Greater Noida West: There are many big reasons behind the home buyers moving to Noida within NCR. According to Vishal Raheja, Founder and MD of InvestoExpert.com, in the last 5 years, Noida and Greater Noida have evolved from emerging markets to mature real estate hubs. The credit for this goes to strategic infrastructure projects and increasing demand. In the residential segment, especially the demand for 2 and 3 BHK apartments has seen an increase of more than 40%.
Property prices have increased by an average of 25-30% in the last few years
The reason for this is the expansion of Metro Connectivity, the rapid development of the Noida-Greater Noida Expressway and being close to corporate hubs. Property prices have increased by an average of 25-30% in the last few years, with Greater Noida West recording the fastest growth rate in the NCR region. The main reason for this is its affordable prices and better access to upcoming infrastructure projects.
Emerging as an entertainment and business hub
Tremendous growth has also been seen in the commercial segment. With technology companies and multinational corporations setting up bases in Noida, the demand for office space has also increased significantly. The presence of companies like Infosys, Microsoft and Samsung has boosted office occupancy rates, especially in areas like Noida Expressway and Sector 62, leading to an increase of about 40% in the commercial property market in the last 5 years. Also, with projects like the Delhi-Mumbai Industrial Corridor (DMIC) and the Film City to be built in Greater Noida, the area is rapidly moving towards emerging as an entertainment and business hub, which is likely to attract more commercial investments.
Vishal Raheja, Founder and MD of InvestoExpert.com
Metro expansion and connectivity
Along with this, the expansion of the metro and better connectivity through expressways have played an important role in this real estate boom. The Noida-Greater Noida Metro Aqua Line and plans for a metro extension to Jewar Airport are making these cities more developed. Currently, more than 100 new housing and commercial projects are in various development stages, which indicates the possibility of huge growth in the future in this sector. The sector has also benefited greatly from the government’s affordable housing and Make in India initiatives.
In the coming few years, Noida and Greater Noida are expected to see new residential and commercial projects with 20% annual growth, which will further strengthen its identity as North India’s leading real estate powerhouse.
Stable property prices compared to Delhi-Gurugram
Noida and Greater Noida have come a long way from satellite towns to busy urban centers, which are today attracting both end-users and investors. Their development is a great example of how strategic development, infrastructure improvements and changing buyer preferences can influence the growth of a city.
Sunil Sisodia, Founder, Gitanjali Homestate
Before the pandemic, Noida and Greater Noida were primarily known for affordable housing, wide roads and planned infrastructure. These areas were very popular among mid-segment buyers, and property prices were lower here than in Delhi and Gurugram. Particularly the Noida-Greater Noida Expressway, Central Noida, Noida Extension and parts of Greater Noida were preferred locations for residential projects by reputed developers. Its demand was due to connectivity, proximity to industrial hubs and IT parks.
The pandemic brought major changes to the region
People are now looking for bigger spaces, better facilities and greener places. Due to working from home, the demand for property in the suburbs of Noida and Greater Noida has increased rapidly. Property prices in Noida Extension and Greater Noida West are witnessing a steady increase. At the same time, Central Noida and Noida-Greater Noida Expressway are attracting upper middle-class buyers due to premium infrastructure projects such as the upcoming Jewar Airport and Film City project.