With the real estate market in Noida stagnating, its close neighbour, Greater Noida, has slowly come into the limelight. As the Noida market faced several developer-related issues, home buyers turned to Greater Noida, owing to its connectivity with the centre of Delhi through the expressway and its vast, spacious real estate developments.
Greater Noida is now well-connected through the Delhi Metro. Development of the Delhi-Meerut Expressway and the Eastern Peripheral Expressway, have added to the pace of real estate development in Greater Noida. Abhishek Singh, chief operations officer, Paarth Infrabuild Pvt Ltd, concurs that the slowdown in the Noida market, has created a lot of interest in its sister region of Greater Noida. “Planned development, lots of open and green spaces and highly affordable residences and business destinations, have led to home buyers’ shifting their priority towards Greater Noida. Moreover, the region has easy access to NH-24, thereby, attracting property seekers from the highly dense and industrial towns of Ghaziabad, Hapur, Meerut, Muradabad, etc. It is also connected to Faridabad and Gurugram, through the FNG (Faridabad-Noida-Ghaziabad) Expressway, which will reduce the travel time to Delhi significantly,” Singh explains.
PN Misra, CMD of Paarth Infrabuild, attributes the growing interest in Greater Noida’s real estate market to the following:
“1. Property registration in Greater Noida: The authorities are planning to make registration easier, for property buyers in Noida and Greater Noida. The assistant commissioner of Gautam Buddh Nagar has informed that home buyers can log in to the website igrsup.gov.in, to apply for the registration of properties. Information, vis-à-vis guides for filling the forms and required documents, are also available online.
2. Demand for co-working spaces: A lot of enterprises have made their way to Greater Noida, as the cost of land is affordable, as compared to other popular markets such as Gurugram, while rentals are economical, too. According to market reports, several new co-working spaces have sprung up in Film City, Sector 8, Sector 125 and sectors 2 and 3.
3. Approval for the metro rail project: The union cabinet in May 2017, gave its nod to the Noida-Greater Noida Metro Rail project (Aqua Line). The Noida Metro Rail Corporation (NMRC) has started trial runs on this 30-kilometre link and this line is expected to start functioning from December 2018. The trials runs on a 29.9-km stretch, will cover four stations — Alpha-I, Pari Chowk, Knowledge Park-II and Sector 149 in Noida.
4. High rentals in Noida: High rentals in Noida have fuelled demand in Greater Noida and Noida Extension markets.”
Noida property market versus Greater Noida property market
According to architect Mitu Mathur, director of GPM Architects and Planners, the slowdown in Noida, is owing to the saturation in the real estate market. “With limited land areas for new development, Noida has very little to offer. Fortunately, Greater Noida has an organised system of large land banks. Not only are these land parcels excellently connected, via the Greater Noida Expressway, they also have adequate infrastructure facilities to attract users, as well as developers. Additionally, the region’s master plan envisions a designated growth pattern that does not leave scope for haphazard and unorganised developments,” Mathur elaborates.
Singh points out that the upcoming Jewar airport has also boosted the real estate market in Greater Noida. “Greater Noida is witnessing an uptick in commercial development and with cheap rentals, it could emerge as a preferred destination, for real estate, as well as entertainment,” concludes Singh.