The NCR is competing with other real estate markets in the country for buyer’s attention. With Gurgaon and Delhi showing signs of maturity, it is left to Noida and Greater Noida to be the flag bearer of this market.
Here are some of the factors that have had an impact on the realty sector in this region.
Noida, and the adjoining city of Greater Noida are fast becoming the biggest corporate and education hub, not only in India but in the whole of Asia.
Established with an aim of relieving the national capital from the increasing burden of immigrants and industrialization, these cities have outpaced all growth estimates in an incredible manner.
The excellent infrastructure and smooth connectivity in the city and across the borders make this place an excellent choice for living as well as working. Here we discuss the major recurring themes that have made this region a buzzing real estate hub.
Affordable housing along with top-class infrastructure: When Noida came into existence in 1976, it was a planned attempt to deviate the population burst of national capital, which was the result of the sudden urbanization that had swept across the country.
In the late 1990s, after the economic boom, this region suddenly became the hot favorite of corporate firms and other industrial establishments due to huge availability of cheap land and its proximity to Delhi.
Real estate builders also sensed the opportunity and hence launched projects keeping in mind the working class and got good returns. Buyers were attracted due to the affordability factor, presence of good physical infrastructure and optimum connectivity.
Greater Noida or Noida Extension as it was called earlier has a similar story. Carefully laid out supporting infrastructure, wide concrete roads, and a meticulously planned sector-wise division has propelled this region to be on the priority list of realtors as well as investors.
Cluster of big IT/ITeS companies and industries: As has been the case with most of the big real estate hubs of the country, property market thrives around IT/ITeS clusters. Noida and Greater Noida have offices of some of the biggest corporate firms and MNCs. In fact HCL, the fifth largest IT sector company of India has its expansive offices spread across different sectors of Noida.
Other big names like TCS, American Express, Yamaha Motors, Daewoo motors, Samsung, ST Microelectronics Limited, LG Electronics, NTPC, NIIT and Wipro Technologies have made Noida and Greater Noida their operating base, pushing for development of commercial as well as residential space.
Formula one and Buddha International Circuit: India’s tryst with Formula one has had many after-effects. F1 was a relatively lesser known sport in India and no one really cared about what was happening in the world of Formula One, let alone imagining an indigenously built F1 circuit.
The F1 event showed that India was capable of venturing into an alien territory altogether and that too successfully. However, the biggest advantage was to the real estate sector in Noida and Greater Noida.
These satellite towns, which were once considered as the poor cousins of Delhi are now the centre of attention of everyone. Plans are in pipeline to build integrated townships, which will be complete with their own social infrastructure.
Yamuna Expressway draws even more buyers: The completion of world class Yamuna Expressway has given a fillip to the property sale in the region. More buyers from across different cities are showing their interest in Property in Noida, Greater Noida and Expressway.
The six-lane expressway has reduced commuting time between Delhi and Agra drastically from four hours to just 90 minutes. Therefore, there is every possibility that the region around this highway will attract ribbon-type residential as well as commercial development.
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