Greater Noida West: A hotspot for residential & commercial real estate
Greater Noida West: A hotspot for residential & commercial real estate

Greater Noida West: A hotspot for residential & commercial real estate

Priya Singh | 2024-02-12

Greater Noida West is gaining popularity as a residential real estate destination in NCR for a combination of reasons.
Greater Noida West is gaining popularity as a residential real estate destination in NCR for a combination of reasons.
Greater Noida West or Noida Extension has emerged as one of the fast-growing real estate micro-markets in the National Capital Region (NCR) post the pandemic. This region, in fact, is gaining popularity as a residential real estate destination in NCR for a combination of reasons. While the micro market’s relatively affordable residential typologies comprising 2&3 BHK units, as compared to other parts of NCR, has attracted middle class and first-time home buyers, its proximity and connectivity to the economic hubs and through widened roads and metro network have been instrumental in making the location more accessible.

According to ANAROCK, new project launches by several renowned developers have also enabled improved traction of residential real estate. Above all, a clean and green environment compared to the other parts of NCR is an added appeal for those looking for a healthier and peaceful lifestyle.
Prices of residential real estate in the micro market have been on a constant rise since 2022. Prior to that the capital values were rather stable owing to tepid demand as many large infrastructure projects were under execution. Upon their completion, we have witnesses a rise in values as demand has also gained momentum,” says Ashim Chowdhury, Vice President – Research, ANAROCK Group.
Rental demand is also seen to gain momentum. The market for rental housing is gaining popularity among the young working population from the various corporations in the vicinity. As the return to the office has gained momentum in the post pandemic era, the micro market has witnessed increased traction for rental demand as well. The availability of options across 1, 2 & 3 BHKs has resulted in enabling the demand.

“The improved connectivity and massive push towards physical infrastructure together with relatively low price points provide a unique opportunity to own real estate in this micro market. The presence of large economic hubs and improved infrastructure is likely to keep the demand buoyant in the future,” adds Chowdhury.
Industry experts say as a location, Noida Extension has been developed to cater to the requirements of people of all age groups in its various sectors, including Sector 4 and 16 for housing, institutions, retail and commercial; Sector 1 for housing; Sector Techzone-4 for mix of IT, housing, institutions, retail and commercial. The micro-market offers relatively affordable two and three bedroom units as compared to other parts of the NCR.
As a new residential destination, Noida Extension has earned enough popularity. Way back during 2012-16, the location was a hot shot for affordable units ranging between Rs 18 lakh and Rs 50 lakh, and attracted maximum end-users to buy their home and of course investors too. After almost a decade, moving further, the new sectors like Sector 10, 12, and left over land parcels in the existing sectors are offering new age and high-end units, that is attracting premium category of buyers. This is fuelled by emerging IT and infrastructure investment in the district. Now the entry level unit is almost 3 times costly and is costing approximately Rs 40 lakh. Unit prices go up to Rs 1 crore based on specifications.
A 2BHK unit in a good society in sectors along the Noida-Greater Noida Expressway costs between Rs 80 lakh and Rs 95 lakh, while in Noida Extension you may get the same unit for Rs 50-70 lakh. A 3BHK unit on Noida Expressway starts from Rs 95 lakh – 1.0 cr as compared to its availability in Greater Noida West at a starting price range of Rs 65-80 lakh.
Till 2020, capital values were stable due to tepid demand as many infrastructure projects were still being built. But post-2022, prices in Noida Extension have risen steadily. Demand of ready-to-move property gained momentum and the 2020 rate of around Rs 3,800-4,200 per sq. ft. escalated up to Rs 5,500-6,500 in 2023 and somewhere Rs. 7,500-8,000 per sq. ft. based on amenities and specifications.

“We have seen a radical change in the demand for both residential and commercial properties in the region from January 2023. With the new government policies and infrastructure push, buyers have prioritised the region and we are hoping that developers will cross their previous sales numbers this festive season as compared to last year. As an association, we are also pushing our members to accelerate the process of registries which certainly shall improve the overall sentiments,” says Dinesh Gupta, Secretary, CREDAI Western UP.
Recently launched and upcoming projects include CRC Joyous (Techzone 4), RG Luxury Homes Phase – 2 in Sector 16, Eros Sampoornam phase 2 Palm Olympia Phase-2 (Gaur City Sector 16C), Civitech Strings in sector 12 along with Eledeco and other developers foraying into the potential market at a very competitive price.

Himanshu Garg, Director, RG Group, says, “A strong consumer mindset and investors’ confidence in real estate have increased a lot as good developers are leading in new housing supply and buyers are considering them as safe investments. Witnessing a three-fold appreciation in property prices, old end users and investors are driving the demand and investing in the market again. After residential, the same impact is pushing retail and commercial growth.”

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