High­way to Heaven

With fast growth, Greater Noida bucks the real es­tate down­swing in NCR

India Today - - REAL ESTATE SPECIAL - By Narinder Saini Fol­low the writer on Twit­ter @narinder75

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.

Pho­to­graph by CHAN­DRADEEP KU­MAR


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