Noida realty industry has high prospects

Many people, perhaps, have forgotten or don’t want to remember (witnessing the developments at Noida thanks to private initiatives) that the entire area did develop on account of government initiatives. Noida came into existence on 17 April 1976 owing to the sole initiatives of the then Union Government of India and especially because of Sanjay Gandhi (the infamous Gandhi scion) who did set it up as part of an urbanization thrust during the controversial Emergency period (1975-1977).

The city is located in Gautam Buddha Nagar district of Uttar Pradesh state and there is no doubt in it, New Okhla Industrial Development Authority (NOIDA) is one of the largest well-planned industrial townships in India. Keep in mind that Noida is also regarded as one of the prime regions in the National Capital Region. The city has already achieved a lot and all its developments along with rising demands have stimulated the real estate sector considerably leading to more growth in numbers of flats and homes.

This is no overstatement and the city, unlike other prominent Indian cities (known for industrial excellence,) is considered India’s growth engine in recent years. One of the prime factors behind this happens to be its complete transformation as a preferred IT/ITES destination in India. In recent years, Noida has gained a lot of popularity and has become a hub for the big brands along with MNCs and corporate houses. These include LG, Moser Baer, Pepsi, Videocon, and Honda etc.

Let’s identify the ongoing real estate trends in the region. But before that we must gauge the reasons behind the huge demand for Noida property market. As per studies, there are several factors. These include proximity to Delhi, escalating migration of people from several parts of the nation and globe to the region, improving infrastructure, IT/ITES companies’ operational bases, emerging educational institutions and certainly the 23-km Express Highway between Noida and Greater Noida.

Is there any difference between the residential real estate and commercial real estate scenarios of Noida? Well, despite the aims and objectives, there is no such difference and both are in full swing. Take for instance residential real estate. An assortment of studies have stated, 40 per cent of the total estimated land has already been approved for the development of residential properties and its booming high time by reason of huge investments happening in IT & ITES sector. What’s more, Noida property market, for the time being, is witnessing a huge demand for residential complexes surrounded with modern amenities. These are fitness centers, children park, fun park, medical aid centers, restaurants, community hall and shopping centers.

Nevertheless, there is also a difference. Some areas of Noida happen to be more preferable for residential properties. They are Sector 14, 15, 27, 28, 29 and 37. Whatever may be the price, it seems affluent people are ready to expend any amount. There is no doubt that these are prime locations and at present Noida flats range anywhere between Rs.2470 to 3150 per sq. ft.

The commercial real estate sector is also witnessing a steady increase at one fell swoop and owing to necessity of 40 million square feet annually in IT and ITES office space, there are excellent potentials in commercial properties.