real estate investment in delhi ncr
Cities come into existence either by design or by default and the first movers (either the local urban bodies or the private developers) give it a definite outlook & shape in terms of urban planning and overall outlook of the given city. This has been the pattern of urbanisation and rise and growth of the cities across the world with Indian being no exception.
But wait! Before one would think that development of the city is an organic process everywhere, there comes Noida into reckoning which has defied the conventional growth pattern of cities. As a matter of fact, the emergence of Noida, though an organic process by the local body, gradually shaped up in a way that can neither be described as organic nor inorganic.
Noida, as a matter of fact, has been witness to a holistic growth led by the market forces and hence this has also shaped up as one of those rare markets where the demand supply gap is much lesser than many other markets across the country. The genesis of Noida’s emergence goes back to the first master plan of Delhi, prepared in 1962, that suggested a planned decentralisation of large scale economic activities from Delhi and development of towns around it. It finally came into existence during emergency in 1976 with an objective to cater to Delhi’s commercial needs and to address the Capital’s concern of polluting industries.
On April 17, 1976 the Uttar Pradesh Government had notified 36 villages of the Yamuna-Hindon-Delhi Border Regulated Area as New Okhla Industrial Development Area, better known as Noida. The State Government also constituted a new statutory body, the New Okhla Industrial Development Authority (NOIDA) to ensure planned development of the area for industrial and allied uses.
What actually was conceptualised as an industrial zone soon transformed into an affordable residential zone with land prices being as cheap as Rs. 120 per sq feet. People from South Delhi and West Delhi started moving to Noida, added to the fact that the ex army men also found it an ideal location to settle in post retirement. In the initial stages it was mainly the plotted developments in the city. However, the apartment culture soon started changing the outlook of Noida and it started turning into a most favoured destination for the upwardly-mobile middle class as well as global companies. The influx of IT/ITeS further goaded the property market of Noida to northwards and today Noida is no longer seen as the poor cousin of Gurgaon or any other part of Delhi NCR.
Analysts believe the seeds of modern city have been sown by the policy makers with the creation of better infrastructure and connectivity and the location close to Delhi proved to be the icing on the cake. Gaurav Gupta, Director, SG Estates maintains that Noida Property market is relatively more matured market and has been successful in establishing itself as the preferred place for people looking to buy house in Delhi NCR. According to him, due to its close proximity with South Delhi, multiple connecting points and metro connectivity Noida is shaping up as the real growth driver today. Infrastructure growth in Noida has kept pace with the growing population. Buyers here have multiple options to choose from both in affordable and luxury segments.
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