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Property rates doubling at Greater Noida West



Greater Noida West (formerly Noida Extension) is now free from all legal hurdles and builders and developers have resumed construction here and are even planning to launch new projects. The NCR Planning Board (NCRPB) recently approved Greater Noida’s Master Plan 2021, which includes new infrastructure like expressways, major road networks, Metro connectivity and increase of per person per hectare (ppph) density of the planned population of the area from 54 to 200 ppph.

The homebuyers and investors can buy homes at Greater Noida West very freely after the green signal to go ahead with ongoing projects from Greater Noida Industrial Development Authority (GNIDA).

Why Greater Noida West

Spread over nearly 3,635 hectare (8,980 acres), Greater Noida West is well connected to Noida. It is 4-5km from Sector 121, Noida; a road from Sector 121 passes over Hindon and connects Sectors 1, 2, 3, 4, 16B, 16C, 10, 12, Techzone, Knowledge Park 5, etc, in Greater Noida. This road connects further to a 60m-wide road coming from NH-24.

More than 50 builders and developers have been allotted plots here for constructing residential units, highrise and low-rise structures, to cater to a projected population of 10 lakh. As per an estimate, over 2.5 lakh builtup houses would be delivered in the next three-four years.

Before launching large group-housing projects and builder residential plots, the GNIDA allotted over 4,000 residential plots to individual allottees. The authority waited for 14 years before requesting the state government for acquisition of 161.5 hectares in village Shahberi, but this acquisition was quashed by the Supreme Court in 2011.

Resumption of construction

For some time, the land acquisition row had put a question on the fate of Greater Noida West, which was marketed as one of the prime locations for affordable range of housing units. After dismissal of the review petition of farmers and the authority by the Allahabad high court, the NCR Planning Board came into the picture and approved the master plan for the area.

The biggest challenge was whether the Noida and Greater Noida authorities have taken necessary approvals for acquisition, planning and development of areas or not. But, now, all such issues have been put to rest and construction has resumed at this place. After the resumption of construction work, the rates at Greater Noida West have also increased with builders having to pay the increased compensation to the farmers as directed by the Allahabad high court.

Price appreciation

The impact of the court verdict hit property price hard. Once launched at Rs 1,400-1,600 per sq ft, the rates have now almost doubled and are quoting at Rs 3,000-3,500 per sq ft, depending on the location of the project.

What began as a war for affordable homes among a handful of builders has now turned into a full-fledged race for luxury space in Greater Noida West.

Top developers are queuing up for their share of the pie. They are also charting a new course of growth through a two-pronged strategy of geographical expansion and diversification. Replicating their success they are extending their expertise in creating high-end communities by launching villas and luxury residential properties.

Housing projects

Once a prime location for affordable-range houses, today Greater Noida West offers a number of residential projects in various price brackets. Here top realty players, in terms of land bank, are Amrapali, Supertech and Gaursons. In addition, many developers and builders are queuing up for building their projects here.

The developing area is all set to give a tough fight primarily in terms of price and location. Commercial and corporate activities are also planned for the area as rates are less compared to the developed sectors of Greater Noida and Noida.

Amrapali Group has a total land bank of 372.96 acres. The group has projects like Amrapali Golf Homes, Amrapali Verona Heights, Amrapali Leisure Park, Amrapali Dream Valley, Amrapali Leisure Valley, Amrapali Spring Meadows, Amrapali La Residentia and Amrapali Centurian, etc. Gaursons Ltd has 237 acres. The group is developing Gaur City 1 on 125 acres in Sector 4; Gaur City 2 over 115 acres in Sector 16C and Gaur Saundaryam over 17 acres. Supertech has projects like Eco village 1 and Eco Village 2. Apart from these, developers like Antriksh, Mahagun, Ajnara, Paramount, Shubhkamna Group, Addela Group, Arihant, RG Group, Panchsheel, etc, have also launched their projects. Addela Group has recently launched Raj Residency on 5 acres in Sector 16. Anil Sharma, the CMD of Amrapali Group, says: “We are promoting five projects like Dream Valley, Leisure Valley, Golf Homes in this area; we will deliver 6,000 housing units ranging in the sizes from 500 sq ft to 1,700 sq ft here.”

Gaursons Ltd has 237 acres (125 acres in Sector 4 for Gaur City 1 and 112 acre in Sector 16C for Gaur City 2) to develop their mega project. In Gaur City 1, a total of 8,000 flats are expected to be delivered by 2013. While in Gaur City 2, 14,000 flats are expected to be delivered by December 2014. “The first phase of Gaur City is expected to be completed by end of this year,” Manoj Gaur, the MD of Gaursons Limited, said.

Antriksh Group has launched Antriksh Golf Link on 61,000 sq metres in Sector 1. Rakesh Yadav, the MD of Antriksh Engineers Ltd, says: “The USP of the project are the solar-based street lighting, which will make it an energy-efficient project; security and surveillance in the entire society, Wi-Fi connectivity, fire-alarm systems, intercoms, boom barriers, digital locking system for doors and well-ventilated basement parking space. The project will also have the facility to remotely control electronic appliances of your home.”

Supertech Group has Eco Village (over 50 acres). R K Arora, the CMD of Supertech Ltd, says: “We are developing this project in two phases; the first phase is expected to be complete in the next 30 months. The project will have both highrises and low-rise apartments.”

Earth Infrastructures has two projects, Earth Sapphire Court, a commercial project, and Earth Towne, a residential project on 18.56 acres in Noida Extension. Vikas Gupta, the joint MD of Earth Infrastructures, says: “With world-class infrastructure including an eco-friendly business hub, green buildings, forthcoming residential, commercial and institutional units the area has no match.”

Vineet Gupta, the director of Ajnara Group, says: “Looking at the major capital appreciation here, people want to book their houses before the next jump. Greater Noida West is going to be a very good real estate investment destination in the near future.”

To provide direct connectivity to Sector 32, a Metro line will be extended up to Greater Noida West via Sector 71. The City Centre Metro station, which is proposed to link Sector 62, will branch out at Sector 71 to take the line till Greater Noida West. Under Phase II of the Metro connectivity, the project will connect Knowledge Park 4, Sector I in Greater Noida and Noida’s Sectors 71, 72 with the Sector 32′s City Centre.

Source: Times Property, The Times of India, Delhi/NCR