Greater Noida: Great value for low costs
Greater Noida has emerged as a preferred realty destination owing to its proximity to Delhi and for its superior infrastructure. Until connectivity improves,the city would remain a good option under the affordable segment
Located in Uttar Pradesh,barely 40 kilometres from New Delhi and 20 kilometres from Noida,the area of Greater Noida is slowly but surely on the path to becoming one of the largest industrial and education centres of the country. Real estate in this area is amplifying at a good pace in wake of its growing importance as a realty destination around Delhi.
Like other areas of the NCR,Greater Noida too is home to a number of Indian and foreign companies,which is an advantage for the area. It is on its way to becoming a commercial hub. Real estate in this city has huge potential for development.
The proximity to Delhi and Noida and good connectivity with both cities has been a major catalyst for the growth of the city. The relatively pollution-free environment ranks it higher on the preference list of both developers and investors.
The modern infrastructure in keeping with the demands of high quality living and improved living standards has made Greater Noida a destination of choice. In addition,a large number of construction projects offer quality housing and office space equipped with modern amenities,making real estate in the city all the more desirable.
To start with,the unaffordable property rates in Delhi had shifted the attention of developers to Noida,as it offered vast land at reasonable prices. Property in Noida flourished eventually to the extent that the property prices in the city have now skyrocketed. The builders are again in a fix and looking for other feasible options that may extend long term benefits and help cater to the phenomenal influx of population into the region. Thus,property in Greater Noida has come across as the next best option given its location advantage,good connectivity,green environs and the enormous potential fordevelopment.
Greater Noida is a centre for many activities-besides being an educational hub; it is also a destination for tourism entertainment. Very soon,with the setting up of a night zoological park,the Greater Noida Night Safari will be a major source of revenue for the Greater Noida Authority. The park will be fourth largest in the world after Singapore,China and Thailand,and the visitors will enjoy seeing the nocturnal animals in the zoological park via a silent train running across. Thus,Greater Noida will witness massive infrastructural growth in the years to come,which will in turn promote tourism there.
Universities like Noida International University,Gautam Buddha University,etc have already set up their campus in Greater Noida.
The city offers refuge from the bustle of city life and yet,the national capital is close and reachable. It combines city comforts with serenity of rural areas; urbanity with traditions and contemporary with old. Quite clearly,Greater Noida is being designed to be a great place to work and live in which is why the demand for property should be good in this area in the long run. The planned infrastructural developments such as an international airport promise a further increase in property prices.
Realty in Greater Noida assures decent returns in the coming years for properties purchased at reasonable rates,as growth in the sector is dependent on the growth as a business hub as well as the other tourist attractions going live. The current connectivity to Delhi is also a challenge and a very good rapid transport system is needed to bring in the next spurt in prices and helping make Greater Noida a destination for premium property.
The increased supply in Noida Extension and Yamuna Expressway should also keep the price of this area in check for some time to come. We need to understand that there is tremendous supply of land in this area so paying a premium price unless for a very specific project is not advisable. Greater Noida is a good destination for bargain buys and affordable housing.
The author is MD,Bajaj Capital
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