Highway to Heaven
With fast growth, Greater Noida bucks the real estate downswing in NCR
After years of struggle, IT professional Pankaj Kumar and his wife have enough money for their own flat. But Delhi weighs too heavy on their pocket. He sifted through several options in NCR, but most were out of his reach or located too far from work. Then they heard about Greater Noida (West). Wanting to cover all possibilities, the couple drove down the Yamuna Expressway one day. By the time they returned, they had identified a flat of their choice: A 2 BHK at Rs 30 lakh. “At last, we found the flat of our dreams: Within our budget, and a great location,” says Kumar.
This story of middle-class families looking for a comfortable home but fighting the rising prices in NCR is a familiar one. Greater Noida (West), also called Noida Extension, is fulfilling the aspirations of buyers whose modest budgets that rule out most of Ghaziabad and Noida. With its improved connectivity to Delhi a big plus, construction is apace at Greater Noida (West). Close to 75 projects are underway, and one can buy a 2 BHK for Rs 25 lakh-35 lakh and a 3 BHK for Rs 35 lakh-50 lakh.
The past three years have seen stratospheric growth in this area’s real estate market. Narender Singh, a networking professional with IBM, who had earlier bought a 2- BHK flat for Rs 20 lakh in the area, has seen its value already rise to Rs 35 lakh. “I didn’t buy it to sell, but in case of any fin- ancial crisis this flat is a good investment,” he says. Young service and IT executives working in the hubs that have popped up nearby, along with retired pensioners searching for quieter options, are the main buyers here.
Developers here also put much attention to services, with multiplexes, educational institutions and leisure spots coming up everywhere. Gaur’s 14th Avenue and Saviour’s Greenarch are among the most sought-after affordable housing projects in Greater Noida (West), with 2- BHK apartments starting from 23 lakh for both. Ashok Gupta, MD, Ajnara India Ltd, says, “Affordable flats is the fastest-growing residential real estate format due to rise in purchasing power of the people.”
Developers are eyeing young couples, investors, executives who want to live closer to work and also those who want to live close to the city but also far enough to escape the rush. For all of them Greater Noida (West), with its promise of good infrastructure and continued growth, is the best bet.