DELHI: Commercial property has always been considered a huge investment and preferably a deal made for corporate houses, MNCs, big and foreign investors. Retail players or small buyers found it expensive due to location, size and cost and hardly got a small office space within their budgets, so they preferred to rent a small office space to run their operations. But for the first time in the NCR (National Capital Region), Greater Noida West is offering opportunity for retail and small buyers too. Multiple projects are offering not only small space, but also at pocket-friendly costs.
Soaring rental values and unavailability of space in Delhi has moved professionals, corporate houses and MNCs towards Noida and today it is considered one of the biggest locations for commercial operations in the NCR, spread over various sectors. Most of them are unorganized, with no parking space, permanent water and electricity issues, no power back-up, poor sanitation etc. Very few commercial spaces are completely organized. That is why purchasing such units have high costs and ultimately a retail buyer and small business holder is bound to rent a space.
But now that phase seems to be over, since Greater Noida West is ready to entertain retail and small buyers with their unique offerings. After residential development, Greater Noida West is now emerging as the best location for commercial operations. Developers are coming on the basis of ‘mixed land use’ where they are offering a combination of residential, office, hotel, high street and space for IT & ITeS.
Keeping retail buyers in mind, these projects offer units of small sizes (200, 300, 450, 500, 800, 1000 sq ft). This is encouraging for small and emerging entrepreneurs, IT professionals, CAs, lawyers and other professionals who want to invest in small commercial property for rental returns. Moreover, developers are offering an entire lifestyle in their projects that includes home, business, hotel, meeting venue, entertainment and shopping etc.
From a connectivity point of view, Greater Noida West is well connected with the adjoining cities such as Delhi, Noida, Greater Noida, Ghaziabad and Faridabad. Surrounded by NH-24, the Faridabad-Noida-Ghaziabad Expressway, the locality has 130-m wide roads for internal transportation.
With guaranteed all round connectivity, the days are not far when the metro or a mono rail will be operational as a modern mode of transportation for daily commuters. The government has plans to create strong social infrastructure such as hospitals, educational institutions, community centers, clubs, banks and ATMs, strong sewage system, water supply system, power supply and internal transportation etc. to support the future challenges.
The cost of commercial units in Noida today, is more than Rs 10,000 per sq ft but at Greater Noida West the values start from Rs 4,000 per sq ft, which is quite impressive for retail buyers and smart investors. Some of the prominent projects in the area are Intellicity, NX One, Premia Corporate Park, Trustone, Imperia, Regal Imporio among others.