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Noida: Real Estate Hub
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Noida real estate has been in the pink of health since the last decade and half, and as the time goes by, it is destined to reap benefits for years to come.
As the infrastructural growth gathered momentum in the country and special focus was being to the National Capital and its adjoining areas. The development was part of the planned initiative to make sure that the country’s capital matches international standards. The New Okhla Industrial Development Area or Noida too benefited from the increase in the development activities.
Noida real estate got a major push when it was decided that industries or major commercial activities should be shifted outside Delhi, but also, should be in the vicinity of the National Capital for easy administrative purposes. Noida was the immediate option and hence the rapid development of properties in the city began.
The mini city was industrialized and commercial approvals were granted in a massive way. Noida served the purpose of its establishment perfectly because it shared a contiguous border with Delhi and good quality roads linking both the cities were constructed making it a contiguous urban growth hub.
Slowly and gradually the prices of properties ascended in the city with the increase in commercial activities. National, MNCs, SMEs, MSMEs, etc., all varieties of firms flocked in the new industrial hub for good growth and business opportunities. Reason was simple; the city provided easy business opportunities, laws supporting commerce and new industries and closeness to New Delhi and adjoining industrial hubs. Noida real estate only grew after that and never looked back.
Residential property grew too
The residential property grew too and has not looked back either. Initially only the Noida Authority was constructing flats but with time, the private builders have equal or more number of residential projects in the city. With time, the far flung areas in Noida are too witnessing massive growth and development and even the immediate areas outside Noida are becoming expensive because of their proximity to this residential and commercial hub.
New Projects New Sectors
Activities are now being witnessed in far flung sectors and private builders are not leaving any stone unturned to make sure they benefit from the booming real estate market in Noida. The property prices in old sectors have reached a level of Rs 27000 per square feet (March to June 2013 estimates) making it difficult for a salaried professional to buy a property in main Noida.
Hence, they are turning to the new sectors which are being developed by private builders majorly and buying property there. Noida real estate is geared for the next level of growth in new areas. The new sectors are also doing well and are very much in demand by buyers and investors alike.
The new sectors, beginning from Sector 100 onwards, are at the moment prime and hot for investment and living both. The quality of construction is high too and gated communities and societies and multi storey buildings are a norm in these areas. The current price range for properties here are between Rs 8,000 per square feet to 30,000 per square feet (March to June 2013 figures). Properties in Noida are hot and almost all the sectors have good connectivity and transport facilities. As usual infrastructure remains the backbone of this Jewel of Uttar Pradesh.
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