Advances in the information technology sector, seamless connectivity with Delhi, coupled with modern services at judicious rates and a burgeoning residential real estate has placed Noida as the next big CRE (Commercial Real Estate) mainstay in northern India. The upcoming commercial property in Noida has accelerated in demand not only due to its high-tech infrastructure but also due to its sliding property rates in the wake of Coronavirus pandemic.
Over 50 towering businesses in domains ranging from retail, IT-ITeS, tourism and manufacturing, a significant upgrade in metro connectivity that is expected to operationalize in 2022, upcoming Noida film city and the rolling out of Noida International Greenfield Airport (also known as Jewar international airport) has given utmost impetus to Noida as an emerging commercial abode.
Track2Media Research believes that this is a golden time to enter the real-estate market for people who dream of homeownership. There is a sizable window of opportunity in the secondary market as many potential buyers have exited due to unexpected dismissal from their jobs in the COVID crisis.
Along with the commercial property in sector 129 Noida, commercial property in Noida expressway has also seen a huge spur in demand due to a dramatic shift in virtual education classes and the new work-from-home culture.
One major aspect that promotes Noida over its NCR counterparts is its cost-effectiveness. AnujPuri, Chairman of Anarock Property Consultants, also mentioned that many corporates and other small businesses deemed Noida as a better alternative to curb their spending without compromising on the quality. As per their research, Grade-A offices in Noida’s prime areas were rented out between Rs 50-80 per sqft (average monthly basis) when compared to Gurgaon, which is in the range of Rs 85-125 per sqft (average monthly basis).
Secondly, many wide ranges of developers now consider Noida as an attractive destination due to its accessibility and ease of comfort in the property prices. Crowd of millions inhabit this city for dwelling purposes due to on-going as well as upcoming commercial projects like Gulshan Group’s GulshanIkebana, Vivante, Homes 121 and Bellina in Greater Noida providing unparalleled hospitality services for great lifestyle living.
Thirdly, as new micro markets flourish due to established corporates and residential communities finding their housing base in the city, cutting-edge products are being manufactured at reasonable rates in comparison to Delhi or Gurugram.
According to experts, Noida’s CRE is likely to appreciate more as the young and aspirational workforce grows in population, which is especially crucial from the commercial real-estate point of view as it provides industry-ready professionals for corporates.