On the Fast Lane

Prox­im­ity to the Cap­i­tal has meant only a few sec­tors of Noida still of­fer af­ford­able homes

India Today - - REAL ESTATE SPECIAL - By Piyush Ba­bele

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.

Pho­to­graph by CHAN­DRADEEP KU­MAR

SU­PERTECH CAPE TOWN

AT SEC­TOR 74, NOIDA

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