Greater Noida and Noida are known as a market for affordable real estate buyers. Noida has become a mix of commercial and residential pockets. Here are some of the top reasons why.
To battle the burgeoning demand for housing in Delhi, the development of this began in 1976. It was to be a zone for affordable housing for salaried professionals who found it hard to stay in Delhi. However, over time, Noida has become a mix of commercial and residential pockets. With improvement in infrastructure and connectivity, commercial activities are slowly taking up space in Noida's various sectors.
Situated towards the east of Delhi, Greater Noida is one of the sought after areas for those who want affordable properties to invest in the NCR (National Capital Region). Major IT companies such as Adobe, Dell, Tech Mahindra, TCS and their likes are situated in the city along with the corporate offices of Indian Oil, Tata Power and NTPC which have made the area a hub for employment. Investing in the city would mean good returns from 'new projects in Noida'.
The property market in Greater Noida and Noida can be divided into three zones.
The first segment includes Sectors 75, 74, 78, 76, 120 and 119. The proximity to the metro railway is the biggest advantage of the ongoing projects. There are quite a few ready to be moved into apartments in the sectors which makes it a draw for home buyers. Their prices usually vary from Rs 4500 to 5000 per square foot.
The second segment that can be considered for investment is the Noida Expressway. The six lane expressway that connects Noida to Delhi has several luxury projects. The average capital values of these properties range between Rs 5000 and 7000 per square foot. These areas are much sought after among highly paid professionals such as senior managers, regional managers and AVPs of companies.
The final segment is the Noida Extension, also known as Greater Noida West. The area has roughly three lakh apartments being developed. When compared to other zones of NCR, the cost of property in the area is lower which is why it is popular among salaried buyers. The average prices of property in the area range from Rs 2800 to 3500 per square foot. There is no paucity of resale and new properties in the area and home buyers can choose the ones that suit them. You can also get affordable accommodation in the upcoming projects in Noida West as there is plenty of supply here.
When compared to other areas of the NCR, Noida Extension is best planned. It is coming up as a self-sufficient zone with employment opportunities. Separate commercial and IT zones are being developed here to provide a good lifestyle to residents. Realty experts have pointed out that the affordable prices of property in Greater Noida compared to Gurgaon and the Capital make it great for salaried buyers.
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