Real Estate market in Noida has always got a step-motherly treatment when compared to other
cities which constitute the NCR region. Noida initially got famous because of
the opening of film city and was the only alternative to an exploding Delhi.
However, due to its water quality problems and distance from the IG airport,
over a period of time it lost the steam and somehow became second fiddle to
Gurgaon, which was able to scale up much faster. Noida over the years has
expanded to Greater Noida and Greater Noida West.
Noida has an excellent connectivity with Delhi, through three
independent roads, thus providing faster and flexible ingress and egress
routes. Its connectivity has also enhanced towards Ghaziabad and NH 48 with the
opening of the Expressway. This one factor works to the advantage of Noida as well as Greater Noida, giving
the property market a flip.
Real
estate in Noida struggled in the early
2000 to 2010, when otherwise the real estate market in India was going through
a boom. The main reasons were the procedural red tape-ism. Acquiring of land
was difficult; various clearances required for construction were not
forthcoming, without greasing the palms; policies were not clear; land
litigations were in abundance and so on. Noida learnt the hard way, but
fortunately the right way. When the above got sorted out and it was time to put
things on the fast track, the real estate market in India went into a slump. Real estate in Noida and Greater Noida
has suffered more because of the timing than anything else.
Today, Noida and Greater Noida have the best infrastructure in the
entire NCR region. The internal roads are well planned and laid out; metro
within Noida and towards Greater Noida is progressing on a fast track.
Infrastructure in terms of schools, colleges and hospitals is at par if not
better compared to any other metropolis. The only place Noida is on a back foot
is the law and order structure. The UP stamp is clearly visible on the law and
order situation in the city, incase this issue can be addressed by the
administration; it would enhance the livability of Noida to one of the best cities
in India. As and when the real estate
market starts picking up Noida would
be the biggest gainer. At present the property
prices in Noida are most reasonable as compared to any other city in the
NCR region and it is the right time to invest, with real
estate developers in noida doling out freebees.
One also needs to keep an eye on the changing political scenario;
UP is scheduled for elections in 2017 and it is going to be the toughest battle
ground. Hoping a stable, progressive and single party government comes back, it
will be a turning point for the real
estate sector in Noida and Greater Noida.
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