Whether you prioritize modern amenities and a dynamic job market or affordability and planned living, the NCR has something to offer everyone. Noida and Gurgaon are both situated in the National Capital Region (NCR) of India and are recognized as two of the fastest-growing cities in the country. However, they exhibit distinct differences in the real estate rental landscape.
History of the two giants
Noida (New Okhla Industrial Development Authority) came into existence on 17 April 1976. The city was formed under the UP Industrial Area Development Act. It is conceived as part of a planned urban development initiative to promote industrialization and alleviate congestion in Delhi. It is classified as a special economic zone (areas having different business and trade laws).
Gurgaon, officially named Gurugram, is located in the state of Haryana. The name ‘Gurugram’ reflects this heritage, translating to “the village of the guru.” In the late 20th century, Gurugram transformed from a rural area into a bustling urban center, largely due to economic liberalization in the 1990s.
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Cyber City and Industrial Hub: Which City Aligns Better with Your Lifestyle?
Gurgaon, the industrial hub, is famous for its vibrant lifestyle and advanced infrastructure. This city has transformed into a bustling hub for corporate offices, modern infrastructure, and startups, drawing people from all over the country.
“Gurgaon’s modern residential complexes, shopping malls, and entertainment options cater to a dynamic urban population. The city’s connectivity, with major highways and the Delhi Metro, enhances its appeal, making commuting to Delhi and other regions convenient and turning Gurugram into a key financial and commercial hub, often dubbed the Millennium City,” informs Amit Kumar Agarwal, Co-founder & CEO of NoBroker.
The rapid development has also led to higher real estate prices, which may be a consideration for renters.
It’s no surprise that Gurugram has emerged as a leading luxury market in Delhi-NCR. It is the new poster boy for the most prestigious builders given the kind of projects that are coming up in Gurgaon.
Notably, the micro-markets of Golf Course Extension Road (GCER), Southern Peripheral Road (SPR), and New Gurugram account for 90% of the new developments.
When it comes to the cyber city Noida, it is rapidly shedding its image as Gurugram’s poor brother, transforming into a competitive real estate market with its own appeal. It has experienced remarkable growth in recent years, making it an attractive option for both residents and investors.
Known for its meticulous urban planning, Noida features wide roads, ample green spaces, and modern amenities. The city is home to several multinational companies and tech parks, which not only boosts its economy but also creates numerous job opportunities.
The development of residential projects along the Noida-Greater Noida Expressway has also contributed to its rise. Along with it, Yamuna Expressway is also a catalyst for widespread development.
Moreover, the upcoming Jewar Airport is expected to become operational by 2025, transforming the city into a major hub for residential and commercial growth.
“The airport’s strategic location is expected to attract local and foreign investment, positioning it as a hub for economic growth in the National Capital Region (NCR). This development has also sparked a surge in luxury housing demand, prompting developers to introduce high-end projects featuring international standards and top-tier amenities,” observes Agarwal.
The real estate pulse of Noida and Gurgaon
The real estate markets in both Noida and Gurgaon have been experiencing rapid growth, fueled by a surge in residential and commercial developments.
According to data from NoBroker, rent in Gurgaon has surged by 38% since 2021, while Noida has seen a 32% increase over the same period.
The average rent for a 2BHK is around Rs 25,000 in Noida. In contrast, Gurugram’s property prices are significantly higher, averaging Rs 35,000 for a 2BHK. Hence, Noida, while offering similar types of infrastructure and opportunities, is slightly more affordable than Gurgaon.
“Both Gurgaon and Noida offer compelling rental options but cater to different needs and lifestyles. Gurgaon is ideal for those seeking an active urban environment with a high standard of living, while Noida appeals to budget-conscious renters looking for planned development and ample green space,” says Agarwal.