Noida homes top IT/ITES companies, multinationals, and startups and has witnessed remarkable developments such as futuristic office spaces and incubation centers.
Not only this, but Noida also attracts home-buyers, offering unparalleled facilities such as a safe environment, modern amenities, and sophisticated lifestyle.
Other factors for investing in Noida have been fast connectivity with Delhi, encouraging yields, and competitive costs.
A recent study conducted by 360 Realtors shows that Noida witnessed unprecedented growth in the Q3 and Q4 of 2019, with leasing acquiring 80% of the total supply of office spaces.
Moreover, the year 2020 started on a positive note. In Q1, companies like Skooter, ABP News, and Genpact India, leased office spaces in Noida.
The statistics and advancements stated above affirm us of a promising state of Realty in Noida.
In this blog, we are going to shed light on:
- Developments and Industry-Policies in Noida
- A glimpse of situation post COVID
- Ideal destinations to invest in Noida
So let’s get to the heart of the matter.
Development & Policies in Noida
The Budget 2020-21 and recent developments in Noida have bought a wave of hope of a bright future.
- Jewar Airport
Jewar Airport is going to be India’s largest airport with expected 6-8 runways. PwC estimates that the project will serve over 10 crore passengers, 37 domestic and 31 international destinations.
With this construction, commercial developments will receive impetus, and the adjoining Noida and Greater Noida region will come back to life.
Beyond that, the job opportunities will unfold, reviving the commercial activities in the region, and creating an uplift in the residential market.
Location of Jewar Airport will be:
- 72 from Delhi Airport
- Nearly 40 km from Faridabad, Ghaziabad, and Noida.
- 65 km from Gurugram
- 169 km Agra
- 28 km from Greater Noida
- Infrastructural Development
Noida is witnessing speedy developments, catering to the startup ecosystem and residential infrastructure. Projects like Smart City 2.0 promises growth in the Greater Noida region.
Other prominent infrastructural developments are the Aqua Line, entertainment hub, and startup hub.
The Noida Authority has approved the development of an entertainment hub in sector 151A, including golf course cum clubhouse to benefit residents.
Apart from that, the startup hub at the Botanical Garden will provide essential space to 200 startups.
- Industry-friendly Policies
Real estate sector expects to receive special packages of Rs 10,000 crore from the government to infuse liquidity in the housing finance companies.
This will accelerate the completion of pending projects, like the construction of flats, in Noida.
Moreover, the Budget 2020-21 relaxed the tax slabs, which will elevate potential buyers’ purchasing power.
These developments reflect a bright future for Noida, lifting its commercial and residential markets.
Let us now examine what changes COVID-19 has bought and how it will affect the real estate demand.
A glimpse of Noida post-COVID-19
The worldwide pandemic made the real estate sector, across the globe, face heat. With that, it has also influenced the way consumers shop, live, and work.
Therefore, it is likely that as the economy begins to revive, so will the real estate in Noida, witnessing these trends:
- Work From Home
The “new normal” has changed the perspective towards remote work. Considering which, newer projects in Noida are emerging, introducing facilities to work from home.
One such project is Studio Apartments-cum-Small Offices at Gaur City Centre, which allows people to work and live in the same place. Since people have realized the importance of owning a home, the residential market is likely to observe a spike in demand.
- Coworking Spaces
Priority for all the companies returning to normal life will be to ensure the safety of their employees.
This trend may require employees to work from the spaces nearest to their homes and not necessarily visit offices.
Therefore, the coming 2-3 quarters will likely witness the demand from the end-user.
- Increased Footfall in Malls
The most prominent change pandemic brought is the way people shop. Everyone now prefers shopping malls and hygienic, less crowded places over congested markets.
Therefore, this will increase the demand from the retail sector. Additionally, ready-to-move-in flats will pick pace.
Despite the standstill in construction, the demand for commercial properties in Noida is likely to heighten.
The future of Noida looks promising, given the factors mentioned above.
Some of Noida’s upcoming localities are sector 16B, 132, 165, 16, and 62, among others.
For more information and guidance on investment in Real Estate in Noida, contact our professionals at Buniyad, who will help you better understand the property market and select the best for you. Get in touch today!