Real Estate market in Noida has always got a step-motherly treatment when compared to other cities which constitute the NCR region. Noida initially got famous because of the opening of film city and was the only alternative to an exploding Delhi. However, due to its water quality problems and distance from the IG airport, over a period of time it lost the steam and somehow became second fiddle to Gurgaon, which was able to scale up much faster. Noida over the years has expanded to Greater Noida and Greater Noida West.
Noida has an excellent connectivity with Delhi, through three independent roads, thus providing faster and flexible ingress and egress routes. Its connectivity has also enhanced towards Ghaziabad and NH 48 with the opening of the Expressway. This one factor works to the advantage of Noida as well as Greater Noida, giving the property market a flip.
Real estate in Noida struggled in the early 2000 to 2010, when otherwise the real estate market in India was going through a boom. The main reasons were the procedural red tape-ism. Acquiring of land was difficult; various clearances required for construction were not forthcoming, without greasing the palms; policies were not clear; land litigations were in abundance and so on. Noida learnt the hard way, but fortunately the right way. When the above got sorted out and it was time to put things on the fast track, the real estate market in India went into a slump. Real estate in Noida and Greater Noida has suffered more because of the timing than anything else.
Today, Noida and Greater Noida have the best infrastructure in the entire NCR region. The internal roads are well planned and laid out; metro within Noida and towards Greater Noida is progressing on a fast track. Infrastructure in terms of schools, colleges and hospitals is at par if not better compared to any other metropolis. The only place Noida is on a back foot is the law and order structure. The UP stamp is clearly visible on the law and order situation in the city, incase this issue can be addressed by the administration; it would enhance the livability of Noida to one of the best cities in India. As and when the real estate market starts picking up Noida would be the biggest gainer. At present the property prices in Noida are most reasonable as compared to any other city in the NCR region and it is the right time to invest, with real estate developers in noida doling out freebees.
One also needs to keep an eye on the changing political scenario; UP is scheduled for elections in 2017 and it is going to be the toughest battle ground. Hoping a stable, progressive and single party government comes back, it will be a turning point for the real estate sector in Noida and Greater Noida.