What Drives Demand For Real Estate In Noida Extension?
The infrastructural development of Noida Extension ( West) happened in the third phase of Noida's development. The development authorities laid out infrastructure in Noida Extension after it developed the infrastructure in Noida Expressway and certain other sectors of Noida.
Attractive real estate prices is an aspect that Noida extension has in common with other parts of Noida. Apartments in Noida extension are priced at Rs 2,800 to Rs 3,500 per sq ft. This means that residential property in Noida extension is affordable and at least 30-40 percent lower than in other parts of Noida where real estate prices are attractive. In the Delhi NCR, Noida extension is perhaps the only area of importance where homes are affordable.
Though the projects presently under construction will remain affordable for a while, this might not be true for long because the area is rapidly developing. Many apartments are under construction in this area. The prices are low because there is great supply at present. But, this might soon change.
Some of the salient features of the area are:
Affordable projects under construction: As many as three lakh residential units are being constructed in Noida Extension currently. Of the 265 ongoing projects, only 35 are completed. Home buyers have a large number of projects to choose from. Many builders like Eco Village, Amrapali Dream Valley, and Gaur City are building 1 BHK homes in this area with prices ranging between Rs 16 lakh to Rs 22 lakh. The prices of two bedroom apartments in Noida Extension range between Rs 13 to 35 lakh depending on the area in sq ft. There are 1 BHK apartments that are priced around Rs 11 lakh. However, there are many builders engaged in constructing super luxury apartments and villas too. There are also studio apartments that cost around Rs 10 lakh.
Developing infrastructure: The infrastructure in Noida extension is mostly under construction. Civic authorities, however, claim that the master plan of this area is much better than that of Noida and Noida Expressway. The livability index of Noida Extension, however, is lower than that of adjacent areas. But, it is expected to improve by the time the under-construction projects are up for possession.
Amenities: The amenities in this area are extremely good. Noida extension has many educational institutions like Amity, Birla Institute and Gautam Buddha University. There are also good hospitals like Fortis and Apollo.
Good connectivity: Noida Extension is 5 km away from Sector 119, Noida. It is connected to Sector 119 by roadways. After the construction of -- Expressway, connectivity to Noida Extension will improve. A metro line connecting the city to Noida Extension will also strengthen the transportation network in the area. When this happens, property in Noida extension will become even more valuable.
(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)