The Dragon Mart Effect: How Entry Of Chinese Companies Would Affect Real Estate In Greater Noida
The recent announcement of plans to develop 'Dragon Mart', a hub for Chinese manufacturing and retail businesses that will have offices, outlets and exhibition centres, among other facilities, at Omaxe Connaught Place, Greater Noida, is opening up new opportunities for real estate investments in India. About 200,000 sq.ft. space has been leased by a group of Chinese manufacturing and investment companies. This indicates that there will be an influx of a large number of international representatives of these companies who will require residential facilities and related amenities. Keeping this in mind, smart investors will consider making a beeline to grab a piece of the pie.
Historical precedents
The inflow of professionals and their families to Delhi has historically sparked tremendous development of the real estate sector, with the establishment of the Delhi National Capital Region (NCR) to cater to the ever-increasing number of residents. Gurgaon and Noida benefited greatly from this over the past two decades. With many MNCs and IT giants opening shop in these areas, the demand for world-class residential properties has never been more pronounced, and the extension of Metro Rail services have prompted real estate prices to shoot up.
Facilitating development in Greater Noida
Greater Noida has also seen rapid development for the same reason. Early sales for ready to move flats in Greater Noida were low because it was perceived to be far from the capital region with limited conveniences, but the extension of Metro Rail will resolve that issue. The proposed Metro link is29-km long and will run between Noida and Greater Noida and will have 22 stations, easing vehicular pressure on some of the busiest thoroughfares across Noida and Greater Noida. It will run along the expressway, from City Centre, Sector 32 and end at Bodaki, Greater Noida. Stations 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. Also, looking to make Greater Noida more people-friendly, its Industrial Development Authority (GNIDA) has planned its own power plant, which will provide undisrupted electricity supply to the region.
Enter the dragon
The Dragon Mart project is a significant indication that Greater Noida is ready for the world. More global conglomerates will want to set up local offices in the area, creating a domino effect leading to a drastic increase in the number of upcoming properties in Greater Noida. A direct repercussion of Prime Minister Narendra Modi's 'Make In India' initiative that excited many foreign companies that are ready to invest in the Indian market, Dragon Mart is something of a flagship project with many more expected to follow. Such projects will also be beneficial for Indian manufacturers, suppliers and retailers. Once completed, Dragon Mart is expected to lead to a huge boom in property in Greater Noida.
Poised for growth and development
Dragon Mart is being made primarily for Giant Centre, a part of Floret International Ventures Ltd., which is a leading international trade consultant and service provider in the Indian and Chinese Market. Other major names in the Omaxe Connaught Place, Greater Noida, include Kwality Group, INOX, Easyday, Madura, Arvind and SSIPL. When such big names are setting up base here, this is certainly a good time to invest in upcoming properties in Greater Noida.