LOCATIONS
Relief for NOIDA Home Buyers In a major relief for more than 60,000 home buyers in Noida, the Central Government has issued a new notification that demarcates a mere 100-metre no-go radius for construction and other activities around the Okhla Bird Sanctuary. The new notification will ensure that all Noida home projects fall outside this zone. The earlier demarcation had created a 10-km eco-sensitive zone around the sanctuary, stopping work in 53 upcoming housing projects, several malls and offices. The National Green Tribunal (NGT) had relied on the wildlife action plan of the government of 2002 and a 2006 order of the Supreme Court, which required governments to draw a legal safety ring—called the eco-sensitive area (ESA—around national parks and sanctuaries where development work would be restricted. However, this would not be the end of the road for the real estate developers. "There is a misconception that marking an eco-sensitive zone will provide an ultimate solution. One has to carefully read the Supreme Court order of 2006, which requires a project that has already been given environment clearance to seek wildlife clearance from the NBWL if the project falls within 10 km of a national park or wildlife sanctuary," said an official. including 100 big players like Yamaha Motors, Hero Honda, New Holland, and Asian Paints, among others. The Yamuna Expressway is likewise expected to grow into a major logistics and warehousing hub in the country, given its proximity to the eastern and western parts of the DMIC. Today, there is huge interest and response for industrial plot schemes floated by the Yamuna Expressway Industrial Development Authority from automobiles, textiles and agro-tech players. Several leading real estate developers have bought lands from Yamuna Expressway Industrial Development Area (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) and are coming up with their projects ranging from townships, plotted and villa developments and apartment complexes along Noida-Greater Noida Expressway and Yamuna Expressway. Currently, the biggest attraction that this region offers to endusers as well as investors is good quality modern apartments at affordable prices. In the mid-segment price range, one can find a decent two-bedroom apartment in ` 28-30 lakh. Also, as average home prices in Yamuna Expressway locations are significantly lower compared not only with Noida but other regions in the NCR as well, the location offers investors the promise of good price appreciation in the coming years. Going forward, the demand for housing in the region is set to explode given the fact that the projected population growth by 2031 is about 1.5 million in Noida and about 1.2 million in Greater Noida. Once the number of industries, institutions and commercial/ retail hubs reach a critical mass, as is widely expected in the next few years, the region will witness a remarkable social and economic transformation. Recently, the Noida Authority approved mixed land-use policy in certain sectors and pockets, which will allow offices, retail shops, eateries, and entertainment outlets in industrial 20
“Noida offers the gamut of housing projects from affordable housing to luxury housing in favoured locations. This is coupled with quality construction, open spaces, sustainable development, amenities and attractive accessorising. Favourable and competitive pricing of projects compared to other NCR locations makes the city more rewarding for prospective home buyers." Jeevendra Srivastava General Manager, Marketing, Lotus Greens
and institutional sectors. Likewise, earlier this year, the Haryana Government decided to allow a mixed land use in commercial zones, making it possible for developers to build residential properties in commercial complexes. Mixed land use development refers to projects that offer a combination of residential, institutional, business and retail, integrating their functions. and integrating their functions. By deploying such varied nature of development, mixed-use townships present a holistic advantage for a resident’s ecosystem. According to industry sources, Noida and Gurgaon are the top two cities to fulfill demand of office space for corporates and multinationals. An expected improvement
October 2015
of the economy will drive companies on expansion mode and Delhi NCR region is expected to require a total of 3.7 million sq. ft. office area in the current year. Given this scenario, mixed-use development will prove especially beneficial for small or retail buyers looking for small and mid-size office spaces; as there will be greater choice, unlike earlier when commercial and retail spaces were allowed to come up on land demarcated for commercial use. Though Noida is known for its affordable housing projects, there are numerous luxury projects underway as well as in the pipeline in Noida and its adjoining areas. Renowned developers like Supertech Ltd, 3C Company, Prateek Group, Lotus Greens and Wave Infratech have launched super-luxury projects with 3-5 BHK apartments of 20004000 sq. ft. and priced in the range of ` 1 crore to ` 3 crore. The attractive locations in Noida for an affordable home include Sectors 76, 77, 119 and 120. Areas closer to the Noida-Greater Expressway and Yamuna Expressway also offer properties in the affordable range. Buyers seeking luxurious amenities can consider sectors like 14, 15 and 44. Since its inception, Prateek Group's reputation has been built on benchmark quality standards. Some of the salient construction projects that have enabled the Prateek Group to achieve superlative industry acclaim include residential projects in NCR. The infrastructural planning of Noida Extension is the best in NCR. The plan to develop this region as a selfsufficient zone that offers employment opportunities to IT and commercial zones as well provide a good lifestyle to its residents is what is attracting buyers, says Kiran Tyagi, Asst Manager Sales, Prateek Group. Yes, it is the right time to buy a home in Noida owing to the availability of varied options in different sectors of the city. “Due to a marginal gap between demand and supply, several lucrative offers in terms of payment schemes like no EMI till possession, assured returns and buy-back policies are available in the market. One should take advantage of the current market dynamics and purchase a property in Noida to secure a good deal. Being closer to the DMIC and the prospects of Greater Noida becoming a smart city will lead to appreciation of property prices in these areas and adjacent ones like Noida. The realty market in Noida at present may be sluggish, but it is expected that property prices will escalate in the next few years owing to the largescale infrastructure development in the city. Today, it stands as an enviable monument of the concept of integrated industrial townships, with smooth and wide roads, well developed land, uninterrupted power supply, clean and safe drinking water, unfailing telephony, and splendid residential complexes in the serene and peaceful environment with greenery all around. www.indiapropertyinsider.in | A
MEDIA PUBLICATION