Greater Noida west, popularly known as Noida Extension, is the third phase of Noida’s development, after Noida and Greater Noida. It is rapidly emerging as an affordable hub, for middle-class buyers in the National Capital Region (NCR). Prices are likely to remain low for a while, due to the good supply of units in the region. According to Santhosh Kumar, CEO – operations and international director, JLL India, “The realty market in Noida Extension, continues to have the unique selling point of being a location for affordable housing, when compared to Noida and Greater Noida. Many good developers are queuing up, for projects in the area.”
Greater Noida west’s growth, can be attributed to its good connectivity to other parts of the NCR. Following the master plan, the region has been developed with adequate greenery, along with excellent infrastructure and amenities, in terms of water supply, power, sports, internal connectivity, parks, sanitation and commercial, office, retail and IT spaces. The expanding Metro and the upcoming Delhi-Mumbai Industrial Corridor (DMIC), are likely to provide further impetus to growth.
The Noida region, is one of the most planned cities in India and hence, it attracts home buyers, investors, corporates and MNCs, says Naveen Goel, MD of Casa Greens Group. “Moreover, the city is located in close proximity to the capital, New Delhi, and offers easy connectivity with its neighboring regions like Faridabad, Ghaziabad, Gurgaon and Greater Noida. Surrounded with national highways and expressways, Noida Extension has a wide range of housing option, beginning from as low as Rs 28 lakhs. This makes it a worthy region for home buyers,” Goel maintains.
Variety of options
When Vivek Gupta, a marketing professional, was looking for a house, he surveyed many areas in and around Delhi. “However, I was unable to get a flat in my budget, which would be connected to the city and also have ample job opportunities,” he recalled. Gupta finally bought a house in Noida Extension. “The area has good infrastructure and in next five years, it will be on par with other good localities,” he feels.
The region has many established, as well as new developers, who are offering innovative concepts to buyers. Several new buildings are being constructed and the builders have also come up with innovative schemes, to lure buyers. Hence, home buyers have a variety of property options to choose from, in terms of quality construction and timely possession. Anurag Rathore, a local broker says, “Initially, there were issues due to land acquisition and clearances and projects were stalled for some time. Now, there are many townships that are coming up, with some even offering sports and health-based themes, to attract young executives and couples.”
Good price appreciation expected
Real estate prices in Noida Extension, are much less than those in Greater Noida and Noida. The cost of an apartment, starts from Rs 23-25 lakhs in the area. This has attracted buyers, who hope for good returns on investment. “Noida Extension has always been the first choice of buyers and investors, due its affordability. The region also offers great promise of price appreciation,” concludes Shashi Shekhar Dubey, VP of Exotica Housing.