India being the largest urbanized
nation in the world is under the constant pressure of two forces- rapid rate of
population growth and increasingly rapid rate of migration. Urban areas here
have been recognized as ‘’engines of inclusive economic growth’’. Being
economically and infrastructurally advanced, Noida has very closely observed
the paradigm shift in the realty growth.
The smoothness of the landscape
and the infrastructure govern the development of any city. The evolution of any
city is defined either by its design (infrastructure) or by its residents (the
first movers). Hence, they are the ones who give a definite outlook & shape
in terms of urban planning and overall outlook of the given city. This has been
the pattern of urbanisation and rise and growth of the cities across the world
with India (especially Noida) being no exception.
In 1970, Noida, the New Okhla
Industrial Development Authority, was set up as an industrial town to encourage
small industries and as an outreach to Delhi’s lack of space for industrial
areas. The reason behind this establishment is also to create a wider gamut to
support the unceasing space requirements in Delhi, which had emanated due to
increase in inwards migration and spiralling development levels.
Noida, as a matter of fact, has
witnessed a tectonic shift of realty during the last two decades led by the
market forces. The city has also shaped up as one of those rare markets where
the demand supply gap is much lesser than many other markets across the
country. Great infrastructure, good road network and metro connectivity to all
key destinations are the prime reasons that have enticed the buyers and
investors to this area.
Noida has grown stupendously
beyond an industrial extension to full-fledged modern city in past three
decades. Today, it is one of the most trusted investment destinations in the
country. The city boasts of an impressive development plan that includes access
to international-level-retail facilities. It has ascended as an ideal land of
opportunities for both business as well as investment. The number of people
looking to invest in the National Capital Region, especially Noida is
increasing by the day, city’s commercial real estate sector has witnessed an
incredible growth in past few years.
Being a leading business and
residential hub, Noida’s prime location has always attracted buyers and
investors. The city has also emerged as a popular destination for corporate
offices which used to flock to Gurgaon earlier. Big MNCs and blue chip companies
such as Genpact, Goodyear, Reckitt Benckiser, HCL, Honda, Wipro, Escorts, Pepsi
etc. have profoundly influenced the real estate value of the city. The city is
also attracting large interest from young professionals from IT/ITeS sector,
especially BPOs. From residential projects to integrated townships, commercial
projects to swanky malls and mixed-use developments, Noida is throbbing with
activity.
According to industry experts, to
establish Noida as the hottest property hub, the industrial and commercial
policies by GNIDA has helped in infrastructural advancement in the region and
commercial actions have taken off in right earnest.
The emergence of Noida as a city
with global standards had been a roller coaster ride. Noida, due to its
proximity to Delhi, has developed into a land of myriad opportunities and
demand for properties in Noida is soaring high. The city being accountable to
increasingly well-informed consumers and investors, meeting their growing needs
and professionally managing multiple projects, has shifted the commercial real
estate game in its favour. With high end infrastructure and premium facilities,
the city has become a rapid-developing real estate destination in comparison
with other areas in Delhi/NCR.
With massive infrastructure work
in the pipeline, Noida will be in the limelight for progressive growth of residential
and commercial hubs in near future and will continue to grow on the fast
forward lane of prosperity.
