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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