Set up as a satellite town of Indian national capital Delhi, NOIDA that stands for New Okhla Industrial Development Authority has sprouted its roots as a preferred commercial hub for both the sectors of manufacturing and services, in India and abroad.
Today, as many as 6,014 manufacturing units run their operations from NOIDA with investments to the tune of Rs 13,000 crore.
Of late, the city has also come up as an IT and IT enabled Services (ITeS) hub of India. The Software Technology Park (STP) here ranks second in the country vis- -vis export volumes.
The city lies in the northern state of Uttar Pradesh.
Real Estate-Big picture ahead
Commercial: Since most of the IT and ITeS companies are located at sectors 29, 57, 58, 59 and 60, commercial properties in Noida going day with time. Occupancy levels of office spaces are very high with average rent from Rs 20-50 psft.
The city, nevertheless, has been home for a number of mega projects that act as a catalyst for the ongoing Noida real estate boom here.
Real Estate Developers in Noida playing a major role in developing Noida, many developers are jumped in and playing a good role but major real estate developer Unitech has already set itself for developing the biggest mall of India Great India Place in sector 18.
Spread in the vast area of 150 acre, the shopping malls in Noida will house amusement-cum-water Park, five star hotel, and theme park besides the chains of retail outlets, with an investment of whopping Rs 4,000 crore.
Meanwhile, the capital values at sector 18 have reached the levels of Rs 5,000-Rs 6,000 psft while rentals hovering between Rs 55 and Rs 75 psft.
The sector is already the major retail business centre of the NCR (National Capital Region consisting Delhi, Gurgaon and NOIDA) region. Shops at prime locations are available at Rs 10,000-Rs 15,000 psft and people are willing to pay rent from Rs 80-150 psft.
Coming back to the mega-projects slated to come up in NOIDA, the one-of-its-kind specialized home d cor business park is worth mentioning. Covering a huge area of about 3.5 lakh sq. ft, this park named as International Home Deco Park will be developed as a global hub for exporters and buyers in the home d cor genre.
The sheen of Noida s commercial property gets brighter with head offices of prestigious television channels like IBN, Aaj Tak, and India TV that are located in the film city complex.
Residential: While the business environment buzzes in NOIDA, the housing segment in the city also upkeep the trends, in tandem.
Property rates in Noida touching the heights of sky and soaring high in the city. Now a days capital values at its prime residential locations, mainly plotted housing, in sector 14, 15, 27, 28, 29 and 37 range from Rs 24 to Rs 36 lakh for areas between 112 and 450 sq. mtr.
Rental values though are reportedly affordable hovering between Rs 1,500 and Rs 12,000.
Group housing is also gaining ground in NOIDA while Taj Expressway Corridor catching attention of construction groups like Parsvnath, Prestige and Eldico.
At present, sector 44 is the only one in the genre and a number of projects for building apartments/flats and condominiums are underway. Demand for villas and luxury housing in Noida is also soaring high in the city.
Future Outlook
In the immediate term, a slowdown is expected in the heating property markets of the city bringing the prices down by 10-15 per cent, say market experts. Great investment opportunity in wait
About the Author
Larry Jone is an associated editor to the website http://www.indiaground.com . Indian ground is dedicated to explain all your related queries for real estate India and Indian properties, with the latest news updates. Your feedback and comments will be highly appreciated at "larryjone@gmail.com".
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