Noida brimming with opportunities for modern commercial spaces
December 9, 2020 2:47 PM
The recent announcements of Jewar International Airport and Film City make Noida a region with limitless possibilities, especially for residential and commercial spaces.
Noida and Greater Noida have been offering affordable price points in comparison to their counterpart in Haryana.
In the North Indian realty market, Noida has been a developing realty hotspot with developments around the six-lane Yamuna Expressway, adding on to the property market momentum. A 177-km Yamuna Expressway from Greater Noida to Agra was primarily built to reduce travel time, but it also revolutinized the habitation and lifestyle of people flocking to stay here. Ever since the pandemic has struck, state Government here has pledged to create a roadmap for UP’s growth and development, looking at the immense potential the region can offer.
The UP government has received over 50 investment proposals worth Rs 7,000 crore from international investors who are planning on shifting their base from China to Uttar Pradesh. Three manufacturing firms have already been allotted 15,000 sq metre land near the upcoming airport in Gautam Buddh Nagar’s Jewar, and more are in the pipeline. The move will lead to investments and creation of job opportunities. A rise in population density directly translates into the need for creating more social structures such as business parks, retail hubs, entertainment zones, recreational centres etc to satiate the growing desires and aspirations of people as per the urban lifestyle standards.
The recent announcements of Jewar International Airport and Film City make Noida a region with limitless possibilities, especially for residential and commercial spaces. Once the residential population of an area starts increasing, the movement of commercial segment becomes obvious. And, Noida is witnessing a similar phenomenon. A mega infrastructure project helps in uplifting the property market of the region. The benefits such as price appreciation, increase in population are only visible once the project is near completion. Seasoned developers, however, have started developing futuristic projects which will be unlocking multiple opportunities for investment and boosting economic activities.
The year 2019 also registered a positive occurrence for commercial spaces, as the government reduced the circle rates for Noida to make it an investor-friendly location. The reduction was around 21% for floor-wise commercial property and 21.5% for individual commercial property. Furthermore, the Central government is also providing tax relaxation to budding startups for three years from the date of their commencement of operations. All these signals translate to investment benefits. Commercial real estate has arisen for private investors as well as institutional funds as an enticing investment proposition. The collaboration of commercial and residential will be very healthy for the real estate market.
Noida and Greater Noida have been offering affordable price points in comparison to their counterpart in Haryana; this makes it an ideal location for developing commercial spaces that will be so much more than a retail and office hub. Such projects will be an experience zone, catering to the visitors’ needs and safety in the best way possible with the help of advanced and certified technology systems. Once fully operational, the demand for such spaces will be on the rise, as every individual looking to earn a second income would prefer a prime location such as Noida.