Delhi and its immediate surroundings have long been erased from real estate investors’ lists. Steep prices and a dense population have made Delhi unaffordable for most people looking to rent or buy a home. Gurgaon was the next option once upon a time, but with rapid development, it’s no longer very affordable either.
That’s why Noida and its adjacent twin Greater Noida have been the cynosure of all eyes from residential investment hunters to startups looking for space. Both these areas have flourished since their inception over two decades ago.
How Noida came into being
The New Okhla Industrial Development Authority or NOIDA was planned and set up in 1976 and is located in UP. Noida began as a small industrial town that focused on providing small enterprises with a place to work from as a respite from Delhi’s prices and lack of space.
Noida was planned meticulously and methodically. Regulations were brought into place for expanding commercial and residential development as migrants flocked to the booming industrial area. Row houses and cooperative societies soon sprang up, and infrastructure developed.
Delhi’s working population began to spill over into the vast spaces that Noida offered, and it didn’t take long for the latter too to get densely populated. This explosion led to the creation of a more well-planned and structured extension, which came to be known as Greater Noida, located around 40km from Delhi.
Connectivity and social infrastructure
Noida is connected via the Metro to Gurgaon and is connected to Delhi and even Dwarka. A new international airport is in the works in Jewar, which is expected to be finished by 2022, while the new Aqua line is scheduled to connect Noida with Greater Noida by October 2018.
Noida and Greater Noida are buzzing commercial hubs with numerous IT/ITeS and BPO companies. Prominent hospitality brands, real estate developers, telecom companies, and many other industries have set up sprawling office spaces here employing multitudes.
Educational institutions are aplenty. Amity International, Shiv Nadar School, Delhi Public, Delhi Scottish, Jaypee Institute of Technology, Amity Law School, and Amity School of Engineering are some of the most premium schools and colleges located in Noida. Hospitals like Indo Gulf, Max Hospital, and JS Hospitals among others provide ample healthcare options.
Noida vs Greater Noida
Now’s here the question. If you are looking to buy a house, should it be in Noida or Greater Noida?
Compared to Gurgaon, Faridabad, and Ghaziabad, Noida offers easier connectivity and more affordable living. In 2017, Noida property prices hovered around Rs 3,900 per sq ft with the availability of good 2 BHK apartments at anywhere between Rs 24 lakhs to Rs 42 lakhs.
However, it’s Greater Noida, Noida’s better planned and groomed sibling, which has been attracting all the attention in recent times.
Greater Noida is greener, wider, and more modern. Until the 2000s, Greater Noida was all about industrial expansion before it shifted focus to housing. Greater Noida is divided into various sectors, named after the Greek alphabet to maintain neutrality, which offers ready-to-move-in as well as under-construction housing.
Sectors 137, 143, and 168 in Greater Noida are deemed as the best ones to invest in due to great connectivity and good social infrastructure. It is close to more established sectors like 93 and 94. But the scope is expanding with development works happening continually. For example, a substation upgrade was announced last year, which is expected to benefit over 15 sectors providing them with a better supply of voltage.
If you do want only to consider Noida then sectors 32, 74, and 79 would be ideal choices as they are close to Central Noida, East and South Delhi, and the expressway. There are parks, hospitals, schools, and markets nearby that also boost their value.
Prices across Noida
Property in Noida, including Greater Noida, and NCR went through a significant slump in the last few years due to sluggish sales and unsold units. A recent report from Jones Lang LaSalle (JLL) showed that unsold residential inventory was as much as 4,40,000 across major Indian cities with Noida and Greater Noida accounting for about 6.3%.
However, that situation is already changing with the entry of seasoned corporate investors. Now, IT companies are setting up offices here, and the entry of big brands like Godrej, Mahindra, Tata, Dalmia and Prestige are being seen as a game changer.
We see an uptick in sales already in the quarter ending June this year. The price per sq.ft. in Greater Noida continues to be in an affordable band at Rs 3,000 to Rs 4,500 while Central Noida is pricier at Rs 5,500 - Rs 10,000. Click To Tweet
Which is the best place for a home? Our verdict:
Greater Noida is where the future is and where all the development is happening. New Metro links, newer roads, and better infrastructure are all going to only bolster the prospects of this area. If green spaces, amenities, and infrastructure at pocket-friendly prices are your priority, we would suggest parking your investment in Greater Noida. It is worth the wait.
