The decision taken by the Delhi Metro Rail Corporation (DMRC), to extend the Blue Line of the Delhi Metro from Noida City Centre into a 60 km long loop, will have a tremendous impact on the price of flats and plots in Greater Noida West, real estate experts say.
The loop line will connect the Noida City Centre to the Gaur City Square in Greater Noida West and will then be extended to Bodaki village, in Greater Noida. This extension work is likely to be completed by 2017. The extension of the Metro will also benefit the residents of Indirapuram.
This news comes at a time when the slowdown in the economy coupled with the delay in residential projects in the National Capital Region (NCR) had resulted in making many a home buyer cautious about investing his money here. According to research, more than two lakh apartments are in the process of being built in Greater Noida and 40% of this is yet to find owners.
Greater Noida has witnessed declines in housing sale for the past two and half years.
The construction activity in the housing sector in Greater Noida started in the late 2000s as builders vied with each other to construct affordable apartments. The demand for homes near the national capital seemed insatiable. The activity was at its highest peak between 2009 and 2011.
But the economic slowdown coupled with a court case brought housing sales down.
Grim news, indeed, for the person who wishes to invest in flats in Greater Noida West.
However, recently the Greater Noida Industrial Development Authority (GNIDA) made an announcement that it would reacquire farmland under the Land Acquisition Act of 2013. This has brought some cheer to the sector.
Real estate gurus are of the opinion that an investment in flats in Greater Noida West will not be a waste; notwithstanding the delays in construction and court cases, as its proximity to the national capital is its best bet and greatest selling point. The general consensus is that the court cases will get sorted out in due course and the investment will appreciate after that.
Greater Noida is a town in the Gautam Budh Nagar district of the Uttar Pradesh and is about 48 km from Delhi. Greater Noida West was earlier known as Noida Extension and consists of 16 villages all of which now come under the Greater Noida Industrial Development Authority (GNIDA). The villages are Shahberi, Devia, Patwari, Ghanghola, Bisrakh, Roza-Yakoobpur, Itaidha, Noida, Aminabad, Khairpur, Haibatpur, Asadallapur and Chipyana Buzurg. It was planned to provide housing for one million middle and upper middle class persons in the NCR.
Greater Noida West is a planned town with wide roads abutting service lanes leading to all major highways. This town is 25 km from Noida and is serviced by a railway station near Boraki.
It has been planned for systematic development of infrastructure for residential and commercial space. Information Technology (IT) parks and other industries are also being planned in this area. All utilities as well as, cabling has been run underground.
It is of interest to note that the sectors in Greater Noida West are all named after the letters of the Greek alphabet. The oldest sectors in this area are Alpha, Beta and Gamma. However, as mentioned earlier, the major problem for real estate investment has been the problems in land acquisition.
Better social infrastructure in terms of hospitals, schools, colleges and universities are available in Greater Noida West. Another big draw to investment in Greater Noida West has been the sports infrastructure in this area. Jaypee Sports City is located here. In addition to this the Budd International Circuit, also by the Jaypee Group is located here. This would be worthy of interest to people who want to invest into flats in Greater Noida West for the sole purpose of renting out; as the sports fraternity would provide a strong target group.
So, the two big draws to Greater Noida West have been the relatively lower prices and the better planning.
Nina Varghese for IndiaProperty.com
Image: ”Panoramic view of Greater Noida” by Him2586 – from one of the building of greater noida. Licensed under Creative Commons Attribution-Share Alike 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Panoramic_view_of_Greater_Noida.jpg#mediaviewer/File:Panoramic_view_of_Greater_Noida.jpg