After Noida and Gurgaon, the real estate action is now moving to the Capital’s ‘exurbs’ – Greater Noida.
NEW DELHI: It’s not just the burbs where all the action is. In fact, after Noida and Gurgaon, the real estate action is now moving to the Capital’s ‘exurbs’ – Greater Noida. In the last six months there has been a 25 to 30%, appreciation both in the residential and retail market in Greater Noida. Residential apartments have witnessed an increase of Rs 800 to Rs 1,000 and retail rentals have gone up by Rs 30 to Rs 50 per sq ft.
Late in 2004, residential apartments were available for Rs 1,200 to Rs 1,300 per sq ft now the same are selling at Rs 2,000 to Rs 2,200 per sq ft depending on the location. The retail sector has also seen a healthy growth with rental values going up from Rs 50 to Rs 70 per sq ft to Rs 100 to Rs 120 per sq ft.
The corporate are also seeing good infrastructure growth in Greater Noida are moving in as the town does have good residential projects coming up. Many MNCs like Hyundai, Honda, Holtz, Kirloskar, Daikin, Videocon, Yamaha, LG, Holland Tractors and Denso have shown good interest in Greater Noida.
Says Rothas Goel CMD, Omaxe Group:” Greater Noida falls within the National Capital Region – and is adjacent to Noida, one of the largest industrial and modern townships in Asia. Greater Noida conceptualizes the needs of a fast developing city of the future. The action plan, which the authorities are already in final stages of implementation, is at par with global standards and is aimed at accelerating the growth of industrial, IT and institutional sectors in the country.”
And if you thought anything beyond Sector 50 Noida was the boondocks, just forget it. In fact, welcome to the Exurbs. What makes Greater Noida really rock is the infrastructural development which began way ahead of the commercial and residential building activity. Perhaps that is the big difference between Gurgaon and Greater Noida. Gurgaon had developers activity much before the infrastructure was set up, that is why there are many complaints regarding traffic congestion, power and water shortage problems etc, in Gurgaon today. On the other hand, the expressway and the metro projects will soon link Noida and areas of development have been identified in key sectors of export by the India Exposition Mart built by the Export Promotion Council for Handicrafts (EPCH).
Says Sanjay Chandra ED, Unitech Group:” Greater Noida had started late as compared to Gurgaon with relatively lower residential property values as compared to Delhi and as a result, the percentage of growth over a lower base value has been higher in this suburb as compared to the Delhi property markets.”
Adds T Chakravarti, head, India Property Research:”The pre-planning of this township has incorporated healthcare facilities with many state-of-the art hospitals, nursing homes, polyclinics and super-speciality centres. Education is another important aspect of Greater Noida.”
“The Greater Noida Industrial Development Authority (GNIDA) is developing a knowledge park with the aim of providing quality institutional facilities for education and research. For this, they have earmarked 1400 acres, many engineering colleges, schools and medical colleges have already been commissioned,” he added.
Source : Raja Awasthi, TNN Sep 11, 2005, 02.49AM IST