity and road connectivity to Delhi.