Noida Extension, which is popularly also referred to as Greater Noida, has gained a lot of interest from buyers, due to infrastructure development in recent times. According to Venket Rao, managing director of Intygrat Business Advisory, “Easy accessibility to the central parts of Delhi through the Noida-Greater Noida Expressway and the proposed international airport at Jewar, are two key infrastructure developments that will have a positive impact on the residential real estate market of Noida Extension.”
With the extension of the metro connecting Delhi to the interiors of Greater Noida sectors, including sectors 50, 51, 78, 101 and 81 on the Dadri Road and sectors 83, 85, 137, 142, 143, 144, 147, 153 and 149 in Noida, interest in residential and commercial property investments, is only expected to increase in this satellite town.
Connectivity drives Greater Noida’s real estate market
Sunit Sachar, senior vice-president (marketing, CRM and advertising), Parsvnath Developers, maintains that Greater Noida has all the necessary ingredients for comfortable living, with facilities like speciality hospitals, reputed educational institutions, international outdoor and indoor sports facilities like a car racing track, stadium and cycle velodrome, apart from well-laid parks and residential sectors. There are special industrial sectors close to residential sectors, thereby, encouraging the concept of residences close to the workplace.
“This growing, well-laid out industrial township in the NCR, is well-connected through highways with Delhi and Noida. This connectivity is set to improve, with the starting of metro rail services, which will push property prices upwards and increase occupancy. The upcoming international airport at Jewar, will also increase the importance of Greater Noida and Noida. Needless to add, the proposed industrial parks in Greater Noida, along with the Eastern Peripheral Expressway connecting Kundli-Sonepat to Palwal, is expected to further enhance the importance of the place. The IT sector in Greater Noida is expected to grow, once the functioning of the metro begins,” Sachar elaborates.
Project delays in Greater Noida dampen buyer sentiments
However, Greater Noida has also been in the news for delays in the delivery of units, by some of the most reputed developers in the Indian real estate community. Rao bluntly points out that “This market had taken a lot of beating, especially in the context of a huge number of stuck projects. This, coupled with excessive inventory, resulted in a slowdown in this market. Nevertheless, over time, with very few new launches, as well as development of infrastructure, there are now signs of revival evident.”
While Greater Noida has better planned development than Chandigarh, the law and order issues and delays in metro rail connectivity affected the enthusiasm of people to shift from Delhi to this locality, approximately 60 kms out of its municipal limits, adds Sachar. “Delays in the implementation of projects, always take a toll on other corresponding developments. This is because whenever a big development takes place, it brings along with it other smaller constructive developments. Uncertainty is a disturbing factor for investors, which gets compounded by delays in major projects,” he explains.
In the current scenario, there is ample supply available in Greater Noida, while demand remains well below the corresponding real estate developments. However, property buyers’ interest towards Greater Noida is driven by its easy accessibility to the central parts of Delhi. It is well-connected with Delhi through the Noida-Greater Noida Expressway and once the metro becomes operational, this interest only seems set to increase.