The Noida and Greater Noida (West) region is one of fastest-growing areas in north India, driven primarily by infrastructural development. And affordability and growth potential are the key factors about this region.
Greater Noida runs parallel to several Noida sectors and is well-connected to Noida City Centre by a 130 meter-wide six-lane road. It is also well-connected to NH-24 and Ghaziabad. Approved metro connectivity is the other point that continues to work in favour of these areas. The metro is expected to connect almost all parts of Greater Noida with Noida. Additionally, Greater Noida West is close to the upcoming FNG Expressway.
Currently, Noida and Greater Noida’s property market, according to local industry experts, can be divided into three pockets:
- Sectors 120, 119 and 74-78: One factor that always favoured these areas was connectivity. They are all located close to metro stations and hence the surroundings areas have several projects at various stages of construction. The property prices in this pocket are between Rs 4,000 and Rs 5,000 per square feet.
- Noida Expressway: This is the next distinct pocket with property rates varying between Rs 5,500 and 7,500 per square feet. Connectivity-wise, the area has a six-lane expressway which ensures a smooth commute to Delhi. And this vital factor has witnessed the mushrooming of several high-end projects here.
Aimed more at the lifestyle-minded buyer, offerings here often include swanky club houses, pools and other high-end amenities.
- The third pocket is Greater Noida (West): And it is this area that is fast gaining importance. The land under development here was mired in legal controversies. But a Supreme Court’s decision in favour of the UP government in May 2015 has given the area a much-needed fillip.
With properties priced between Rs 2,700 and Rs 3,700 per square feet, according to local players, the area has drawn the maximum number of new projects.
“What Noida and Greater Noida always had was seamless connectivity. But prospective buyers were hesitant primarily due to the petitions by farmers. This judgment did lay to rest all legal unrest, creating a positive sentiment and triggering a demand for houses,” says Vikrant Juneja, proprietor, Salvo Realtors, a real estate advisor in Noida for the past 10 years.
“The area is becoming popular with the middle class, especially first-time home buyers in the age segment of 28-34 years,” says Rahul Agarwal, a property consultant in the area.
Given the government’s plan to develop Greater Noida (West) as a self-sufficient region with a budget allocation already set in, industry watchers feel the area will become a great investment location in the coming years.
“We need to keep in mind that compared to areas like Gurgaon, prices here are attractive and the area provides good lifestyle amenities within driving distance,” says Juneja.
A cautionary approach
Given the potential the area has and the varied options available here, HappyKey recommends a prudent approach when it comes to buying.
“It is always good to have a reliable real estate consultant,” says SN Roy, a senior advocate who specialises in real estate transactions. “Granted you need to pay him/her a percentage as commission but it is still worth the expenditure as these professionals can line up a healthy list of options as per your requirements. A reliable agent will be able to help with registration, reducing the hassle for a novice.” More>> Noida Property