The Next Real Estate Boom Town: Greater Noida

March 29, 2008	(4 votes, average: 3.75 out of 5)  Loading ...
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Greater Noida will soon dethrone the king of real estate “Gurgaon” in the NCR region and take the hot seat. The Greater Noida Authority is revamping the civic amenities and other infrastructural facilities. Much awaited projects like the international airport at Jewar and 160-km long Noida-Agra Taj Expressway will help in the fast-track growth of the twin cities.

The twin cities offer an entire range of property-options to choose from. The development of Greater Noida Phase-II, spread over 55,000 hectares (which includes 1890 villages), will further lead to an expansion of these cities. The said phase would have 41% area earmarked for greenery, 12% for recreational facilities, 13% for residential, 2.5% commercial, 3.9% institutional and 18.9% devoted for the airport. Also, after completion, the 1483 km long Delhi-Mumbai Industrial Corridor will mark a watershed in connectivity.

This Indo-Japanese project is expected to be completed by 2012. Apart from this, a mega rail-corridor will start from Boraki near Dadri. Foreseeing a surge in demand for office space, many real estate developers have launched various residential and commercial projects at Noida and Greater Noida.

Will this mark the beginning of a shift of the development-axis of builders from Gurgaon to these twin cities? “Every township has its pros and cons. Every township grows and reaches its peak of development and there is stagnation at the top. Gurgaon is passing through stagnation phase.

It grew and grew and left proper planning far behind. Gurgaon boomed in record time. Offices and commercial space came up overnight without any planning or proper infrastructure. Everything was done in a haphazard manner.

Therefore, it’s paying the price for it now,” says M S Aggarwal, managing director, MSX Developers Pvt Ltd. “Moreover , commercial lease rentals in Noida and Greater Noida are at least 40% lower than those in Gurgaon,” he adds.

The UP chief minister’s push for a second international airport at Greater Noida may come as a shot in the arm for realty players. Real estate analysts expect capital value of existing residential, commercial, retail and hospitality projects in Noida and Greater Noida to appreciate in the short term.

The capital price of residential property in greater Noida varies from Rs 23,000 to Rs 28,000 per sq meter, while rentals vary from Rs 2,500 to Rs 8,000 per month. In the relatively posh localities like Alpha, Beta and Gamma, a 3BHK built in area of 200 sq m is priced at Rs 27,000 per sq meter. The 8-lane Expressway connecting Noida-Greater Noida to Agra promises to put the twin cities’ real estate on fast track.

Special economic zones (SEZs), hotels, and commercial and residential complexes coming up on the Noida-Greater Noida Expressway offer great scope for strong and sustained growth for all real estate segments. There are 40 sectors along the expressway that have been divided into four zones under the ‘Noida Master plan 2021′ to ensure balanced development amidst population explosion.

Out of the total length of the expressway which is around 23 kms, three kilometres of the expressway fall under Greater Noida and the rest in Noida. The 321 hectares of Greater Noida land, which is within one km of the expressway, has been a major source of attraction for realtors, IT companies and educational institutions among others.

The authorities have also planned development projects on each side of the expressway in phases to give a boost to ITITeS sectors. The impact of all these developments is clearly discernible, as there is an increasing demand for land by IT companies, triggering real estate boom in these satellite townships.

News Published Under:   Real Estate India, Noida |

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