Investors want to invest in Residential Property in Noida

After the Noida Authority’s announcement that owners of institutional plots could sell portions of their land for residential use earlier this month, city-based industrialists have demanded that residential plots within sectors of industrial units be reserved for them.

The Authority had taken the decision to help increase housing projects in the region.

In a letter addressed to Authority chairman Rama Raman, the Noida Entrepreneurs’ Association (NEA) mentioned that the establishment of Noida was primarily meant to encourage industries. For the purpose, industrialists had been promised residential plots. “But even after so many years, the promise remains unfulfilled. We demand that the Authority roll out a scheme to reserve residential plots for industrialists at the earliest,” said Vipin Malhan president NEA.

Malhan further said that just like the Authority had recently sanctioned a percentage of land in institutional plots to be converted into residential areas, it should issue similar increase in the FAR (floor area ratio) of industrial units so that a certain percentage of land can be used to provide residential property.

The NEA also demanded that instead of allotting further plots to builders, the Noida Authority should first launch a scheme wherein residential plots for industrialists are reserved. ‘Until such a scheme is launched, we demand that the Authority allow a certain percentage of industrial units to be converted for residential use so that industrialists can carry out their business without any hindrance,” said Malhan.

Affordable Real Estate Property in Delhi/NCR

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Affordable real estate property prices, proximity to the national capital, fast-developing infrastructure and the availability of spacious and quality residential units are the key factors driving the growth of satellite towns and other suburbs of the NCR.

Also, rocketing property prices in Delhi, Gurgaon, and Noida combined with a shortage of housing units to accommodate the fast growing migrant population, has propelled the real estate market in these suburbs and satellite towns. These locations mature, saturate, and get established with the development of physical and social infrastructure, the affordability factor diminishes rapidly forcing the masses to move further away from the national capital in search of their dream home or for investment purpose.

Noida-Greater Noida Expressway: This location has already emerged as the best real estate property. However, what is little known is the fact that Noida-Greater Noida Expressway also has a tremendous potential for the growth of other asset classes like hotels, hospitals, and retail outlets, which are still at a very nascent stage of development.

“Rents and values of commercial properties in this region still continue to be low compared to other commercial districts in the NCR, making it an attractive proposition for corporates.

Improved connectivity through the extension of Noida Metro line is likely to provide the necessary momentum for this corridor. The operational Yamuna Expressway has already seen a leap in the traffic inflows from various neighbouring cities to the NCR.

“This will further enhance the connectivity of the major cities of the state to the national capital that will be routed through Noida-Greater Noida Expressway. FNG (Faridabad-Noida-Ghaziabad) Expressway will cut across Noida-Greater Noida Expressway and will enhance connectivity to the adjacent cities and add to the momentum.”

In addition to these, there are some other places which are fast emerging as hotspots in the Delhi NCR. Dwarka Expressway, for instance, is one such region. “Price correction in the secondary market of projects under construction is an attractive proposition for homebuyers; there is also hope that the land acquisition issues hampering the completion of the expressway will be sorted out this year.”  

Greater Faridabad is another place, which is developing into a mega hub for residential and commercial projects; the biggest draw is that property here is still available at affordable rates.

“Located midway between Noida and Gurgaon, Greater Faridabad is set to benefit from the completion of FNG corridor, well-planned infrastructure, and an affordable market.”

Mega projects like the F1 race track and other forthcoming ones like the Jaypee Sports City project and the night safari park, will push the next wave of development, which will expand the city boundaries further.