Noida is a developing real estate hotspot in the National Capital Region (NCR). The recent developments around the six-lane Yamuna Expressway have immensely contributed to the growth of the property market in this region. Going forward, the upcoming infrastructure projects and government initiatives are likely to boost the investment prospects of the region.
The 177-km Yamuna Expressway, from Greater Noida to Agra was primarily built to reduce travel time. But, it also revolutionised the habitation and lifestyle of the people, especially the migrant population residing in Noida. Ever since the pandemic has struck, The Uttar Pradesh government has pledged to create a roadmap for the growth and development of the State, taking cognisance of the potential that the region holds.
Government initiatives and infrastructure projects
The government has received over 50 investment proposals, worth Rs 7,000 crore from international investors who are planning to shift their base from China to Uttar Pradesh. Three manufacturing firms have already been allotted 15,000 sq m land near the upcoming airport in Jewar, one of the major projects that is likely to enhance the favourability quotient of the area. The recent announcement pertaining to the upcoming film city in Noida is an added feather to the cap. This will make the place, a region with limitless possibilities, especially for residential and commercial spaces. Many more such infrastructure projects are in the pipeline and are expected to change the realty fortunes of the city.
Recently, the government had reduced the circle rates for Noida to make it an investor-friendly location. The reduction was around 21 percent for floor-wise commercial property and 21.5 percent for individual commercial property. The move augured well for the commercial property market in Noida. Furthermore, the Central government is also providing tax relaxation to budding startups, up to three years from the date of the commencement of operations. All these signals are likely to translate into investment benefits.
Future Outlook
Once the residential population starts to increase, the movement of real estate, including residential and commercial sectors becomes obvious. The announcement of any mega infrastructure project further helps in uplifting the sentiment in the market. Noida has been witnessing a similar phenomenon so far. With multiple developments across the region, seasoned developers have started to develop futuristic projects here, which will be unlocking massive opportunities for investment in the near future. All these will projects will also lead to the creation of new job opportunities across the region.
Since commercial real estate has emerged as an enticing investment option even amid the crisis, the private and institutional investors are expected to consider Noida for future investments. The collaboration of commercial and residential real estate market will prove to be quite healthy for the overall realty.
Noida and Greater Noida have been offering affordable price points in comparison to the neighbouring counterparts in Haryana. Affordability is yet another factor that is likely to draw the interest of the developers in the residential and commercial segments. Going forward, planned commercial projects in Noida would cater to the visitor’s needs and safety in the best possible way with the help of advanced and certified technology systems. Once fully operational, the demand for real estate will increase exponentially in this area.
