Gone are the days when the twin cities Noida and Greater Noida were just a region for an affordable residential investment opportunity, they are now booming as a hub for commercial projects.
The average monthly rental price of office space in Gurgaon is Rs 88 per sq ft whereas, the price starts at Rs 55 per sq. ft in Noida. This gives an edge to these cities over their counterparts like Gurgaon and Delhi.
According to the industry experts, Noida is the third-largest office market space after Bangalore and Hyderabad. This being said, Indian real-estate is very dynamic and Noida being an affordable hub has attracted many developers. A 20 percent share of the annual leasing volume is held by Noida alone across the country.
The experts opine that investments in Noida are going to reap high benefits in the long-term. The reason behind this prediction is the developing phase of this city. Most of the IT companies are already planning to shift to Noida due to lower lease and rentals but high productivity and returns.
An expansion in metro availability is a significant explanation behind individuals to design their investments in Noida. Additionally, road availability of Noida to other NCR districts and Delhi is exceptionally proficient and successful.
The popular commercial hub in Noida starting at now are sec 132, 134, and 140. Every one of them being close to the expressway.
Noida is progressing at a fast rate and every so often another feature is added to its key highlights. The ongoing opening of the Musical fountain in sec 91 and the free passage is attracting a significant footfall. This news came soon after the declaration of India’s biggest film city in Noida.
However, these advancements have not hampered the moderateness of this city. An ongoing advancement came after Bhutani Infra reported the venture of 16 million sq. ft office spaces in the coming scarcely any years. Every one of them being moderate ventures.
The presence of the Jewar air terminal has pulled in heaps of homebuyers and expanded the requirement for shopping centers and other infrastructural facilities. This consequently improves the requirement for office spaces as Generation X is about ‘walk-to-work.’ The developers already have inventory that is waiting for the potential investors.
The development of metro stations for the expanded network, Jewar air terminal, and the development of India’s biggest Film City will pull in heaps of homebuyers and commercial space investors.
Consequently, the interest in office spaces in Noida and Greater Noida will go up soon.
Devesh Nangla, is the CFO & Co-Founder of Alif Realty.