NRI Real Estate and Property Investment in India
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Greater Noida is all Set for Growth
Saturday, April 05, 2008

The 23-km Express Highway between Noida and Greater Noida is the buzzword in the real estate industry today. The infrastructure project, which traverses across 40 sectors of Noida, has already started benefiting the properties spread over 321 hectares in Greater Noida.

Major residential developments coming up given the kind of positive picture being projected by real estate in Greater Noida, the country's most prestigious names have launched huge residential projects in the city. Unitech has entered the market with two higher-end residential projects Unitech Grande and Unitech Cascades. Eldeco has also been developing a residential township spread over 18 acres, while Omaxe is also not lagging behind. The group is in fact targeting Non Resident Indians (NRIs) with its NRI City project, though their second project, Palm Greens, is also an upbeat one and comes under the luxury housing segment. Currently, there is not much sale of residential properties, but the long-term picture looks promising.

Greater Noida will have an international airport and this has enhanced its real estate attractiveness. About 26.5 million sq ft of housing supply is projected to come up by 2009-10. Unitechs 100-acre township, Uniworld City, is expected to make a deep impact on the market scenario here. The residential capital rates are in the range of Rs 1,800-Rs 2,800 psf.

Greater Noida

The Planning Marvel and an emerging Dream Township. The Total Notified Area: 36,000 hectares Already urbanized in Phase I: 5,000 hectares Urbanizable area: 12,000 hectares (by 2011) City planned for a population of: 0.7 million (by 2011) & 1.2 million (by 2021) Industry led development: 3000 hectares (to be developed by 2011) Strategic Location within NCR * Well linked to domestic & international markets via: * Delhi Railway Station 45 min International Airport 1 hour * ISBT 30 min Connected to Delhi, Noida by 8-lane Expressway Impeccably planned, Greenfield city in India Wide roads of 130m, open spaces, lush roadside and central verge grass and tree plantations Basic infrastructure provisioned ahead of demand: Proposed International Airport, Aviation Hub, Railway Station in PPP Corridor earmarked for future expansion of Metro Abundant sweet, potable water supply 24x7 100% area served by sewer line State-of-the art telecom linkages a wired city Modern outlook in urban management The Authority - One stop shop for all approvals Leveraging the expertise of specialized service providers for reducing overall costs through technology and higher efficiency Well-defined, quantitative service standards Strict penalties for violation of rules and regulations E governance in routine operations First city in North India to privatize power distribution since 1994 Excellent social infrastructure Well planed schools, colleges and hospitals, along with shopping malls is buzz word Land allotted to 10 hospitals; Kailash Hospital is operational.

Emerging Knowledge Hub

College Education: 150 allotments have been made for higher secondary schools, engineering colleges, medical colleges, management institutes, vocational institutes (14 engineering, 8 management colleges, Sharda Group institutions, 2 medical colleges, one homoeopathy college).

School Education: Public and international schools - DPS, Ryan International, Somerville, Oxford, Kendriya Vidyalaya; excellent preparatory and kindergarten schools Green Areas: 25% of Master Plan area reserved for greenery.

Organized flowing green belts continuous lung space ornamental avenues - to control development, improve aesthetics and environment. 3000 acres Reserve Forest Area within the city limits Night Safari project similar to one in Singapore planned on 150 acres proposed Bird Sanctuary and World Nature Garden Minimal Pollution - Best urban environment in North India High-quality soft infrastructure, private security arrangements in residential sectors Adequate parking space Fashionable shopping areas in the vicinity.

Hotels, Restaurants

Country's first India Exposition Mart for export of handicrafts spread over 55 acres Banking and postal services already operational Social Infrastructure as a magnet to attract business and population.

Premier units in operation (Automotive): Honda Siel Cars, Escorts, Yamaha, New Holland Tractors, Auto Ancillaries IT/ Electronics: Moser Baer, L G Electronics Others Pepsi: Vectra Honda Power. Transportation needed for state-of-the art bus service to link Noida, Greater Noida and Delhi and also within Noida/G Noida Over the last 14 months, residential-plot developments in Greater Noida have appreciated by 80-120% and the price hike in group housing projects over the last eight months is approximately 30-40%. For instance, take the case of Omaxe's construction of 80-acre NRI City, where prices of houses have appreciated four times in the last two years.

Omaxe's chairman and MD, Rohtas Goel, said that in this time period prices have shot up from Rs 7,000 per square yard to Rs 26,000 per square yard. A staunch believer in planned cities, the Greater Noida Industrial Development Authority (GNIDA) releases plots under various schemes only from time to time. The circle rate for plotted development is approximately Rs 7,000 per square meter, while the market value is in the range of Rs 19,000-20,000 per square meter. A premium of Rs 12,000 to Rs 13,000 attracts huge response from the investors and end-users.

Putting this in perspective, Gurgaons connectivity with the National Capital is still poor; yet, DLF Phase I and Phase II still command a market rate of Rs 60,000 to Rs 70,000 per square meter, almost thrice the rates prevailing in Greater Noida.

Current market prices in Sector 34, 39 and 40 of Noida are approximately Rs 50,000 to Rs 60,000 per square meter, 2.5 times the rates in Greater Noida. However, Greater Noida is growing at a fast pace. Market rates of residential plots were at Rs 8,000-9,500 per square meter in February 2005, Rs 13,000-14,500 per square meter in April 2005 and Rs 19,000-24,000 in January 2006. GNIDA is also actively promoting the suburb to IT companies, which will only accelerate this suburbs growth rate. Wipro has purchased 42 acres from GNIDA, at a concessional rate of approximately Rs 800 per square meter, ten months ago. Real estate developers such as Unitech, Uppals and Ansals have also purchased approximately 75 acres each to develop IT Parks.

P N Mishra, executive director, Ansal API, says: As Greater Noida is going to be the future hub of IT sector; purchasing land for an IT Park in advance is a timely decision as rates are going to appreciate here, for sure. Money for retail projects in Greater Noida is also pouring in. Omaxe's Connaught Place, with over one million square feet space, and with 70% of it leased out, is presently fetching Rs 200 per square foot as rental. Avneesh Kumar Singh, MD of SNG Developers Ltd, says: "After so many institutions and IT companies having their offices and residences in Greater Noida, retail is need of the hour. It is latent demand which is inherent due to so many organizations having their base here."

Many prominent names in both domestic and international hospitality sector are set to initiate fivestar hotel projects in Greater Noida. The list includes Unitech, Carlson, ITC, Bharat Hotels, and NRI hotelier Sant Chatwals group. To be located in close proximity to the proposed international airport, these commercial establishments will enjoy an added advantage.

Some of the key advantages

Just 35 min from Delhi via 8-lane expressway; 40 min from India Gate and 55 min from Indira Gandhi International Airport

Pollution-free environment. Privatised, reliable power distribution Underground electric cabling and drainage system 25% of total area under green cover 222-acre PGAstandard golf course 240-acres of Integrated Sports Complex 24x7 water supply and abundant sweet ground water

FOCAL POINT


The Greater Noida Authority is revamping the civic amenities and other infrastructural facilities of the city There are 40 sectors along the expressway that have been divided into four zones under the 'Noida Masterplan 2021' to ensure that there is balanced development amidst population explosion.


 

 

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