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Realty Gets More Space Near Gr Noida Metro Line

The Uttar Pradesh cabinet has approved an increase in the floor area ratio (FAR) by 0.5 paving way for extra realty space along the Metro corridors in Greater Noida.

Paving the way for extra realty space along the Metro corridors in Greater Noida, the Uttar Pradesh cabinet has approved an increase in the floor area ratio (FAR) by 0.5. The new FAR will be applicable within a 1,000-metre radius of Metro corridors in Greater Noida. The approval for the amendment in Greater Noida‘s building regulation came through a cabinet meeting held by the state government recently. The Greater Noida Industrial Development Authority (GNIDA) had proposed to revise its building bylaws and enhance the FAR in February 2015. The Authority also sought objections to and suggestions on the modified plan from the local residents. Following this, the proposal was forwarded to the state government for approval. With the cabinet’s nod, the GNIDA now expects the notification to come through in the next 15 days. A gazette notification was issued in March 2015, which has already cleared a 0.5 increase in the permissible FAR within a 500-metre radius of existing and proposed Metro corridors in Noida. More >>

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Gr Noida: Alpha I, Delta I most happening sectors

There are key differences when it comes to property offerings in these micro markets located just off the Noida Expressway, say experts

In Greater Noida, the sectors that start right after the Noida Expressway ends have become sough-after realty markets. Property experts rate Alpha I and Delta I as the two fastest growing sectors.

“Alpha I and Delta I are doing well primarily because of their strategic location,” says Dheeraj Singh of Shubh PropMart. “While bus connectivity has always been good in these areas, with the Noida Metro expected to pass by these areas, the two sectors have witnessed increased enquiries.”

Both these are older sectors with the number of plotted developments outnumbering apartment complexes. Almost all of them are gated complexes with boundary walls providing high degree of security.

There are however key differences when it comes to property offerings in these micro-markets.

“The plotted communities in Alpha I offer a wide range of offerings, from 40 square metre to about 450 square metre plots. This is because many of the projects here are targeted at the high-end and luxury category,” says Pavneet Singh of Sharan Estates. “In contrast, in Delta I, 95 per cent of project offerings consist of 60 square metre plots with few luxury offerings. Thus making Delta I more affordable than Alpha I in terms of investment.”

In case of apartment projects, Alpha I prices are slightly higher than Delta I. Thus while at an average, a 2BHK in Alpha I is priced around Rs 50-55 lakh, a similar unit in Delta I can be obtained at a price of about Rs 40-50 lakh.

The other primary difference between the two areas is the level of development.

“While Alpha I is an almost self-sustaining area with commercial and retail establishments clearly allocated in identified areas in larger land areas, Delta I is still developing. This is not to say that there are not sufficient lifestyle stores or local commercial establishments there. But that they are not as developed as in Alpha I,” says Dheeraj Singh.

What is further adding to the quality of life in Alpha I is its strategic location, viz., opposite the golf course, with several educational institutions and lifestyle offerings nearby. In contrast, the offering of smaller plots has resulted in high population density in Delta I.

In the final analysis however, industry experts talk about the cost-vis-à-vis-lifestyle advantage.

“A 2BHK in an area like Dwarka is today priced at about Rs 1 crore. In these areas in Greater Noida, you can actually get a plot of land for the same price, which also includes a better lifestyle. The fact that these two areas are still developing in certain pockets even though others pockets have well-settled communities actually works in their favour,” says Pavneet Singh.

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Planning to buy a house in Noida-Greater Noida? Now is the right time

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.

Connectivity scenario

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.

Current geography

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