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.