Noida’s skyline goes high


Is Noida set to emerge as the skyscraper capital of the Delhi-NCR? We examine the increasing trend of high-rise constructions in the region and whether it will provide tangible benefits for home buyers

If the recent residential property launches in Noida are any indication, it may seem that the developers in the city are determined to compete with global cities. The market, which has for long been known for low and mid-rise buildings, has suddenly woken up to the reality that sky-high buildings are the way forward to accommodate the population flocking to the Delhi-National Capital Region (NCR).

The increasing presence of corporate houses in Noida, is further fuelling this trend. Consequently, Noida is giving tough competition to neighbouring Gurgaon, which has been known for its high-rise buildings in Delhi-NCR.

One of the tallest buildings of the region, the World Trade Tower, was already there in Sector 16 of Noida. However, this is a commercial building. Today, the tallest residential tower in Delhi-NCR is also shaping up in Noida, having a height of 300 metres (984 ft) and 81 storeys. Although it is the tallest skyscraper in Noida, as per the permissible limit of the region, it is not the only skyscraper. Many of the new launches in Noida, of late, are 40 storeys and above.

 

Benefits

Nevertheless, analysts maintain that Noida still lags far behind other leading cities of the world, such as those in China, Singapore and even Indonesia, vis-à-vis the growth of skyscrapers. Sachin Sandhir, global managing director – emerging business of RICS, justifies that high-rises are essential, to derive maximum economic benefit from limited space. High-rise buildings hold the potential for large real estate development, while being financially viable, as it is the cost of land that potentially accounts for nearly 60%-80% of a unit’s cost, he points out.

“Buildings conceived for mixed use (for residential, recreational and commercial purposes), can actually be energy efficient as they ease pressure on land and free up the surrounding area, for creation of infrastructural facilities and landscaping purposes. Additionally, with various services and amenities being potentially offered under ‘one roof’, there is an ease in the urban sprawl with a larger segment of the population being serviced by existing public transport and infrastructure,” Sandhir elaborates.

See also: Corporate developers bet on Noida’s future growth

 

Changing lifestyles

Rattan Hawelia, chairman of the Hawelia Group, feels that lifestyles have changed considerably and people are constantly looking for something new and different. To meet this demand, developers are also coming out with attractive ideas to woo their customers.

“Increase in the floor area ratio (FAR) to meet the shortage of housing demand, also induces developers to construct high rises. Skyscrapers occupy lesser ground area and thus, provide more nature-friendly and green living solutions. Changing demographics, increase in disposable income and growing aspirations of buyers, have also encouraged the developers to launch skyscrapers, which promise world-class amenities. Hence, high-rise buildings are becoming an inevitable reality,” says Hawelia.

Noida is also attracting an increasing number of corporate and multinational companies and this may serve as a catalyst, for the development of high-rise buildings in the region. Consequently, several developers are now targeting their product offerings at this segment and the professionals in these companies, who are willing to pay the price tag that comes along with it.

With developers keen on building skyscrapers and the government facilitating policies in its favour, Noida’s real estate market could finally reach for the skies. This, in turn, is also fuelling the demand for specialised service providers – right from architecture and design, to pre-fabricated structures and high-speed elevators. In this cycle of demand and supply, home buyers are likely to benefit the most.

(The writer is CEO, Track2Realty)

 

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