With large-scale investment in the information technology and BPO industries,besides the burgeoning of commercial real estate,Noida has fast become one of the most sought after destinations in the Delhi-NCR region. The satellite city also holds the distinction of being the largest planned industrial city in Asia. While the more well-known sectors as far as residential societies are concerned are concentrated around the Atta Market of sector 18,with the coming up of the special economic zone on the Noida-Dadri Road,several sectors leading up to the SEZ are now witnessing development in commercial and residential real estate.
Notwithstanding a bad year for the property market,says estate agent Pawan Mathur,homes in sectors 52,51 and 62 that are reasonably priced and have the benefit of being located close to the SEZ as well as the expressway are now selling. Apartments close to the Noida SEZ and those near the Noida-Greater Noida expressway have been selling very well,especially due to the expectations of high appreciation in value. Flats here are priced in the range of Rs 1,800 to Rs 2,100 per square foot.
There is a lot of accommodation available for the working class. Paying guest apartments as well as service apartments are fast gaining popularity among those who wish to reside in Noida on a temporary basis,as well as those who are in-between homes. A fully-furnished apartment with two bedrooms and a floor space of 1,250 square feet can be rented for Rs 18,000. This is a steal when compared to similar apartments in sectors like 21 and 24. With the development of the SEZ,there are high hopes that price will rise soon,so the time to buy is now, advises Arun Triweni of IQ Properties.
Coming to the commercial real estate,Triweni says,there is no more room to accommodate new units at the Noida SEZ. Set up in 1985,the Noida export promotion zone was converted into a SEZ by the government over two years ago. Companies were offered a host of facilities and incentives to promote export. The leading Indian and foreign companies that have set up shop in the SEZ include Wipro,Patni Computers,Boeing,Cadence and Syscom. Development in the last two years has seen a spurt in the number of units,most of which deal in jewellery,information technology,engineering and textiles.
Commercial real estate in the area has also witnessed a slight depreciation,specifically when it comes to office space. Rentals for commercial space is normally around Rs 45 to Rs 55 per square foot. However,there are a few bargains in the industrial sectors of sectors 63 and 64, adds Mathur.
Development in the region around the SEZ is set to take off. Already there are several hospitals and hotels that are propping up around sectors 62 and 52. Estate agents say that there will soon be shopping complexes and multiplexes being developed around these sectors. Also,due to its proximity to the arterial roads on Noida,there is good connectivity. There are many reasons for prices of residential properties here to go upwards. Location,expectations of development and scope for infrastructure are just a few. A residential apartment with three bedrooms,three bathrooms and spacious balconies,measuring just under 4,000 square feet could be bought for Rs 45 lakh around three years ago. Today that very property can fetch up to Rs 70 lakh, Triweni says.
And there are apartments that cater to most budgets. Societies here have 24-hour security,running water and power back-up. Some apartment complexes even come with health clubs,gymnasiums and swimming pools. These sectors also have a lot of green spaces.
So if you are looking for a place that is not cut off from the world,and is yet sheltered,more importantly,for a place that is affordable and has the potential to increase in value in the very near future,these sectors in Noida should make the ideal choice. Already on the path to development,there is very little that one would be left needing here. A self sufficient area in one of Delhi-NCRs sought after locations. l