Noida (new Okhla Industrial Development Area) has a long
historical background, but somehow always remained in the shadow of Delhi, as
compared Gurgaon which started its development journey much later and has
emerged as the big brother in no time. The past few years have seen a
turnaround in the real
estate property in Noida, it’s been able to break the shell and come out of
its incubation phase and is now maturing into an upscale metropolis. The growth
comparison of Gurgaon and Noida reminds one of the Tortoise and Rabbit story.
The way things are poised today one is sure that in the coming years Noida
would prove the idiom “slow and steady wins the race” right.
The real estate story in Noida turned a page with the development
of Greater Noida, Greater Noida Expressway and Yamuna Expressway. It has had
its share of land disputes and litigations in the Greater Noida West area,
however those have been amicably resolved and are history now. The Noida and
Greater Noida administration setup has played a stellar role in this
transformation. They have in fact guided the real estate investments in Noida.
Infrastructure development has been given the required priority in terms of
internal planning and roads; external connectivity with Delhi, Ghaziabad, Agra;
Extension of metro on a fast track; facilities in terms of schools, colleges
and hospitals.
The real estate developers in Noida also need to be credited for
their patience and maturity. The property prices have not been allowed to
escalate beyond the middle income group bracket, thus making it the most sought
after real estate destination in the NCR region. The city (it needs to be
called that) has probably the best private universities, IT parks, commercial
infrastructure in the NCR region. The planned infrastructure includes a night
safari park, a domestic airport ahead of the Formula 1 track which would
further enhance the real estate perspective of Noida and Greater Noida.
One of the major issues which Noida needs to address is the law
and order situation. That Noida is a part of UP gets highlighted through the
dismal state of law and order and is the single most important reason for MNCs
not setting base there. Till the time property in Noida is unable to shrug off
its lawlessness tag it will remain a ‘B grade’ city as compared to any other
metropolis in India.
Noida has a great opportunity to attract potential individual real estate investment in India as it
provides quality infrastructure, with realistic real estate price tags and can
establish itself as an end user market.
