Why Sector 74 Noida Is An Upcoming Real Estate Hub
There are several reasons why Noida continues to be a favourite destination for investors, developers and end-users. Apart from the all-round development that the city has witnessed in the past in terms of infrastructural growth, real estate in Noida is also riding high on many future plans.
The Delhi Metro's Blue Line, for instance, will soon extend deeper into Ghaziabad and Noida, bringing the two NCR towns closer. On the other hand, the upcoming airport at Jewar, Greater Noida, will also push the real estate demand further. In latest news, bus services by the Noida Metro Rail Corporation (NMRC) will now be operational in and around the isolated residential townships of the locality and thus provide last mile connectivity to residents of the locality.
If you are investing in Noida, Sector 74, you are in for some great returns as the market is ripe with new projects and attractive pricing. Let us have a look at the key factors driving the demand in this area.
Thriving business hub
The residential real estate demand in Noida mainly arises from the presence of ample job opportunities in the surrounding areas and along the Noida Expressway. Moreover, Noida is emerging as a mobile parts manufacturing hub. Sectors across Noida have witnessed increased demand for plots and apartments to support this growth. The Uttar Pradesh government has plans to promote Noida and Yamuna Expressway as an electronic manufacturing zone. This is why booking a flat in Sector 74 Noida could be a great idea while the property is still affordable.
Mixed land-use policy
Noida’s mixed land-use policy, that was recently implemented, allows buyers to enjoy commercial and residential spaces under one roof. This not only helps end-users but also businesses in a big way. For instance, if a developer buys a plot in Sector 74, they could develop commercial and residential spaces in a single project. This helps them sell faster, too. Furthermore, in its budget for 2018-19, the Noida Authority came up with the Paying Guest Policy that allowed owners of plot and houses to run paying guest services by paying mixed land-use fee and acquiring a license, respectively.
Improved connectivity
Connectivity is improving in Sector 74 as there is a proposed Metro station on the Noida-Greater Noida Metro link. Buses on the new NMRC bus route, 313, will ply at regular intervals between Shashi Chowk near City Centre Metro Station and Supertech Cape Town, thereby eliminating dependence on private vehicles and pricey auto-rickshaw or cab rides. Services will be available between 7 am and 8:40 pm at a maximum fare of Rs 26. Moreover, arterial routes such as Noida Expressway, Yamuna Expressway, DND Flyover and FNG Expressway are easily accessible.
Higher floor area ratio
A higher floor area ratio (FAR) - which ranges between 2.75 to 3.5 - also sets Noida apart from other places in the NCR. Unlike, say, Delhi, there is scope to develop high-rise. In fact, developers such as Supertech and Ajnara are already constructing apartments in Sector 74 Noida.
Attractive pricing
Sector 74 is the place you must head to if you are looking for high returns on investment. The average price for a residential property is Rs 6,490 per sqft. From compact homes to spacious luxury apartments, there is a range of options to choose from. Houses are available at prices starting from Rs 52 lakh for a 600-sqft space which go up to Rs 8 crore for a 5,000-sqft space.
Some promising projects in the locality are:
- North Eye by Supertech Limited: A 6-acre property which houses what is known to be one of the tallest residential buildings in India with a height of 255 metres. The project offers 2,257 units of high-end studio apartments, 3BHK and 4BHK homes.
- CapeTown by Supertech Limited: A gated community spanning an area of 34 acres, the property offers 5,266 units of 2BHK, 3BHK and 4BHK apartments sized between 930 sqft and 2,385 sqft.
- Grand Heritage by Ajnara India Limited: It is a luxury residential project situated over a plot of 12 acres and encompasses 16 towers with 1,760 units of 2BHK, 3BHK and 4BHK houses.
In addition, Supertech is also developing two more under-construction projects at Sector 74 - Capeluxe with 3BHK apartments in the Rs 70-80 lakh budget range and ORB - with 3BHK and 4BHK apartments in Rs 1.5-2.5 crore budget range. All these projects are currently under-construction stage and the developers are offering various payment plans for buyers.
Note: On PropTiger's livability score the locality is rated 8.2 on the scale of 10. Livability score is a score given to a locality on the scale of 10. It signifies the quality of life a family or an individual can enjoy living in that particular locality. This is calculated on important parameters including location, price, amenities, physical and social infrastructure, projects, developers operating, etc.
