Real Estate In Noida And Greater Noida: A Case Of Competing Sisters
Being the national capital, New Delhi has seen a lot of people from other parts of the country moving in for better opportunities. The migration rate has been so great that the government failed to cope up with the residential needs of Delhi's migrant population, thus leading to the rapid development in the suburbs of Delhi National Capital Region (NCR) .
Competing sister cities
Falling in Uttar Pradesh, the city of Noida has seen its luck turn overnight. However, with the passing years, its sister project Greater Noida, has also emerged rapidly. This happened as many IT companies established their offices in Noida, just at the same time as it became well connected by Delhi's Metro Rail, helping property for sale in Noida fetch much higher rates. The problem, though, is that the Metro in Noida runs up to only Noida City Centre, and beyond that people tend to face serious commuting issues. Also, until recently, power cuts were a huge inconvenience in this part of the NCR. Greater Noida has so far not been touched by the Metro's reach, so public transportation is a major headache compounded by meagre civic and social amenities.
Metro set to improve the situation
All this is going to change soon though, as the upcoming extension of the Dwarka-Noida City Center to Pari Chowk will improve connectivity in Noida further, along with the much anticipated 29 km-long Noida-Greater Noida Metro link, which is expected to transform Greater Noida once and for all. The proposed Metro Rail line will have 22 stations connecting some of the busiest spots across Noida and Greater Noida. The Metro line will run along the expressway, from City Center, through Sector 32 and end at Bodaki, Greater Noida. The proposed stations on the route will be located at Sector 51, Sector 50, Sector 78, Sector 101, Sector 81, Dadri Road, Sector 83, Sector 137, Sector 143, Sector 147, Sector 144, Sector 153, Sector 149 , Noida and Knowledge Park 2, Pari Chowk, Alpha 1, Alpha 2, Delta, Knowledge Park 4 and Bodaki, Greater Noida.
GNIDA moves to make Greater Noida more habitable
The Greater Noida Industrial Development Authority (GNIDA) is planning to set up its own power plant, which will provide uninterrupted power supply to the entire region and check power outage issues. This move is sure to make property in Noida witness a steep hike in the rates. Many big names like Supertech, Lotus Greens, 3C Company, and Wave Infratech have shown an interest in investing in luxury projects in Noida.
The announcement of the extension of the Metro line to Greater Noida, as well as the constant urbanization will help surge the real estate markets of both Noida and Greater Noida with the mushrooming of local business and infrastructure.
The graphs go up
According to studies, an increase of up to 30-35% can be seen in the prices of apartments and plots in Greater Noida. Noida saw a healthy increase in real estate property rates after the five Metro stations became functional. Even today, areas near Metro stations feature the highest increase in realty prices. A ready to move apartment in Noida located near a Metro station is bound to fetch considerably higher prices because of easy connectivity. Similarly, Greater Noida will now see the same excitement among buyers, as the announcement for the completion of the Metro line and the positive response to the Noida Expressway have put property for sale in Greater Noida on the wish-list of many.
A comparison of current prices reveals no surprise, that the rates in Noida and Greater Noida will be much higher because of the proximity to Delhi, the availability of better infrastructure and transportation, and the influx of IT companies, which are the reason many people find a home in Noida in the first place. That being said, the time is not far when Greater Noida's real estate would rise exponentially and would walk toe to toe with the prices of property in Noida.