Bottom Line: In Noida connectivity is better, infrastructure is better, public transport is better and the city is not being pulled by one CBD but multiple of growth corridors.
Every city defines its potential with the growth corridors which has the inherent potential of investments and thriving economic activity. Of course, to make this happen the infrastructure has to keep pace with the aspiration level of the investors. If the jewel in the crown of Delhi-NCR market, Gurgaon could emerge as one of the key markets across the country, it could be feasible due to DLF cyber city that attracted the investors and multi nationals to set up their base with quality projects and an infrastructure that was accessible for the international clients with international airport in the vicinity.
Where is the growth corridor of Noida that could lead this market as another case study in attracting that kind of investment? The answer to this is not easy, not because of lack of a growth corridor but due to the problem of plenty. While the Atta Market of sector 18 continues to be its main Central Business District (CBD) even today, the emerging growth corridors are even better positioned to put Noida high on the radar of investors.
That is precisely the reason why a number of market analysts in this part of the world assert that Noida is growing not at the cost of Gurgaon but due to its own inherent potential. Connectivity is better, infrastructure is better, public transport is better and the government focus is there to make Noida-Greater Noida a world class city.
Better connected locations, particularly in and around metro rail, are already seeing spurt in demand. Yamuna Expressway is going to be one of the best growth corridor, added to it the proposed DMIC will also change the landscape of Noida. Noida Extension also promises to be the growth corridor once the legal issues related with land acquisition settles down. Overall, the areas in and around Noida-Greater Noida Expressway are the traction point of big ticket investments.
The Noida and Greater Noida authorities have already short-listed a few projects along the industrial corridor to make it lucrative for investment. The first among these is to upgrade the inter-city transportation system.
The plan is to connect the Noida, Greater Noida and Yamuna Expressways with monorail and Metro. Not only this, Noida seems to be conscious of the fact that in future it does not have to fall under the weight of its crumbling infrastructure and hence management of solid waste is also a priority. To ensure a clean environment, the Noida and Greater Noida authorities would follow the example of solid waste management applied in Tokyo and other cities of Japan.
Then there is Noida-Faridabad Expressway that promises to add to the connectivity of Noida. It also plans to have a logistics park, a project which, officials claim, has the potential to develop Noida-Greater Noida into a pool of foreign investment. With Noida-Greater Noida being one of the largest area of NCR and having enough land for future expansion, some of the global corporate like Mitsubishi and Mitsui have shown interest.
Vishwanath Agrawal, CMD, Techman Buidwell believes that Noida Extension-Yamuna Expressway are the engines of future growth. According to him, both the destinations have tremendous potential and definitely growth drivers in the real estate sector in Noida. However, both the destination caters altogether to different section of people. Noida Extension is on affordability and Yamuna Expressway caters to the luxury segment.
āYamuna Expressway is becoming a hub for the real estate market and the projects in the area have received overwhelming response. InfrastructureĀ is the backbone of any real estate development and Yamuna Expressway is amongst one of these. People are attracted towards this placeĀ becauseĀ of the congestion free smooth ride, great infrastructure, best of the amenities andĀ variousĀ great options available by reputed developers. Again, in Noida Extension because of its connectivity and budget pricing, the demand is sky rocketing. Property prices are also escalating. The prices of affordable houses have risen 20 to 30 percent in the last two years. Because of this reason, it has also been considered as a great investment destination,ā says Agrawal.
Some of the property consultancy reports have rated Yamuna Expressway as āThe Destinationā due to its connectivity which is a major factor as it connects with Agra via Mathura. The proposed metro link is an added advantage as it will connect with Noida, Ghaziabad and New Delhi.
Nikhil Hawelia, Managing Director of Hawelia Group maintains that properties located in Noida Expressway and Noida Extension would give any other real estate property a run for their money. This is not just due to its connectivity but also because looking at the upcoming development plans for that area, including an amazing transport system, the above mentioned regions are in high demand. Many corporate offices are now being planned in the region which would make travelling to workplaces for the residents very easy.
āOnce the corporate sector starts operating the face of the city will change drastically. And I am sure they would soon start shifting their base here since many of them have acquired sizeable land parcels in and around Noida. Add to it, the upcoming Jewar airport is set to make the place an investment magnet,ā says Hawelia.
It seems Noidaās growth corridors have just started taking shape and hence the first movers will reap the kind of benefits that has not been seen in any of the markets of Delhi-NCR. It is just a matter of time before big ticket projects and big investments will change the landscape of Noida, making it not the best market of the region but a market where many will repent not spotting the growth corridors when it was shaping up.