The Noida-Greater Noida region is known for its well-planned infrastructure and now, this has got a further boost with the Noida and Greater Noida authorities planning to pump in at least Rs 16,000 crores to upgrade infrastructure and build a 30-kilometer long metro link by March 2017.

Developers Bet On Noida-Greater Noida

For years, the National Capital Region was the hot spot for real estate while the Noida-Greater Noida region was largely overlooked. But that is changing with top developers making a beeline towards the market. The reasons are simple, local developers have run out of money, land is available at relatively cheap rates and there is good infrastructure with the region boasting a 6-lane expressway and well-laid out roads.

All of this makes Noida-Greater Noida a magnet for developers like Tata Housing, Oberoi Realty, Shapoorji Pallonji and Godrej Properties who are actively looking at joint-ventures in the region.

“Godrej has tied up with us. Microsoft is setting up its campus here. HCL is coming up with its second and a much bigger campus here. IKEA is also planning to set up their base here. We already have enquiries from big global corporates for office spaces. I cannot reveal the names right now but they are big and they want to relocate here. It is all just a matter of time.” says an optimistic Tapan Sanglam, director of real estate firm Lotus Greens

Major Infra Push On The Cards

And time is set to bring in further rewards for the region thanks to a host of infrastructure projects that have been lined up. For instance, construction on the 30-kilometer long Noida-Greater Noida metro line is in full swing and the Greater Noida Authority has earmarked 50% of its Rs 7,000 crore budget for land acquisition, with the rest of the money allotted for the metro-rail project. With all this investment, the Noida Metro Rail Corporation (NMRC) is confident about completing the metro-rail project on time.

“Going by the pace of work which we are doing, we will comfortably complete it by November 2017 and by the end of December, we will open the line to the public.” says Santosh Yadav, MD of the NMRC

On top of this, the Noida Industrial Development Authority plans to spend about 56% or almost Rs 6,000 crores on infrastructure development in the region. The Noida authority also plans to spend Rs 400 crores on the construction of elevated roads, flyovers and underpasses in Noida and another Rs 220 crores on multi-level parking in various sectors. Another Rs 180 crores will be used for providing basic services like power, water supply, setting up of sewage treatment plants and shifting of electricity lines underground.

All this activity has the potential to completely transform the Noida-Greater Noida property markets and push Gurgaon on to the B-list. Developers are also betting on the Akhilesh Yadav government giving the go-ahead for the Jewar airport ahead of the critical elections in the state next year, something that will ensure that Noida-Greater Noida’s remains a property hotspot.

Reporter : Oineetom Ojah, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV