Gurgaon and Noida have witnessed rapid development over the last decade. There are however some key differences in the way these two property markets have matured
Are you unable to decide whether to invest in Noida or in Gurgaon? The decision to buy property must be well-evaluated. To give a comparative picture, Happy Keys takes a look at the offerings, infrastructure, connectivity and expansion plans of the two cities.
Property in Gurgaon and Real Estates Noida have both witnessed rapid development over the last decade and will continue to do so. There are however some key differences in the way these two property markets have developed.
According to Happy Keys data, while Noida caters to a wide range of budgets, Gurgaon consists primarily of premium offerings.
Secondly, Noida is perceived as one of the largest planned cities in Asia with broader roads and planned layouts. Gurgaon, on the other hand, has mostly witnessed haphazard development. The roads within the city are narrow and badly maintained. However, it is also the home to some of the largest commercial establishments and malls.
“There are also subtle differences in the two markets. While a large number of Indian and international IT and manufacturing companies have set up base in Noida besides media houses in Film City, Gurgaon is home to several fortune 500 companies and global consultancies,” says Yogesh Luthra of Yogesh Property Advisers, who has been in this industry for over 15 years and has witnessed the growth of these two markets.
“Also, as far as the local population is concerned, Gurgaon tends to attract people from South and West Delhi as compared to Noida, which has witnessed investors from primarily East Delhi,” he adds.
Though Gurgaon gains brownie points due to its proximity to the airport, when it comes to internal roads, it can be rated below Noida. Most of Gurgaon lacks proper urban infrastructure with broken roads and streets that often lead to traffic jams. On the other hand, Noida’s infrastructure is relatively well planned offering wide roads, better water treatment facilities, better public transport and good residential facilities in sectors.
The average road width in Noida’s industrial sectors is 80 feet as against just 45 feet in Gurgaon, as per area records.
“The difference is that while infrastructure in Noida is planned and work begins in advance, with the launch of projects close on its heels, in Gurgaon, infrastructure develops around projects. And this has played a significant role in how the two areas have developed,” says Vinay Vasisht, a property consultant and adviser, who focusses primarily on high-end projects.
The Noida-Greater Noida, Noida Expressway is the hot area in Noida.
With land availability reaching saturation level in core Noida, new developments are happening towards Greater Noida. Most projects are being launched along the Noida-Greater Noida Expressway and beyond on the Yamuna Expressway.
With Noida and its twin Greater Noida being brought closer with a 30-kilometer long metro corridor, construction of which is rapidly progressing, the impact on property is expected to be huge. This metro line will originate from Sector 71 and run parallel to the Greater Noida Expressway before terminating beyond Delta I sector.
The most awaited route however will be the dedicated metro line to Greater Noida (West), popularly known as Noida Extension. This developing sub-city has a massive 1.5 lakh units in supply across 190 residential projects.
Gurgaon is also expanding along NH8 towards Bhiwadi and Badshahpur towards Sohna. Gurgaon and Greater Gurgaon are expected to become one of the preferred luxury destinations in India. The area already has 11 metro stations of which five are managed by Delhi metro while the remaining six stations are operated by Rapid Metro.
Broadly, as per Happy Keys data, Noida caters to a broader cross-section of budgets as compared to Gurgaon. While average property prices in Noida are in the range of about Rs 3,500-6,500 per square feet, a similar property in Gurgaon is in the range of about Rs 7,000-9,000 per square feet.
“It is not that Gurgaon doesn’t have property aimed at the mid-segment. It is just that premium offerings outnumber them,” says Luthra. “Gurgaon has a higher population density as compared to Noida. It is also close to the airport. Both these factors have encouraged the development of premium projects.”
Ultimately, buying it is a matter of personal preference. So while a frequent traveler may prefer Gurgaon, those preferring to live in a planned city can go to Noida.