Real Estate Market Turning Optimistic in Noida Extension

After years of ambiguity due to pending court orders and halted constructions, the real estate in Noida Extension finally has some reasons to be optimistic. The Supreme Court has cleared two of the major roadblocks by upholding Allahabad High Court’s decision on land acquisition and by clearing the deck for a metro line in Noida Extension. Earlier in June, the Confederation of Real Estate Developers’ Associations of India (CREDAI) also announced that builders would deliver around 50,000 new flats by the end of the year 2015. This is a time for home buyers and investors to go gaga as the area will now be seen as an integral part of Delhi-NCR resulting in substantial appreciations in property rates.

The Current Status

1. Property rates are in the bracket of Rs 4,500 and Rs 5,000 per square feet

2. Nearest metro station – Noida City Center is about 8 km away

3. Slow absorption rates – approximately 30%

4. Inventory overhang of almost 50 months

Extended Metro Link for the Extension

Plans for two metro routes, linking Noida Extension and Greater Noida with Delhi are underway. The total stretch of 27.5 km will link Greater Noida West with Noida City Center Metro Station and make access to sectors 74, 75, 76, 77, 78, 79, 112, 121 and 129 much easier. The Noida Metro Rail Corporation (NMRC) is preparing a detailed project report for linking more places in Noida Extension with the Greater Noida Metro and Delhi Metro.

50,000 New Residential Apartments to be Handed Over

Currently, there are about 75 companies involved in residential projects in Noida Extension. Out of these, 35 builders are expected to deliver 50,000 new flats to home buyers by the end of this year, which will increase the area’s population by a lakh. While Gaursons and Supertech have already given possession to buyers, builders who will soon follow suit are:

1. Rajesh Projects

2. IITL Nimbus

3. Skytech Pvt Ltd

4. JM Housing

5. Sam India Abhimanyu Housing

6. Amrapali La Residentia

7. Mahagun

8. HR Oracle

9. Subhkamna

10. ABA Corp Gaursons Hi-Tech Infrastructure

11. Exotica Housing

12. Sunworld Group New Tech Shelters

13. Nirala World Express Developers

14. Express Developers

15. Gulshan Homz

16. J M Housing Earthcon Construction

17. Ideal Infrapromoters

18. Ace Group

19. Antriskh Group

20. Sikka Group

21. Civitech Group

22. AIG Park Galaxy Dream Home Developers

23. Arihant Buildtech

24. JKG Construction

The Basics: Roads, Water & Electricity

According to the officials from Greater Noida Industrial Development Authority (GNIDA), the infrastructure for roads, power, water and sewage is nearly complete. The peripheral roads, measuring 60 meters and 130 meters, have already been laid down and work on internal connectivity is going on. It is being said that Noida Extension will be powered by 80 megawatts of electricity as substations have been handed over to Uttar Pradesh Power Corporation Limited (UPPCL) and Noida Power Company Limited (NPCL).

Lines have been laid for water supply to individual plots by GNIDA while housing societies will depend on builders to set up supplies from bore wells, which should not be a major hassle as water table in Noida is not too low. For sewage treatment, the public body is setting up a flood zone area in Sector 1 and developers will have to set up their own waste treatment plants.

Social Infrastructure: Hospitals, Schools & Entertainment

Currently, residents of Noida Extension have to rush to Fortis Hospital in Sector 62, but soon they will have more options as land has been allotted to Kailash Hospital and Metro Hospital. Gaur International School is already operational and DPS, Lotus Valley, and Indirapuram Public School would soon set up their branches in this area. Construction of shops and local markets is underway while one shopping mall in Gaur City will soon be operational.

With so many ongoing development projects and the long-awaited allotment process coming back on track, people who have already invested in Noida Extension, along with those who planned to invest in future have every reason to smile.

I have vast experience of real estate market and own/manage RealEstateIndia.com, a leading property portal in India that manages huge database of property/agent across the country.