Noida Extension: On track
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All sectors under Noida Extension (Sector 1 to 4) are very much a part of the Greater Noida Industrial Development Authority (GNIDA). While the developed sectors of Greater Noida, such as those near Pari Chowk have good infrastructure, they do not rank high on preference due to the distance from Delhi, approximately 35 kms.
As opposed to developed sectors of Greater Noida, sectors covered under Noida extension are preferred due to their proximity to Sectors 121, 62 and 63 of Noida.
These sectors are not only the commercial hub in Noida, they are situated along the proposed metro connectivity link. In addition, these sectors of Noida Extension are well connected to NH-24, Lal Kuan in Ghaziabad, and Anand Vihar.
The arterial roads of Noida Extension will soon be developed and connected into a 130-metre wide road joining the road from Sector 121 in Noida, extending through Noida Extension, and ending up at Pari Chowk. It is for these reasons that the affordable housing segment has seen a lot of demand in the area.
Noida Extension consists of 16 villages. The total land allotted to developers is around 2,200 acres. After 2009, while areas in Delhi-NCR such as Gurgaon, Dwarka and Noida have been offering apartments at an average basic price of Rs 5,000 to Rs 5,500 per sq ft, Noida Extension was attracting buyers with apartments being offered in the price range of Rs 1,600 to Rs 2,100 per sq ft.
The controversy began when the Allahabad High Court in May last year had quashed the acquisition of agricultural land in Shahberi village. Due to the cancellation of land acquisition, several projects coming up in Noida Extension were hit as the construction was stalled. The Allahabad High Court then had directed the Greater Noida Authority to seek approval of its Draft plan from the NCR Planning Board. The board gave the approval only last month. With this new development in the master plan, the developers are also getting more FSI to construct on their land.
Noida Extension and Greater Noida together have roughly 2.5 lakh proposed apartments that are already under construction. Among these, 60 per cent apartments are already sold. Major players in the area are — Gaursons, Amarpali and Supertech.
The pricing of apartments in Noida Extension has witnessed an increase of 40-50 per cent , i.e., bringing it in the range of Rs 3,000 upwards after the issues have been settled. This appreciation has taken place, depending on the location of the project and the builder's track record of delivering projects. With this increase in rate, although this region will still be cheap, it will no longer be an affordable destination for the deserving middle class. This area is still attractive for both the end users and the investors, however do not expect a steep price rise.
— The author is MD, Bajaj Capital. Sunil Agarwal, principal advisor, Bajaj Capital Realty also contributed to the story