Investing In Real Estate: Will Greater Noida Become New Gurgaon In Future?

Greater Noida in Delhi NCR is witnessing development in a big way, and the development of residential projects in Greater Noida has gained momentum since Noida became unaffordable to the salaried homebuyer. Though the real estate growth was plagued by court procedures in the recent past, all has been settled now and construction is in full swing in the area. In fact, the Greater Noida Master Plan 2021 has several social, physical and civic infrastructure planned for the area, much of which are under construction property in Greater Noida. Such is the level of development planned for the area that most are touting Greater Noida and Noida Extension to be the next Gurgaon.

Watch: UP Govt Nod To Noida-Greater Noida Metro Link

Here are a few factors that would contribute to the growth of Greater Noida like Gurgaon:

Affordability: Flats in Greater Noida is priced between Rs. 3,000 and Rs. 3,500 per sq.ft. which is much less compared to other parts of Delhi NCR. For a 2BHK apartment, one would have to spend anything between Rs. 30 lakh and Rs. 40 lakh.  The number of configurations available is also wider (1, 2, 3 and 4BHK) as they are being built for salaried professionals who have a variety of needs. Reputed builders such as the Amrapali Group and Supertech have large-scale residential projects planned for the area and this has generated much interest among buyers.

Also Read: Here's Why Greater Noida West Is A Promising Real Estate Hub

The supply of projects is quite high in the area as builders can work on large tracts of land with higher FAR. The units may be compact but they are large in number. In 2015 alone, it was anticipated that 2.5 lakh units will be coming up for sale.

Extension of the City Centre Metro: The metro line from Noida City Centre is expected to be extended to Sector 71 of Greater Noida, right up to Supertech Eco Village III. It would enhance connectivity among various sectors of Noida and Delhi. The project is expected to be completed within four-five years.  

Physical infrastructure: Greater Noida enjoys good connectivity to Noida, Ghaziabad and Delhi, mainly via the NH24. A link from the NH-24 will connect the area towards the north of the entry road or the industrial sector of Ecotech III. A road measuring 130 metres in width has been proposed as an arterial road for the city which would connect it to Delhi and Noida. The access via the DND Flyway Toll Bridge to Greater Noida-Noida Expressway shall lead up to the Taj Expressway and to Agra. These would make commute between the main pockets of NCR from Greater Noida smoother.  

Master Plan 2021: Much of the social amenities of the area have been planned according to the Master Plan 2021. Educational institutions, healthcare facilities, security, shopping malls and recreational facilities are being developed in different areas. As a matter of fact, the Master Plan 2031 has been approved as well by the National Capital Region Planning Board and this has further spurred the development process.

The only downside of Greater Noida real estate is lack of employment opportunities as it is mostly a residential zone. However, with the promotion of mixed land use and improvement in social, civic and physical infrastructure, industries too shall come flocking.