On the Fast Lane
Proximity to the Capital has meant only a few sectors of Noida still offer affordable homes
Three decades ago, Noida began as an industrial township on the east shore of the Yamuna river surrounded by jungle. It has now reinvented itself as East Delhi’s residential destination of choice. The space crunch in Delhi has seen a large number of developers eye Noida’s ever-inflating growth as their golden goose. Among satellite towns of the National Capital Region, Noida has the easiest and smoothest connectivity to Delhi, with the toll road, the extensive metro line and DTC buses plying to it making it virtually a part of the Capital and not a western fringe of Uttar Pradesh. The close proximity to Delhi has, in turn, changed the definition of affordable housing in Noida: There are few locations that can be deemed affordable for buyers seeking affordable housing. One cannot hope for a 2- BHK flat in Noida’s planned colonies for less than Rs 50 lakh.
Says Manoj Gaur, managing director of Gaursons India Ltd, “Noida has emerged as a prime residential destination and is one of the fastestgrowing cities in Asia. It had attracted record investment in 2013 and continues to see a huge number of launches in all housing segments. The appreciation in property prices in Noida is 30 per cent annually, thereby earning large capital returns for the investors.” Along with this, job opportunities, migration, investment tools and businesses are expected to double in Noida by 2014-end.
Noida’s excellent infrastructure is supplemented by the availability of land, as opposed to metropolises such as Delhi and Mumbai where conceptualising a horizontal construction has become only a distant dream. The scope of new construction has meant that Noida also benefits from Delhi’s shrinking space for new housing. But there is a flip side to it: Rising prices. Sector 32, for instance, will see Wave City Center’s Irenia luxury apartments starting at Rs 66 lakh. Sector 44 will see Assotech build 124-m twin towers that, says its CMD Sanjiv Shrivastav, will “change Noida’s lifestyle”.
As of now, Sectors 117, 118 and 134 are still considered part of the affordable housing segment. Supertech is launching Romano in Sector 118 where 2- BHK flats are available at a base price of Rs 38.10 lakh, similar to Ajnara’s Ambrosia. Unitech’s Unihomes Superb in Sector 117, with flats starting from Rs 34 lakh, also fits middle-class aspirations.
SUPERTECH CAPE TOWN
AT SECTOR 74, NOIDA