DELHI: World-class projects like the forthcoming night safari, transport hub, DMIC (Delhi Mumbai Industrial Corridor) industrial zone, industrial and investment zones, mega rail terminal, and quality infrastructure have positioned Greater Noida as one of the top destinations in the NCR for residential and commercial properties.
This fast developing city, located in the Gautam Buddh Nagar district of Uttar Pradesh, has abundant land-at competitive rates too-and good connectivity, which have boosted the pace of real estate development in this region and have given this developing city an edge in the real estate market of the NCR.
Rama Raman, the chairman and CEO of Greater Noida Industrial Development Authority (GNIDA), says: “Planned infrastructural development has made Greater Noida one of the top real estate hubs, in commercial and residential sectors, in the NCR. The city is close to central Delhi and Noida and provides excellent residential solutions, in all categories, to working people. Besides, with a number of corporate houses planning to open offices here, the city will provide good employment opportunities to residents. The city has good connectivity with Noida, Ghaziabad, Agra, Faridabad and New Delhi; every major road in the city is wide with service lanes and with impeccable planning, the fast developing city is a role model for urban development.”
Work on the 1,483km-long DMIC is in progress. GNIDA, in a bid to speed up this project, has plans to develop three early bird projects like an integrated industrial township on 600 acres, a multi-modal logistic hub near Bodaki, and a multimodal transportation hub at Bodaki. There is a plan for a new industrial policy to promote industrial activities in coming up projects.
“DMIC has been planned to create a strong economic base with globally competitive environment and state-of-the-art infrastructure-this will spur local commerce, enhance foreign investment, and create sustainable development. DMIC is a mega infrastructural project worth around $90 billion covering an overall length of 1,483km between the political capital and the business capital of India-Delhi and Mumbai. The project is coming up with the financial and technical aid from Japan. Bodaki in Greater Noida will be the gateway of DMIC,” Rama Raman says.
Today, Greater Noida has surpassed the developments in Gurgaon and Faridabad. The city has also become attractive for corporates, investors, and end users owing to a number of multiuse projects-having a mix of residential, retail, commercial, hospitality, entertainment properties– coming up in this city.
To improve the city-level development, GNIDA is stepping up the pace of infrastructural development. In the last few years, urban development has spilled from Greater Noida into new localities like Greater Noida West -formerly called Noida Extension-which too has a slew of residential, commercial, retail, and even hospitality developments to its credit.
“We plan to run a 60km, fast Metro (Airport Metro), which will directly connect to the IGI airport under 50 minutes-from Greater Noida via Bodaki, Pari Chowk, the expressway’s Sector 93 to Badarpur and Chhatarpur,” Rama Raman said.
This fast Metro connectivity is expected to be in place by 2021. The average speed of the fast Metro would be 90km per hour with six stations and an estimated 8 lakh passengers per day.
Apart from this, work on the 29km-long Noida-Greater Noida Metro link is expected to start any time as the UP government has already approved the formation of Noida Metro Rail Corporation (NMRC). The Noida and Greater Noida authorities have already started raising funds for the project. The authorities hope to raise 50% of the total project cost, with the remaining 50% expected from the Centre.
GNIDA also has plans to set up its own power plant and provide 24-hour quality power supply; a 315MW power sub-station is going to be commissioned shortly. On the water front, construction of a pipeline from Dehra to Greater Noida via upper Ganga canal is almost complete and the city is expected to have 24×7 water supply once the whole project is commissioned. Greater Noida will get 85 cusecs of water from this pipeline.
Real estate development
Several major developers have invested big on major real estate projects in Greater Noida. GNIDA has also facilitated the development of the realty sector by allotting several institutional and commercial plots in the city.
One of the most attractive features of the township is its world-class golf course on over 400 acres, developed and managed by Jaypee Greens. Besides premium projects like villas and apartments being developed by Jaypee Greens inside the golf course, a number of well-known developers like Era Landmarks, Vardhman, Supertech, Antriksh, Amrapali, Ajnara, Logix, Ansal, Unitech, Omaxe, Parsvnath Developers, Earth Infrastructures, ATS Infrastructure, Assotech and Paramount, among others, have also made their presence felt with several high-quality projects in the city.
Knowledge Park area of KP1, KP2, KP3, and KP5 is a well-planned destination in Greater Noida where several top-notch educational, institutional, commercial, IT and ITeS institutions have come up. Some of these are Sharda Medical College and Hospital, Galgotia Institute, Birla Institute of Management Technology, NIIT, GNIT, ITS, SG Micro Software, etc.
Sectors like KP3, KP5, and Tech Zone also have industrial setups in the vicinity, near India Expo Mart, and are also well connected to the Yamuna Expressway.
Nikhil Hawelia, the MD of Hawelia Group, says: “The developing sectors of Greater Noida West have become one of the fastest developing sub-cities in the NCR and are an attractive destination for commercial and residential real real estate. The local authorities are swiftly laying down the necessary infrastructure like water pipes, electricity grid, and roads—soon the area will come up as an ideal real estate destination.”