Gurugram has ruled the realty market of NCR for many years in both the residential and commercial segments. However, in recent times, with the drastic policy changes by the UP government, the real estate markets of Noida and Greater Noida have become very strong in terms of development.
Ravi Nirwal, Principal Partner, Square Yards, says, “Noida and Greater Noida have struck the right chord with homebuyers post Covid owing to their modern, well-planned infrastructure, excellent connectivity with the rest of NCR, proximity to key business centers and affordable price points of residential properties compared to Gurugram. Post the aftermath of Covid, homebuyers are scouting for spacious, well-designed homes that come with health and wellness amenities and have open, verdant environs to boot. Noida and Greater Noida rightly cater to these new-found demands of homebuyers as the region has an enviable urban layout and boast of a sound appetite for all segments of residential housing that offer greater value at convenient rates, making it a dream destination for homebuyers of all walks of life.”
The trend is fast pacing due to favourable economic scenario of the region, whirlwind change in civil and social infrastructure, and upcoming world-class development projects, including the Jewar Airport and Film City. All these facets have also acted as an enabler and catalyst for IT/ITes and MNCs to drop anchor in this part of NCR.
“This has also led to the emergence of well-developed societies, residential townships and a myriad of other housing options, luring homebuyers to work and settle in this part of NCR. Compared to Delhi, which has already reached a saturation point in terms of real estate growth, Noida and Greater Noida have everything that a modern homebuyer wants, albeit at an affordable cost,” informs Nirwal.
Because of these reasons, in the past couple of years, these two cities have topped the charts as the hotspots of real estate projects in NCR. They are equipped with affordable, mid-rance, luxurious and ultra luxurious facilities that have grabbed the attention of masses and created a loyal customer base.
Amit Modi, President, CREDAI Western UP, said, “Over the years, Noida and Greater Noida have built a robust socio-economic infrastructure providing a range of mid, high-end and affordable housing projects that have catered to the heterogeneous mix of buyers. The region has transformed into a business hub that has churned out employment opportunities for millions of job seekers. The hybrid conjunction of increasing housing facilities and job centres have concomitantly made Noida-Greater Noida a preferred home destination for buyers.”
Sanjay Sharma, Director, SKA Group, said, “Property prices in Noida and Greater Noida are much more affordable and reasonable compared to adjacent cities like Delhi and Gurugram. Whereas, when it comes to the construction quality, magnitude and amenities, it is top-class and the opulence is unmatched. Noida has also emerged as a robust corporate commercial hub with a scalable pool of job opportunities. It is one of the prime reasons why Noida and Greater Noida are homebuyers’ favourites.”
The proximity to Delhi has accelerated the uptick in real estate sales in Noida and Greater Noida. Delhi is the epicentre of India’s economic growth and institutional power. Sharing geographical boundaries with Delhi has certainly propelled the pace of developments in these two cities and also took a major proportion of buyers to its markets as Delhi is a bit overcrowded.
Yukti Nagpal, Director, Gulshan Group, says, “Greater road connectivity, infra boost with new and improved expressways and metro corridors have all contributed to Noida and Greater Noida becoming a preferential choice for homes and residential spaces. There is also a vast increase in the number of home buyers with better financial immunity and a desire to invest in luxurious residential properties. The upcoming Noida International Airport has also mainlined its presence. Noida being a home to 500 Fortune companies offer the most beneficial investment propositions and returns.”
Amit Jain, Director, Mahagun Group, observes, “The completed and ongoing infrastructure plans and developments have led to the development of Noida and Greater Noida as sure-shot profitable real estate zones. Noida-Greater Noida Expressway, Yamuna Expressway, upcoming Jewar Airport, and various other road and expressway initiatives have revitalized the fortunes of Noida and Greater Noida and put them on the roadmap of new realty projects juxtaposed amid strong market demand and future growth possibilities.”
The many new and big project announcements lately in Noida and Greater Noida will further cement their position as a magnet of real estate offerings and also grow their market to unprecedented levels. The region’s strong footing as a commercial and industrial network corridor will also boost property sales and bolster its real estate market.