The New Okhla Industrial Development Authority or better known as NOIDA is a bustling metropolis, known for a robust industrial & commercial and an equally vibrant real estate industry. Although geographically it comes under Uttar Pradesh, Noida is part of the National Capital Region (NCR)- Located just 26 KMs from Delhi.
NOIDA came into administrative existence in 1976 as a planned urban catchment. Initially it was an industrial hub & later on it was transformed into a residential establishment. Its transformation into a residential hub was driven by surge in local demand as well as migration from New Delhi as Noida offered an economic alternative to the rising residential prices of Delhi-NCR.
With time, NOIDA itself underwent spatial & economic extension with upcoming areas such as NOIDA extensions or NOIDA West, that are actively attracting investor & buyer activities. The following part of the article, will discuss what is driving real estate activities in Noida Extension.
Commercial Hub: The location is home to prominent big MNCs such as HCL, Birlasoft, Oracle, Adobe & CSC etc., that have played an important role in development of social and civic infrastructure along with driving the residential market. Various commercial hubs have been proposed in Noida Extension such as Earthcon – Regal Emporia, City Walk, RJ Group – Cyber City, Aarza Square & Galaxy Plaza etc., that are expected to further push the location preference.
Extra Mile Connectivity:
Noida Extension has remarkable connectivity with Delhi & Agra through Noida-Greater Noida Expressway and Yamuna Expressway respectively. The opening of Yamuna Expressway has significantly reduced the commuting time between Noida Extension and Agra from more than 4 hours to less than 2.5 hours. Moreover, the location is well connected to current metro station – Noida City Centre that have further added strength to the burgeoning market.
Upcoming Infrastructure: To further improve the connectivity, two metro corridors have been proposed that will connect Noida Sector 71 to Noida Extension and Okhla Bird Sanctuary to Noida Sector 142 thereby stepping up the connectivity with nearby locations. Moreover, various theme parks have been proposed that will give an iconic view and provide some sort of stress buster for the residents.
Green Surroundings: Being a part of Delhi NCR region, Noida Extension has been planned in such a way that 22% of the area is covered with greenery, comparatively higher as compared to other parts of the Delhi NCR region.
Affordable Prices: The prices in Delhi NCR region is soaring high that is going beyond the threshold of many middle income buyers. To cater to this segment, Noida Extension has come up with affordable housing options wherein prices start at INR 4500 per Sq.Ft., comparatively lower than other regions such as Noida, Gurgaon & Delhi etc.
Good ROI:
As per Square Yards GIC, most of the locations in Noida Extension have seen price appreciation ranging between 7-9% over the last 12 months. With buying sentiments likely to become stronger in the coming years, the prices are expected to rise further.
