DELHI: The skyline of Greater Noida West, formerly known as Noida Extension, has changed drastically and is now adorned with residentialproperty units—from imposing highrise projects to neat and well-laid out low-rise structures—projected to house nearly 10 lakh people in the near future.
With improving infrastructure and fast connectivity, this new developing area is raising hopes that it will emulate the success story of Noida’s property market.
Development authorities have put behind them the controversies over land acquisition and are swiftly laying down the necessary infrastructure-water, roads, and electricity.
A green belt has been set aside for peaceful and healthy living and connectivity is going to be smoother once Metro rolls out in couple of years from here.
Why Greater Noida West
The biggest advantage of Greater Noida West is that it is still an affordable market for homebuyers-anybody who has an income in the range of Rs 40,000-50,000 per month can plan to have their dream home here, with several options on offer.
Rakesh Yadav, MD of Antriksh Group, says: “The amount of construction and development going on in this area is such that in the next three-five years, Greater Noida West will become one of the most comfortable and affordable residential destinations in the whole of the NCR. The major reasons for this are: the infrastructure is already in place before the projects have been announced, connectivity to this area is very good from all major destinations like Delhi, Noida, Greater Noida, Ghaziabad, and Yamuna Expressway, the forthcoming Metro link, etc.”
Greater Noida West is well planned with wide roads, basic infrastructure like hospitals, educational institutions, and commercial sectors in place. As for the price factor, it is very much affordable compared to any other real estate destination in the Delhi NCR.
R K Arora, CMD of Supertech Ltd, says: “Despite so many problems like the land-acquisition row and delay in construction, Greater Noida West has still registered a remarkable price appreciation-and once the entire development process picks pace the rates here will even double in the next three-five years. Customers have already seen an increase of 100% in rates, which are in the range of Rs 3,400 per sq ft at the moment. This area will evolve into one of the best residential places in the whole of the NCR, once the entire city takes its proper shape with every amenity, connectivity, and infrastructure in place.”
Manoj Gaur, MD of Gaursons India Ltd, says: “Housing demand in Greater Noida West is definitely very high, as the region offers prime housing solutions that range from affordable to luxurious options. Prices are fast picking up and some of the projects in this area saw an appreciation of 25% over their start-ofyear values. Infrastructure has improved drastically and now includes expressways, major road networks, and a future Metro connectivity. It is well connected to Noida and Delhi and one does not feel that one is living in a far off place. Besides, you can find good schools, hospitals, shopping malls and entertainment zones here. We have two big projects Gaur City and Gaur City 2, both residential projects; we will give the possession in April for the 1st phase of Gaur City.”
Anil Sharma, president of Credai-NCR and CMD of Amrapali Group, says: “Despite odds, developers are focused on speedy construction of projects here; some of us have introduced latest technological innovations like precast technology, which will cut down on the period of construction drastically-we are going to ensure that buyers do not suffer any further.”
Alok Tyagi, MD of ATN Group, says: “Greater Noida West has huge potential, as it is a 2000-acre planned city with only approved projects and planned infrastructure of roads, hospitals, schools, green belts, educational sectors, commercial sectors, and residential sectors. The main road connecting to Noida is 130 metres wide and the area is likely to have Metro connectivity in the near future. The entire area will take a proper shape by 2017 and will become a very flourishing city of the Delhi NCR.”
Rakesh Ranjan, MD of BS Buildtech Group, says: “When we thought to bring a residential project in the NCR, the most affordable land was available in this area, that too directly from the Greater Noida authority. Our mission was to have the project at an affordable price, as the majority of homebuyers come from the middle-income group and look for houses in the price bracket of Rs 20-40 lakhs-and this was only possible here at that time. Initially, we sold the flats at the basic selling price of Rs 1,800-2,100 per sq ft-even now we are selling a 2BHK flat at Rs 26 lakh, which is quite reasonable in the NCR market.” B S Buildtech has launched Vaibhav Heritage Heights, a residential project with 2-, 3-, and 4BHK apartments of 955-2,300 sq ft.
Rajesh Goyal, MD of RG Group, says: “When we planned our project, places like Gurgaon and Kundli were already over supplied. So Greater Noida West was the best option in terms of land availability, cost, and demand-supply mechanism.
This area was fully planned with basic infrastructure in place by the authorities concerned. We wanted to bring an affordable housing project, which was possible here.” RG Group has launched RG Luxury Homes, with 2- and 3BHK apartments on offer, in Sector 16B, Greater Noida West.
Kaushal Jain, MD of Arihant Group, says: “We have a residential project, Arihant Arden; it offers 2- and 3BHK options in the price bracket of Rs 3,400 per sq ft in flexi plan and we will be ready for possession by June 2015.”
Sanjay Rastogi, director of Saviour Builders, says: “As land is becoming scarce in Delhi and Noida, one naturally shifts focus to other adjoining areas which offer equally excellent living conditions and are not too far from the big cities of the NCR. The Greater Noida West meets these vital criteria and is an ideal option. Properties in Greater Noida West will give an annual return of nearly 16% over the next few years. We have launched Saviour Greenarch in December 2013, over 10 acres, and have got very good response. We are selling our units at Rs 2,975 per sq ft.”
Ashwani Prakash, executive director of Paramount Group, says: “The importance of any area in NCR largely depends on its connectivity to Delhi and the travel time from a particular point to Delhi. Noida and Greater Noida are the areas which are holding the population pressure of Delhi as satellite cities. An effective network of expressways available in the area with the recent news of FNG becoming operational soon will definitely boost thereal estate of this region.”
Aman Agarwal, director of KV Developers, says: “Greater Noida West is the place to look out for in 2014. Availability of excellent infrastructure makes it a good option to reside as well as invest. It is well connected and just half an hour drive from Delhi. The close proximity to Yamuna Expressway and the proposed Metro station also make it a lucrative location-many corporates are moving here with their offices. If we see Gurgaon and Noida, which form major portions of NCR, prices are very high because of space crunch; so developers are eyeing the affordable segment here first.”
KV Developers has launched KVD Wind Park, a group- housing project in Tech Zone IV, Greater Noida West.