Noida, one of the 4 suburban cities of the National Capital Region, is well connected to Delhi by road and by metro. Unavailability of land in Delhi and saturation in Gurgaon has worked in favour of Noida. From past years it has been witnessing a rise in demand for residential flats in recent years and the same is expected to continue for the next 5-10 years.
Reasons for rise in demand for flats in Noida
- Planned Development and Infrastructure
Noida has an edge over other Delhi suburbs owing to its planned development and superior urban infrastructure. It has clear demarcations for residential and commercial areas. This has led to a rapid growth in the real estate in three major areas – Noida-Greater Noida Expressway, Yamuna Expressway and Greater Noida West (formerly known as Noida Extension).
The Noida development authority is proactive and has recently come out with a master plan for the year 2021. A lot of development work is being undertaken in a planned manner to achieve this target. The city has proper sewage lines, wide roads, high-tension electricity wires and does not get flooded in the rains. It has been neatly divided into sectors, mostly having straight roads.
- Metro Connectivity
What makes Noida attractive to retail buyers is its connectivity to Delhi, not just by road but also by Delhi Metro. It has six, fully operational metro stations on the blue line with many more being planned for future expansion connecting other areas of Noida and Greater Noida to Delhi. The construction work is in full swing and they are set to become operational within the next 2-3 years.
- Proximity To Delhi Noida is adjacent to East and South Delhi making it an attractive location to buy a house. Thousands of people travel to work from Noida to Delhi every day. Many more are making Noida their home giving rise to demand for residential flats.
- Green Cover
What sets Noida apart from other suburban towns is its green cover. Planned development and high court orders have ensured that forest areas cannot be cut down for construction and other development and expansion activities. It has several parks providing an opportunity for residents to play sports and pursue recreational activities. The Okhla bird sanctuary also falls in Noida.
- Access to Quality Education
Noida offers excellent education options. It has some of the best schools and universities in the National Capital Region. Many schools offering top quality education have been set up on both sides of Noida-Greater Noida Expressway. Besides, Greater Noida has many universities offering quality higher education. In fact, many students come to Noida every day from Delhi and other neighbouring areas to study in these schools and universities.
- Commercial Districts
Noida has several demarcated commercial districts. Many top Indian and international companies have set up huge offices in Noida providing employment to thousands of people. Many more companies are entering this market because sound infrastructure, land availability and competitive property rates make Noida an attractive place to invest.
- Freehold Land
Another important reason for the rise in demand for flats in Noida is the lucrative option to purchase freehold land. A recent High Court order makes it possible for retail buyers to purchase flats built on freehold land, giving them complete ownership rights of the apartment, and also making them part shareholders of the property. This allows them to make structural changes in the flat, with proper permission from the authorities.