Noida, a short-form for New Okhla Industrial Development Authority, is one among the developing cities in Gautam Buddh Nagar district, Uttar Pradesh, India. In the National Capital Region (NCR Zone) of India, NOIDA is located 25kilometers southeast of New Delhi. Over the years, NOIDA has established as one of the fastest growing cities in India with good infrastructure, lower cost of housing and very close to the capital of the country. This is why NOIDA has become a development zone for real estate business.
Real Estate Scenario in Noida of Late, Trends, Prices, Guidelines and Tips
Worst has been the real estate market in NOIDA shaped by major headways like Noida International Airport, Noida Film City, and International of the country’s racing circuit. All these infrastructure head ribbons have fundamentally turned Noida a region that even non-residents flock to for real estate investments, and definitely even prospective home buyers.
- Noida International Airport: Noida International Airport is a project under development that aims to be a major source of economic development through enhanced interconnectivity, job opportunities and stimulation of the local economy. This growth is suppose to grow the requirement of real estate in the neighboring YDHC.
- Noida Film City: The establishing of the new Noida Film City will contribute towards advancement of the entertainment sector which will in turn create demand for both residential and commercial real estate.
- MNC Presence: The presence of HCL, IBM, and Samsung along with other huge multinational corporations in Noida has already created demand for quality housing and offices, which will add to the real estate boom in the city.
Key Developers Investing in Noida
Some of the leading developers are looking at Noida which further adds to the growth in the real estate sector within the region. Mentioned are some of the prominent players in Noida’s property market Those targeting this particular real estate market include:
- Godrej Properties: With property development for the upper segment Godrej has a number of projects on mark including Godrej Woods, Godrej Nurture and Godrej Palm Retreat all of which are in Noida with an array of projects at different price points First phase of GMRA receives glorious response which confirms potential in the market.
- Tata Housing: Tata Housing has kicked off projects in Noida starting with Tata Eureka Park in Sector 150 which ranges from affordable dwelling units to lavish homes.
- M3M Group: M3M after its proliferation to the domestic market in Gurgaon is looking to expand its branch in Noida in search of new innovative prospects.
- L&T: LT perceives a burgeoning opportunity within the real estate sphere of Noida due to growth in infrastructure and increase in jobs. The company, therefore, seeks to set off these developments by constructing residential and commercial buildings of high standards.
Other developers eyeing Noida’s growing market include Prestige Group, Shapoorji Pallonji, Kalpataru, and DLF Group.
Why Noida Is Attractive for Developers
Noida attracts investment from large institutional investors because of a number of important factors:
- Noida International Airport: Development of the biggest airport in the country is expected to boost demand for housing, commercial, and industrial spaces. With an expectation of growth in the real estate market, construction agencies have started purchasing properties around the airport vicinity.
- Film City Development: Development of the noida Film City is also expected to be a critical factor as it will attract funds to the entertainment industry which will, in turn, raise the demand of the real estate industry.
- MNC Presence: Many MNCs have expanded into the market and this has resulted to more job opportunities, creation of demand for commercial premises as well as houses for their employees.
Development of Noida’s Economy Through Real Estate
Noida‘s economy is anticipated to change dramatically with the expansion of its real estate market owing to the employment generation it will drive in the market. Let’s explain:
- Job Creation: Construction, real estate development, and selling real estate agents leads to job openings for engineers, architects, contractors and many more. This shows a strong demand of both skilled and unskilled labor.
- Investment in Other Sectors: The extension of dwelling and commercial construction would further lead the allied business in retail, hospitality, healthcare and many other businesses which will further augment the economic activities.
- Government Revenue: As noted, the sale of properties will drive an increase in property rates which will lead to increased government revenues. This revenue will then be reinvested in more infrastructure development, expansion of social welfare programs, and development in more public services, thus increasing the overall growth of the city.
Emergent Areas In Noida’s Real Estate Market And Its Prospects
As the time goes, key aspects such as development of residential societies in the form of the apartment lifestyle along with advancement of proper medical infrastructure facilities are only set to enhance the Noida real estate market.
- Integrated Townships: There is a growing trend and need for integrated societies that are standalone including residential, commercial, and other leisure activities. With the city of Noida already having a large population set, the need for such structures is targeted to only rise.
- Affordable Housing – So, it is quite evident that the government policies focused on affordable housing has resulted into providing means that are adequate for the middle class to own houses.
- Sustainability Trends – By integrating energy efficient structures as well as green buildings into the construction development , developers in Noida are addressing the general environmental issues.
Conclusion
Of late Noida is showing impressive developments in the real estate sector due to growing development of infrastructure works and the availability of the multiple number of MNCs in the region and the increased population. Growth of residential projects such as Noida International Airport, Film City, integrated townships, infrastructure development as a whole put Noida amongst the top cities in National Capital Region all geared towards favorable markets for real estate investment. For one reason or other, Noida has a bright possibility of wealth creation in the years to come.
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