Noida: Changing commercial realty landscape

Noida from being just another city in Uttar Pradesh has turn into an important destination for top corporate houses and brands.

After more than three decades, Noida has grown beyond an industrial extension into a full-fledged modern city. Today, it is one of the most trusted investment destinations in the country. Noida boasts of an impressive development plan that includes access to international-level retail and other facilities.

Over the last 4-5 years, the face of Noida’s real estate has changed visibly. The city has been witnessing the growth in the commercial sector over the years. The real estate sector of Noida is flooded with the upcoming properties, both residential and commercial. The number of people looking to invest in the National Capital Region, especially Noida is increasing by the day, city’s commercial real estate sector has witnessed an incredible growth in recent times.          

   

With the advent of business and IT sector, Noida is presently witnessing a boom in real estate market. There is a huge demand for IT office space in Noida and world-class infrastructure has made it the first preference of small and mid-sized businesses in the nation. The demand for properties in Noida is rising very rapidly. Furthermore, the demand for fully furnished office space in Noida is expected to shoot up in very near future because of the suitable location of these spaces.

One of the reasons of such growth is the availability of big commercial plots in Noida at affordable price. Many IT companies find value in expanding back-end operations in the city as rentals are still much lower than Gurgaon. Another reason for companies shifting to Noida is the availability of inventory. The superior infrastructure facilities of Noida are already gaining preference over many other regions in Delhi NCR.

Today, the commercial realty landscape is changing, as most of the big corporate houses are looking for 5 star facilities within their office and as a result developers are launching their commercial projects with all the five star facilities, which are in much demand from national and international corporate houses. For eg. WTC which is a global network of office complexes, is facilitating international trade and thus contributing to development of regional business communities (In Noida). It is bringing various world class options and offering an easy access to more than 100 countries to those businessmen who are looking to expand their businesses.

Analysts say despite a slight increase in rates over the past two years, office space rentals in Noida and Greater Noida hover between Rs 50 and Rs 55 per sq ft (psf), which are at least Rs 20 psf cheaper than the Millennium City. In comparison, office spaces in Gurgaon command rentals of Rs 70 to Rs 75 psf.     

Thus, Noida has undoubtedly, become the upcoming-big-thing in the commercial realty world, thanks to its brilliant infrastructure. It also has vast availability of land for construction that gives it a good standing among other metropolitans like Delhi and Mumbai. This is the prominent reason why the majority of the leading businesses are looking to buy a suitably located office space in Noida.

Good connectivity along with plethora of other factors are augmenting commercialization in the city. Also, with government’s continuous effort to boost real estate and infrastructure in the city, will definitely drive growth and deliver maximum to the citizens.