Noida and Greater Noida have witnessed a slew of positive developments right at the onset of New Year. We take a stock of these developments and how 2016 will fare for the region’s real estate Property segment
Year 2016 has started on a high note for Noida. The city saw two new malls — DLF Mall of India and Unitech Gardens Galleria — kick off their operations at the onset of holiday season. These two malls are located next to Sector 18 and The Great India Place spoiling shoppers for choice. Next to these malls is an already operational ‘Worlds of Wonder’ which is a retreat for entertainment junkies.
Also, right on the verge of this New Year, Prime Minister Narendra Modi laid the foundation of Delhi-Meerut Expressway which will be built at cost of Rs 7,566 crore. The work for expansion of Noida Metro has already gathered steam.
Before 2016 end, more than 5,000 flats in new sectors — 77, 78, 79, 137 – will be up for possession. For home seekers and realtors alike, this news brings cheer for they mean a positive impact in infrastructure and investment.
Noida: Preferred destination for new home buyers
Noida has been on the radar of home buyers for long. However, the city’s social and physical infrastructure has witnessed unprecedented growth in the last five years only.
The advent of Metro in Noida has made commuting much easier. A resident of Sector 21, Amrit Lal Arora admits that travelling was a big problem earlier and Metro has boosted real estate prospects here.
“Many people living in Noida work in or around Delhi. Metro has become a lifeline for such daily commuters. Also, the number of local autos and three-wheeler rickshaws plying n the city has gone up considerably making it tad easy to travel within the city,” he added. This has pushed the property prices also, he said admitting that young couples and those living alone make up the largest chunk of home seekers group here.
This sentiment was echoed in Colleirs International’s report as well. The ‘Residential Preference Survey 2015’ by real estate services and consultancy giant Colliers International hinted that Noida was perceived to be most livable by most respondents.
Malls and entertainment add magic to Noida realty
Besides the new malls in Sector 18, five more malls are gearing up to start operation in the next two years in Noida-Greater Noida area. These malls are not just limited to shopping only. Themed developments are also making a foray into Noida real estate via these retail centres. Greater Noida already has a newly opened Mall of Adventure and a proposed wedding mall as well. This is in addition to the Entertainment City which is already present adjacent to Sector 18.
Noida no more a suburb
Noida was earlier pegged only as an IT-ITeS office destination but quickly became the preferred residential zone in the NCR. Vikas Jain from Jain Realtors said he receives 10-15 home seekers’ queries daily for Noida region. “Noida has so much choice — from serviced flats to gated communities and even flats, plots and society living. There is an option available in every budget, unit size and area/locality,” he said, adding that this number has only grown.
Another property broker Kumar from VK Property shared that earlier, single women and girls avoided Noida. “Earlier the mindset was Noida is far off; transportation is not proper and it is in UP. With time, things have changed here. Malls, clubs, pubs, premium hotels, recreational places, entertainment zones and even basic amenities have gone up by many notches. Now every day there is new positive news about Noida. That creates a better sense for Noida,” he said.
Kumar said he receives a good number of property inquiries from women as well.
With so much in swing, looks like year 2016 will be a positive one for the Noida realty market.