ICCPL PROPERTY NEWS

GREATER NOIDA WEST GAINING MOMENTUM

     Probably known as the emerging star of Western Uttar Pradesh; Greater Noida West, which is also commonly known as Noida Extension is a part of Greater Noida, a city with a population of around 1,50,000. The city is a part of Gautam Budh Nagar district and comes under the purview of NCR. During early 1980s, the government realised the rapid growth at which the capital was expanding which would have resulted in a massive chaos and thus, they came up with the idea of developing residential and industrial setups around Delhi to reduce the burden. Before Greater Noida came up, Noida and Gurgaon were two such hubs that were planned keeping this logic in mind. But even the plans laid for Noida and Gurgaon were unable to cope up with sudden growth. Thus, to further extend Noida region, Noida Extension which is now officially known as Greater Noida West, came into being. The region is managed by Greater Noida Industrial Development Authority (GNIDA) and has been carefully planned and chalked out to be developed into a city with world class infrastructure.

“Greater Noida West’s development has been a thorough work of the concerned authority well complemented by the developers in the region. A city which was once a barren piece of land has been greatly shaped up and converted to become future skyline of NCR. The city’s master plan has been very well laid that promises immaculate civic amenities along with strategic connectivity via road and metro transport. The mushrooming of residential and commercial projects in the region offers a wide variety of products for different segments of income groups. In a nutshell, it is a region that is being well accepted by future homebuyers as well as investors due to hefty returns”, explains Rajesh Goyal, Vice President CREDAI-Western U.P & MD, RG Group.

Infrastructure & Connectivity leading the way

A habitat is complete only when the supporting infrastructure is in place. Greater Noida West at present is in the introduction phase of its product life cycle that is promising a rapid paced growth, and it is quite evident considering the work done on the infrastructure front by the authority. The region that it is today has been a tremendous work over the last one decade. In the upcoming 5-10 years, this region will be something to reckon with. “Sound infrastructure is the key to successful realty growth of a region. If we look at the real estate case studies of regions like Delhi, Noida, Gurgaon and Ghaziabad; all of them today stand tall in NCR’s real estate due to their stunning infrastructure. The moment infrastructure gets in place, residents are able to reside peacefully, future demand of the region grows, better returns are there for the investors and finally, capital appreciation takes a giant leap. This in turn adds great value to the realty prospects of the region and this is where Greater Noida West has excelled”, shares Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. Sound infrastructure is complete only when connectivity is well planned and here also, Greater Noida West scores quite well due to its strategic connectivity from its neighbouring regions. Highlighting the connectivity prospects that is serving as the backbone for Greater Noida West, Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd. elucidates, “Greater Noida West is attracting the focus of every home buyer and the reasons are obvious. Connectivity is the biggest concern of a home buyer while choosing a locality. In this regard, Greater Noida West is up to the mark by running parallel to a number of sectors of Noida and is well connected to Ghaziabad and NH 24. While the proposed metro connectivity is an important aspect, the upcoming FNG expressway adds immense significance to the connectivity of the region. Keeping this in mind, quite a number of reputed developers have already developed projects to cater various housing needs of home buyers in Greater Noida West. When it comes to connectivity and resell value as parameters while buying a house, Greater Noida West is definitely a reliable choice for every home buyer.”

Risen from the Ashes

2010 will be a year that will go down in the history books of Greater Noida West’s realty market as a year that saw a massive slump and drove the customers literally away from the market. The farmer’s crisis back in 2010 to 2012 had almost shattered the dreams of thousands of investors. There were almost no fresh buyers and the properties that were bought had no takers. Developers who had invested, were witnessing losses and inventory pile ups. But with strong nerves and support from the authority, the region bounced back very strong and is now observing the comeback of investors, as well as end users. The market is picking up pace, riding with strong push coming from the infrastructure plans in the region. “Half a decade back, the Greater Noida West realty market had almost dried as there were no buyers; and the investors who were expecting returns due to emergence of a new region, faced depreciation on property. But with cooperation from the authority, the region’s infrastructure has taken a giant leap, as a result of which customers’ sentiments has gained momentum. The market is making a strong return with property prices appreciating and piled up inventory getting rapidly cleared”, states Vikas Bhasin, MD, Saya Group. Commenting about the development offlate at Greater Noida West and its future prospects, Rupesh Gupta, Director, JM Housing avers, “Greater Noida West has come a long way over the last couple of years specially where infrastructure has been the highlight. The upcoming metro rail, to be operational FNG expressway, Yamuna and Noida expressways being next door neighbours; coupled with news of a helipad, night safari and much more is sure to add onto its acceptance quotient. The existence of Knowledge Parks, Universities, Hospitals and civic bodies is transforming the region into a complete realty market that will equally suit end users as well as investors.”

What lies ahead for Greater Noida West’s property market and concluding the chapter, Rakesh Yadav, Chairman, Antriksh India says, “This region is in its development phase and has received the fruits of modern day technological advancements and brains; as a result, its development will be much better in years to come. There is industrial, commercial and residential development in the region that allows it to be fit for a complete habitat. As per the master plan 2031, the region will shape up beautifully and will attract a lot of customer base. Few years down the line, we are forecasting this region to be a highlight of NCR’s property market.”

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