Noida-Greater Noida Expressway has emerged as a major residential destination

In recent years, Noida-Greater Noida Expressway has emerged as a major residential destination. Here's a look at the pros and cons of the area.

Noida-Greater Noida Expressway is 24.53 km long. It begins from Amity Crossing in Noida and goes up to Pari Chowk in Greater Noida. The key residential sectors along the expressway are 82, 83, 92, 93, 99, 105, 108, 135, 137, 141, 144 and 153. In recent years, these sectors have emerged as prime destination where end users and investors have bought in large numbers.

Connectivity advantage

The biggest advantage of living along this expressway is that you have quick access to south Delhi. People living in sectors like 99, 100, 105 and 108 can reach south Delhi via Kalindi Kunj or Ashram in barely 15 minutes. East Delhi colonies like Mayur Vihar are also easily accessible from here.

Infrastructure development

The most important infrastructure development that will have a big impact on the lives of people living in this area is the expansion of Metro network from City Centre in Noida to Sector 62, Sector 71, and then to Greater Noida. Once the Metro link is complete, the time required for travelling to central parts of Delhi like Connaught Place will be greatly reduced.

Many of the forthcoming developments of this region like the Taj Economic Zone, international airport, and an aviation hub will also be close by.

Well suited for end-users

Noida-Greater Noida Expressway area is well suited for end users.

"The cost of flats here is much lower compared to south Delhi while the travel time to those areas is barely 15 minutes," says Bibhash Surya, head of Sri Sai Dreamlands, a Noida-based real estate consultancy.

All the key elements of infrastructure like roads, electricity and sewerage are already in place in these sectors.

As for social infrastructure, Jaypee Hospital, JS Hospital, and Yatharth Wellness are in the vicinity. Among schools, the key ones located in and around this area are DPS, Lotus Valley, Mayur Public, Somerville International, Jaypee, and so on. Great India Place (GIP) in Noida is the closest mall while DLF's Mall of India will be ready soon. Ansal Plaza Mall is near Pari Chowk in Greater Noida.

Gautama Buddha University in Greater Noida is also nearby. Several other colleges and institutions have come up in Greater Noida, transforming it into an education hub.

Among the other attractions of this area, Okhla Bird Sanctuary is close by while a budgetary allocation for developing Night Safari in Greater Noida has already been made. Early possession in projects is another advantage of buying a flat in this area. "Possession will be offered in many projects here within the next one and a half years," Surya says.

"The existence of such payment plans puts the responsibility on the developer to complete his project on time and hand over possession to the buyer. Unless he does so, he does not get the balance cost of the apartment from the buyer." Surya says.

Noida-Greater Noida Expressway

Office hubs and attractive possession linked payment plans have enhanced the appeal of the expressway A 2-BHK is available for Rs 15,000 per month here, at the lower end, and for Rs 18,000-20,000 at the higher end, while a 3-BHK comes for Rs 22,000-35,000 per month.  A big attraction of living along the Noida-Greater Noida Expressway is that sectors like 125, 126, 127, 132 135, 136, 142, 144, and 163 have developed as office hubs. For people living in this area with offices in any of these sectors, travel time will be minimal.

Many developers are offering attractive possession-linked plans. The positive aspect of these plans is that only a certain percentage of the cost of the apartment, about 5-25%, has to be paid to the builder in advance. The rest is to be paid only after possession.

Competitive prices

The current price of apartments in this area ranges from Rs 3,700 per sq ft to Rs 11,000 per sq ft. Mid-level apartments can be purchased for Rs 5,500-8,000 per square foot. "In sectors like 137, where possession has not been given, you can buy an apartment for Rs 5,500 per sq ft. But in sectors like 99 and 100, where possession was given earlier, rates have climbed to Rs 7, 5008,000 per sq ft," Surya says.

The price of plots ranges from Rs 30,000 per square metre to Rs 90,000 per square metre, depending on the size of the plot and the area in which it is situated. In some areas, prices can also range as high as Rs 90,000 to 1.75 lakh per metre. Prices have been largely stagnant in this area over the past one year owing to the slowdown in the real estate market.

Compared to 2010, however, apartment prices have shot up from Rs 3,000 per sq ft to Rs 5,500 per sq ft. Investors with a long-term horizon of 4-5 years can earn handsome returns by investing in this fast-developing area.

SOURCE: magicbricks.com