With the real estate market in Noida stagnating, its close neighbor, Greater Noida, has slowly come into the limelight. As the Noida market faced several developer-related issues, home buyers turned to Greater Noida, owing to its connectivity with the center of Delhi through the expressway and its vast, spacious real estate developments.
Greater Noida is now well-connected through the Delhi Metro. Development of the Delhi-Meerut Expressway and the Eastern Peripheral Expressway, have added to the pace of real estate development in Greater Noida. Planned development, lots of open and green spaces and highly affordable residences and business destinations, have led to home buyers’ shifting their priority towards Greater Noida. Moreover, the region has easy access to NH-24, thereby, attracting property seekers from the highly dense and industrial towns of Ghaziabad, Hapur, Meerut, Muradabad, etc. It is also connected to Faridabad and Gurugram, through the FNG (Faridabad-Noida-Ghaziabad) Expressway, which will reduce the travel time to Delhi significantly.
1. Property registration in Greater Noida: The authorities are planning to make registration more comfortable, for property buyers in Noida and Greater Noida. The assistant commissioner of Gautam Buddh Nagar has informed that home buyers can log in to the website igrsup.gov.in, to apply for the registration of properties. Information, vis-à-vis guides for filling the forms and required documents, are also available online.
2. Demand for co-working spaces: A lot of enterprises have made their way to Greater Noida, as the cost of land is affordable, as compared to other famous markets such as Gurugram, while rentals are economical, too. According to market reports, several new co-working spaces have sprung up in Film City, Sector 8, Sector 125 and sectors 2 and 3.
3. Approval for the metro rail project: The union cabinet in May 2017, gave its nod to the Noida-Greater Noida Metro Rail project (Aqua Line). The Noida Metro Rail Corporation (NMRC) has started trial runs on this 30-kilometer link, and this line is expected to start functioning from December 2018. The tests run on a 29.9-km stretch, will cover four stations — Alpha-I, Pari Chowk, Knowledge Park-II and Sector 149 in Noida.
4. High rentals in Noida: High apartments in Noida have fuelled demand in Greater Noida and Noida Extension markets.”
The slowdown in Noida is owing to the saturation in the real estate market. With limited land areas for new development, Noida has very little to offer. Fortunately, Greater Noida has an organized system of large land banks. Not only are these land parcels excellently connected, via the Greater Noida Expressway, they also have adequate infrastructure facilities to attract users, as well as developers. Additionally, the region’s master plan envisions a designated growth pattern that does not leave scope for haphazard and unorganized developments.
The upcoming Jewar airport has also boosted the real estate market in Greater Noida. Greater Noida is witnessing an uptick in commercial development and with cheap rentals, it could emerge as a preferred destination, for real estate, as well as entertainment.