“Noida real estate has changed over the years from industrial belt to affordable and now high end. In this shift from Industrial belt to residential place the government has played a major role by releasing land for development of housing. Earlier it was only affordable options but recently various luxurious projects have come up. The major reason for luxury projects to come is the well developed infrastructure and availability of quality land parcels,” says Gupta.
Nikhil Hawelia, Managing Director of Hawelia Group agrees that great connectivity, infrastructure, abundance of facilities and the entry of large number of corporates have made Noida a leading real estate market today. He believes any city, in order to grow as a residential or commercial hub and to lure its potential customers, need to set in place its basic infrastructure and facilities as these factors are pivotal in decision making. Noida has done all the things right and hence it has become one of the fastest developing sub-cities in the NCR, creating a buzz around the region. Appreciation in property prices over the year has also made it a sought after destination.
“With acute shortage of land parcels in and around Delhi and a surge of demand for property in surrounding regions, Noida will continue to entice potential customers and investors as a preferred destination. With massive infrastructure work in the pipeline, Noida has been in the limelight for progressive growth of residential and commercial hubs. There has really been a lot of development across various sectors which are witnessing healthy absorption trends, thanks to projects that promise world-class architecture and amenities. Great infrastructure, good road network and metro connectivity to all key destinations are the prime reasons that have enticed the buyers and investors to this area,” says Hawelia.
Everyone within the built environment agrees that in the initial stages of its inception, the emphasis was on meeting the basic needs and all construction and development works were majorly concentrated in fulfilling the required demand. Initially emergence of Noida was to be an industrial town but after the settlement of big scale industries the authority also realised the need of residential as well as commercial establishments. Over the years the market forces assumed the command and are now taking this market to a new high where the developers are only catering to the emerging demand of the region. Noida is thus transforming into a global city today.
This may give an impression that the emergence of Noida as a city with global standards has been a natural progression. But the fact of the matter is that Noida’s growth story has actually been a case of being delayed but not denied. Noida for quite some time had been witness to the fact that global corporate and other high net worth individuals were looking towards Gurgaon market despite the fact that physical infrastructure in this zone has been much better.
The authorities were also conscious of the fact that the absence of an international airport has been an investment deterrent and hence concerted efforts were made to create the best social infrastructure in the entire Delhi-NCR. This led to change of perception and Noida soon got into an image makeover.
There is no doubt that the upcoming Delhi Mumbai Industrial Corridor (DMIC) and a proposed airport around would redefine Noida in terms of its future roadmap. Those who have been witness to Noida’s emergence in the last 38 years call it awesome and those who have not come to this part during all these years will find it hard to believe. Noida nevertheless continues to grow on the fast forward lane of prosperity.
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