Ashutosh Singh, a 36-year-old IT employee at a multinational company, bought a two-bedroom flat in Noida Extension after leaving his rented apartment in Noida’s Sector 50 a few months ago.
Area Watch logo
He picked Noida Extension, also known as Greater Noida West, over central Noida and the Noida-Greater Noida Expressway because of its proximity to his office, better presence of commercial and retail hubs such as malls and high street markets, and affordable property prices.
Singh is not alone and is among several techies or IT professionals who are choosing Noida Extension to own or rent a home.
According to experts, Noida Extension has emerged as one of the fast-growing real estate micro-markets in the National Capital Region after the pandemic. It is located close to IT hubs and manufacturing units, making it a popular choice for first-time buyers and professionals, especially techies.
“Noida Extension has a dedicated sector – Techzone IV – for tech companies, IT parks and data centres. Several IT companies have their presence here. The area is well-connected with IT hubs along the Noida-Greater Noida Expressway, so it is ideal for IT professionals,” real estate broker Vinay Tomar said.
Also Read: Area Watch: Why more techies are slowly shifting towards north Bengaluru
Relatively affordable
Ashim Chowdhury, vice president of research at ANAROCK Group, said Noida Extension is gaining popularity as a residential destination for reasons including affordable units, proximity to economic hubs and wide roads. The micro-market offers relatively affordable two- and three-bedroom units as compared to other parts of the NCR.
“This has attracted the middle class and first-home buyers. New project launches by several renowned developers have also enabled improved traction of residential real estate,” Chowdhury told Moneycontrol.
Priya Mishra, an IT professional, said she bought a flat in Noida Extension a few months ago because of its accessibility and affordable prices.
“My office is on the Noida-Greater Noida Expressway but properties are priced higher there. A 2BHK unit in a good society in sectors along the Noida-Greater Noida Expressway costs between Rs 80 lakh and Rs 90 lakh, while in Noida Extension you may get the same unit for Rs 55-70 lakh. The area is also not located very far from my office and has good roads,” she said.
According to experts, the region has residential projects offering two, three and four-bedroom units. Prominent projects include Heritage Skyward (Sector 1), Arihant One (Sector 1), Coco Country by ABA Corp. in Sector 10, Trident Embassy (Sector 1), Express Astra Phase 1 (Sector 1), Mahagun Mywoods (Gaur City Sector 16C), ATS Homecraft Happy Trails (Sector 10), and CRC Sublimis (Sector 1).
Upcoming projects include CRC Joyous (Techzone IV), Gulshan Avante in Sector 16B, Palm Olympia Phase-2 (Gaur City Sector 16C), Fusion Brooks and Fusion Rivulet (Sector 12).
Property prices
Chowdhury said prices in Noida Extension have risen steadily since 2022. Before that, capital values were stable due to tepid demand as many infrastructure projects were still being built.
Also Read: Area Watch: Dwarka Expressway all set to trigger revival of real estate along its path
“Upon completion of the projects, we witnessed a rise in values as demand gained momentum. Property prices have risen from around Rs 4,600 per square foot a year ago by almost 17 percent. The average price in Greater Noida West is estimated to be Rs 5,400 per sq. ft as of Q2 of 2023,” he said.
Sunil Sisodiya, founder of Geetanjali Homestate, a real estate consultancy, said property prices in Noida Extension oscillate between Rs 4,200 per sq. ft and Rs 7,500 per sq. ft, depending on the sector, location, floor and unit size.
Prices range from Rs 5,700 to Rs 6,000 per sq. ft in Sector 4, whereas in premium areas like Sectors 1 and 10, the average rate is Rs 6,500 to Rs 7,500 per sq. ft. There are affordable pockets as well, including Sector 16B, where rates start at as low as Rs 4,200 per sq. ft, Sisodiya said.
Rental demand
With the return of work from office in the post-pandemic era, rental demand has also increased in the Noida Extension micro-market.
Rents for two-bedroom units range from Rs 10,000 to Rs 16,000 per month, while for three-bedroom flats, it is Rs 17,000 to Rs 22,000, depending on the size. The weighted average rental for a one-bedroom home is estimated at Rs 6,000 to Rs 8,000 per month.
One-bedroom suites are also in demand because they fetch good rents. The Saya Group and the Gaur Group have launched one-bedroom business suites.
“People who already own a property generally purchase such 1BHK suits for investment purposes. They get good rentals of up to Rs 8,000 per month,” real estate broker Nitin Sangwan said.
Still, there are some challenges that residents face. Juhi Kataria, who lives in Mahagun Mywoods, said traffic jams and the lack of regular public transport are among the key problems.
“In the morning and evening, the entire stretch from Ek Murti Chowk to Gaur Chowk witnesses huge traffic snarls. Vehicles move at a snail’s pace and commuters have to spare about 30 minutes or leave early to reach their destination on time. There is no dedicated public transport in the area and people have to rely on autos or personal conveyance,” she said.
Another resident Smarth Sahoo echoed a similar view but said that the proposed metro corridor between Noida Sector 51 and Ek Murti Chowk and the planned underpass near Shahberi Crossing should address the problem to a great extent.
END
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
