Noida: a real estate hub

Noida, the New Okhla Industrial Development Area (NOIDA) is fat emerging as a hub for the real estate investors in the National Capital Region. There are some leading real estate players who have invested a huge chunk of money in many projects in the region and these projects are at varying stages of construction. By 2014, hundreds of thousands of flats will be ready for possession in Noida. Groups such as Supertech, Amrapali, Ajnara, Noida or the New Okhla Industrial Development Area came into being on 17 April 1976 thanks to initiatives taken by the then Central Government of India. Of late Noida has emerged a prized possession and is being regarded as the ideal symbol of booming real estate industry across the country. Location of the city on the vicinity of the National Capital Delhi, good connectivity with the airports and the hub of New Delhi, thanks to Metro connectivity and other transportation –all these factors have led to the growth of the city as a viable hub for real estate developers. The new government in Uttar Pradesh led by a young and dynamic Akhilesh Yadav has also recently announced a slew of measures for the development of Noida. The state government is all set to pump in lot of fund for the satellite town as the presence of numerous multi-national companies in the area and industries have engendered to a lot of revenues to the state exchequer. There is a mushrooming of IT companies in the town. All these have made the city as one of the most promising and growing segments in the country. Measures taken by the Noida Authority (NA), Greater Noida Industrial Development Authority (GNIDA) have been extremely suitable for the development of the real estate industry in the city. For this reason more and more real estate developers and builders are getting interested to participate in the existent projects and also in those that are on the cards. Almost 40 % of the total land in Noida is now allocated for residential use. In so far as the houses are concerned, they range from luxury to small flats, individual bungalows to residential complexes. Leading housing societies and prominent property developers are investing in Noida and working hard to cater to the housing needs of the people. Among the prominent builders, Unitech Builders, Amrapali Group, Omaxe Group, Ansal Group, Jaypee Group, Krishna Group and ATS Group are investing a large chunk of money in various residential and office complexes here. If we look at the property prices in Noida, in Sector-1, the flat rate per sq ft range from Rs 2375 - Rs. 2250; the plot rate (per sf) is Rs 1900 – 2250 and the house rent per sq ft is Rs 6650 - 8550. Similarly, in sector-12, the flat rate per sq ft is Rs 4275 - Rs 4500. In Sector-15, the plot rate per sq ft is Rs range from Rs 13300 – 14850. In sector 19, the flat rate per sq ft is Rs 2945 – 4950, plot rate (per sf) Rs 5700 – 5490 and house rent varies between Rs 5605 - 7200 In Sector-20, the plot rate per sq ft is Rs 5320 – 5490 and the house rent per sq ft varies Rs 2850 – 7650.